The industrial sector's increased emphasis on precise measurements and thorough inspection, as well as the growing integration of angular position sensors in cars, have contributed to an increase in market value throughout the projection period. Additionally, it is predicted that the strict government regulations governing auto safety and rising global auto production, as well as the mounting adoption of location sensors in the aeronautics and aerospace industry and the evolving need for angular position sensors to be used in modern vehicles, will speed up market growth. Furthermore, over the projection period, it is anticipated that the increasing use of integrated control systems in consumer electronics products like smartphones and tablets would present attractive growth prospects. Angular position sensors are in high demand as a result of the process industry's new trend towards plant automation.
The recession will substantially affect the global market for angular position sensors. Even if price inflation is anticipated to decline in 2023, an increase in interest rates would likely cause a major slowdown in economic development. According to IMF predictions, global inflation will decline from 8.8% in 2022 to 6.5% in 2019. Only an 8.1% decrease in inflation is anticipated in 2023, which will be less of a comfort for developing economies. Costs for electricity and raw materials will be high for a while. Additional factors contributing to inflation include the partial reversal of globalization, labor shortages in many Western countries that raise the cost of manufacturing and the transition to a shared economy in response to the biggest threat to our species.
Increased Demand from Automotive Sector to Promote Market Growth
The market for angular position sensors will expand as electronics and sensor systems for cars become more and more in demand. As leading automakers attempt to incorporate adaptive cruise control sensors into more cheap vehicles as a result of the increase in passenger car sales, there is rising demand for these sensors. This results in the rise of the automotive sensor sector, which in turn helps to fuel the market for angular position sensors. According to the Indian Brand Equity Foundation (IBEF), for instance, passenger vehicle sales in India rose from 17.47 million units in 2020 to 18.49 million units in 2021, representing a 5.8% rise throughout the 2020–2021 decade, in February 2022. As a result, the market will expand due to the rising need for automobile electronics and sensor systems.
High Cost of Angular Position Sensors Ownership to Limit Market Growth
Numerous parts, including position magnets, sensing rods, electronics housing fittings, diagnostic light-emitting diodes (LEDs), and connectors—all of which are provided by different vendors—are used in the manufacturing and assembly of a angular position sensor. The main factors that affect profitability are the cost and availability of raw materials and components, as well as the length of time it takes to introduce a product to the market. The main obstacles facing businesses in this sector are raising their manufacturing capacities, delivering goods of higher quality, and lowering overall production costs. Since they are created to meet the needs of the end customers, angular position sensors can be produced to order. OEMs anticipate that sensor makers will nonetheless offer the most advanced technology at a competitive price. The manufacturers of angular position sensors are under more pricing pressure as a result, which lowers their earnings.
Based on type, the angular position sensors market is segmented into linear angular position sensors and rotary angular position sensors. The linear angular position sensors category dominated the market in 2022 because linear angular position sensors are widely used in smartphones to detect accidental bangs on touch screens. Additionally, linear angular position sensors have emerged as crucial data gathering tools in the automation of the approach of separating procedure variables from regulators. The demand for these sensors is anticipated to increase over the forecast period due to the widespread use of linear angular position sensors in packing machines to detect the presence and placement of various constituents.
Based on application, the angular position sensors market is segmented into automotive, aerospace, electronics, healthcare and others. The automotive category dominated the market in 2022. Angular position sensors are becoming more common in the automobile sector as demand for safer, more environmentally friendly, and more connected vehicles increases. Pedals, steering wheels, seats, as well as various valves, actuators, and knobs, are all identified by position sensors in automobiles. Angular position sensors are becoming increasingly in demand as there is a growing desire for connected and autonomous vehicles. Vehicle localisation must be secure, accurate, and easily accessible for highly automated driving. In order to locate automobiles for highly automated driving using satellite navigation data, these angular position sensors are helpful.
The Asia Pacific is projected to hold the largest share of the angular position sensors market over the forecast period. In the upcoming years, the Asia-Pacific position sensor market is anticipated to develop as a result of persistent demand from the electronics, automotive, industrial, medical and healthcare, and packaging industries for low-cost, high-efficiency angular position sensors. The need for angular position sensors is projected to be driven by the developing manufacturing and electronics sectors, rising R&D spending, and expanding population of the Asia-Pacific region. On the other hand, North America angular position sensors market is anticipated to grow significantly due to the region's high adoption of new technical solutions, increased consumer electronics demand, and growing attention to the automobile industry. Furthermore, it is anticipated that regional expansion in the next years would be fueled by the brisk development of the manufacturing sector and the enormous market need for new vehicle tools and components.
LIST OF KEY COMPANIES PROFILED:
- Texas Instruments
- MTS Sensor Technologies
- Allegro Microsystems
- BEI SENSORS
- AB Elektronik
- Solartron Metrology
- Elcis Encoder
- MEGATRON Elektronik
- OPKON Optik Electronic
|Market Size in 2022||USD 1.4 Billion|
|Market Forecast in 2030||USD 2.32 Billion|
|Compound Annual Growth Rate||7.5%|
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Type, By Application and By Geography|