Kenneth Research, in its repository of market research reports, has recently added a report on Position Sensor Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Position Sensor Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Position Sensor Market products.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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Kenneth Research has published a detailed report on Payment Security Position Sensor Market , which has been categorized by market size as well as growth indicators, and further encompasses detailed market analysis on macro trends and region-wise growth in North America, Latin America, Europe, Asia-Pacific and Middle East & Africa region. The report also includes the challenges that are affecting the growth of the industry and offers strategic evaluation that is required to boost the growth of the market over the period of 2021-2025.
According to Verified Market Research, The Global Position Sensor Market was valued at USD 4.34 billion in 2017 and is projected to reach USD 6.95 billion by 2025, growing at a CAGR of 6.1% from 2018 to 2025.
What are Position Sensors?
Position sensor is defined as an electronic device that is used for position measurement where displacement, position, distance, or length measurements are applied for automating, testing, or monitoring processes. It measures the distance travelled by the body starting from its reference position. Depending upon the different sensing principles, position sensors are classified into capacitive position sensors, linear voltage differential transformers, magnetostrictive linear position sensor, fiber-optic position sensor, optical position sensors and many others. It has applications in different industries such as aerospace, automotive, manufacturing and healthcare.
Global Position Sensor Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and Restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
Growing emphasis on measurement and inspection in the manufacturing industry, rising adoption of position sensors in the aviation and aerospace industry and incorporation of position sensors in modern automobiles have been driving the Global Position Sensor market. On the other hand, high prices of components and raw materials might act as a restraint for the overall market.
Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements which interests the client. The “Global Position Sensor Market” is mainly bifurcated into sub-segments which can provide a classified data regarding latest trends in the market. This can be of a great use in gaining knowledge about the cutting-edge technologies in the market.
Global Position Sensor Market Competitive Landscape
The “Global Position Sensor Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as Sensata Technologies, Inc., Honeywell International, Inc., Sick AG, Heidenhain Corporation, Ametek Inc., Balluff Inc., Emerson Electric Co., Hans TURCK GmbH & Co. KG, MTS System Corporation, and TE Connectivity Ltd. Among others. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above mentioned players globally.
Global Position Sensor Market Segmentation, by Type
• Linear Position Sensor
o Linear Encoder
o Linear Variable Differential Transformer (LVDT)
o Laser Position Sensor
o Magnetostrictive Sensor
o Linear Potentiometer
• Rotary Position Sensor
o Rotary Encoder
o Rotary Variable Differential Transformer (RVDT)
o Rotary Potentiometer
Global Position Sensor Market Segmentation, by Contact Type
Global Position Sensor Market Segmentation, by Output
Global Position Sensor Market Segmentation, by Application
• Test Equipment
• Material Handling
• Machine Tools
• Motion Systems
Global Position Sensor Market Segmentation, by Industry
• Consumer Electronics
Global Position Sensor Market Geographic Scope
• North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific
• Latin America
• Rest of the World
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