The Global Angular Position Sensors Market is expected to exhibit strong growth, reaching USD 2.32 billion by 2030. As per the report titled “Angular position sensors Market Size, Share & COVID-19 Impact Analysis, By Type (Linear Angular Position Sensors and Rotary Angular Position Sensors), By Application (Automotive, Aerospace, Electronics, Healthcare and Others), and Regional Forecasts, 2023-2030” observes that the market size in 2022 stood at USD 1.4 billion and USD 2.32 billion in 2030. The market is expected to exhibit a CAGR of 7.50% during the forecast period.
First Sensor AG was Bought by TE Connectivity Ltd. (TE), a Firm that Specialises in Designing and Producing Connections and Sensors
In March 2020, for an unknown sum, US-Swiss business TE Connectivity Ltd. (TE), which specializes in designing and producing connections and sensors, purchased First Sensor AG. The acquisition strengthens TE and enables it to offer an even wider range of products, including cutting-edge, industry-leading sensors, connections, and systems, as well as best-in-class capabilities. This will help TE's sensors business and the growth strategy for TE connectivity.
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Rising Adoption of Industry 4.0 to Boost Market Growth
As a result of the quick uptake of cutting-edge technologies like Industry 4.0, manufacturers are gravitating towards the automation of industrial processes. Nearly 422 thousand industrial robots were shipped globally in FY 2018, according to the International Federation of Robotics (IFR). In addition, the Organization Internationale des Constructeurs d'Automobiles (OICA) reports that the number of automobiles sold globally increased from 91 million in FY 2019 to 75 million in FY 2010. In order to improve their manufacturing infrastructure, manufacturers from various regions and industries are investing primarily in fully automated machine tools. This is what is causing the demand for position sensors to grow quickly. Angular position sensors offer great accuracy and dependability in a variety of operating and environmental settings, as well as precision and control during the production process. Position sensors ensure proper machine operation. Therefore, the market for angular position sensors is projected to have development prospects as a result of the trend towards industrial automation.
Market Expansion Is Restricted By A Lack Of Standards For Measuring Performance Indicators
It is challenging to anticipate the performance of an angular position sensor from a set of specifications due to the absence of global standards. Because OEMs can't utilize these sensors interchangeably for numerous purposes, this problem impedes the use of angular position sensors in various applications. The absence of standards and a sufficient value proposition may deter future investments in this area. The focus right now is on standardizing the performance scale and optimizing sensor design. Proper standardization would aid producers in creating new goods that complied and met the growing need for angular position sensors across many applications.
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Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the angular position sensors market plan acquisitions to improve their brand recognition globally. For instance, in January 2022, the 3D sine/cosine Hall-effect angular position sensor IC A33230 was made available by Allegro Microsystems, LLC. It is the world's smallest 3D sine/cosine sensor, giving system designers a reasonably priced choice for use in automotive and industrial applications.
List of Key Players Profiled in the Report
- Texas Instruments
- MTS Sensor Technologies
- Bourns
- Allegro Microsystems
- BEI SENSORS
- AB Elektronik
- Balluff
- ams
- SIKO
- Solartron Metrology
- Elcis Encoder
- Burster
- MEGATRON Elektronik
- ELAP
- OPKON Optik Electronic
- Novotechnik
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Further Report Findings
- The market in the Asia Pacific is expected to gain a huge portion of the global angular position sensors market share in the coming years due to the ongoing need for low-cost, high-efficiency angular position sensors from the electronics, automotive, industrial, medical, healthcare, and packaging industries.
- It is anticipated that the growing manufacturing and electronics industries, rising R&D expenditures, and expanding population of the Asia-Pacific area will increase the demand for angular position sensors.
- In North America, the growth in this region is primarily driven by high adoption of new technical solutions, rising demand for consumer electronics, and increased focus on the car sector.
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