Inductive Position Sensors Market Scope
The inductive position sensor is a non-contact sensor that is used to measure both linear and rotary/angular positions of an object without any physical contact. They use the electromagnetic induction principle of a magnetic field in a metal target. These unique magnetic field sensors give accurate position measurements, are immune to stray magnetic fields and dont require an external magnetic device. Currently, the use of non-contact technology in the field of precision measurement is rapidly growing owing to reliable measurements, resistance to contamination, and high accuracy to end-users. The quality and consistency of the information they convey are critical. An increase in automation and stringent regulations for safety are some of the factors driving the growth of the market.
According to AMA, the Global Inductive Position Sensors market is expected to see growth rate of 6.1% and currently pegged at USD901.61 Million.The demand for Inductive Position Sensors is increasing with each passing day. The businesses in this industry facing major competition with leading players of the market that includes Honeywell International Inc., Rockwell Automation, Ifm Electronic and others. Many international as well as regional providers are also participants in the industry and directly compete with leaders. It has been identified that market leading players are investing heavily in growth strategies such as technological development, resource utilization to enhance their market position. The market leaders demonstrate a market-defining vision of how inductive position sensors can help top-line business executives achieve their business objectives. Leaders have the ability to execute against that vision through both products and services. They have demonstrated solid business results in the form of revenue and earnings. Research Analyst at AMA estimates that Germany Vendors will contribute to the maximum growth of Global Inductive Position Sensors market throughout the predicted period.
Honeywell International Inc. (United States), Rockwell Automation (United States), Ifm Electronic (Germany), Pepperl + Fuchs (Germany), Hans Turck GmbH (Germany), Schneider Electric (France), Omron Corporation (Japan), Panasonic Corporation (Japan), Eaton (Ireland), Baumer (Switzerland) and Renesas Electronics (Japan) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Balluff Automation, Sick AG, Warner Electric, MEGATRON, Microchip Technology Inc., Celera Motion, Proxitron GmbH and Fargo Controls.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Inductive Position Sensors market by Type (Linear, Rotary and Angular), by Application (Automobiles, Industrial and Others) and Region with country level break-up.
On the basis of geography, the market of Inductive Position Sensors has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
In December 2021 Renesas Electronics Corporation had announced the acquisition of Celeno. Renesas' connectivity offering will be greatly enhanced with the inclusion of Celeno's industry-leading Wi-Fi technologies and software expertise. Furthermore, these technologies, when combined with Renesas' MCU/MPU/SoC processors, wireless ICs, sensors, and power management technologies, result in a comprehensive, end-to-end connectivity solution for both clients and access points that addresses IoT, infrastructure, industrial, and automotive applications.
On May 31, 2019, Omron Automation Americas, a globally recognized provider of advanced industrial automation solutions, has announced the release of over 2,500 new models of its E2E NEXT proximity sensor series featuring exceptionally long sensing distances and IoT functionality.
Market Trend
- Robust Non-Contact Sensors Provide High-Quality Reliable Information
Market Drivers
- Increase in Number of Vendors Enabling Industrial Automation as well as Growth in the Demand for Industrial Internet of Things (IIoT)
- Growing Demand from Automobile Industry owing to the Applications in Electric Vehicles
- Accuracy, Cost-Effectiveness, and High Rejection of Stray Magnetic Fields
Opportunities
- Technological Advancements such as AI, IoT, Self-Driving Cars & Trucks, Robot Chauffeurs
- Growing Opportunity in IIoT Applications
Restraints
- Alternatives Options such as Hall-effect and Magneto Resistive Sensors
Challenges
- Susceptibility to Pollution and Contamination on the Sensing Face
Key Target Audience
Inductive Position Sensor Manufacturers, Raw Material Suppliers, Automobile Manufacturing Companies, Industrialists/Engineers/Vendors, Distributors/Traders/Suppliers, End-Use Industries and Others