Position Sensor Market: In-depth Analysis of the Industry with Future Estimation
Posted by Devanshu Shrivastava on December 8th, 2020
The main factors fueling the expansion of the packaging industry are the rapidly growing pharmaceutical packaging and food sectors and the surge in the volume of exports that require high packaging standards, in these countries. As position sensors are heavily required in packaging machines, the growth of the packaging industry is massively boosting the sales of position sensors across the world.
Due to these factors, the revenue of the global position sensor market would rise enormously in the future years. These sensors are required for accurate measurement in various applications in the manufacturing and aerospace industries. In automobiles, position sensors are extensively used in various applications such as sensing steering angle, pedal positioning, and clutch plates.
Geographically, the Asia-Pacific (APAC) position sensor market recorded lucrative growth in the past and this trend will continue in the forthcoming years, as per the estimates of P&S Intelligence, a market research firm based in India. The main factors propelling the advancement of the market in this region are the growing population, surging requirement for consumer electronic products, and flourishing automotive industry in the regional countries. In APAC, the market is expanding rapidly in Japan and China.
Depending on contact type, the position sensor market is divided into contact and non-contact categories. The contact category recorded high growth in the market during the last few years, because of the huge sales of these sensors, especially in the emerging economies such as India, Indonesia, and China. This is due to the fact that these sensors are much cheaper than the non-contact ones.
Therefore, it can be concluded from the above paragraphs that the sales of position sensors will rise steeply throughout the world in the forthcoming years, primarily because of the increasing requirement for these sensors in hybrid engines and electric vehicles and the heavy utilization of these sensors in the packaging industry.
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About the AuthorDevanshu Shrivastava
Joined: January 31st, 2020
Articles Posted: 105
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