30.10.2020 Бизнес

Impact of COVID-19 on Position Sensor Market Growth, Segments, Size, Industry Analysis and Opportunities 2030

The position sensor market is expected to advance to $14.2 billion by 2024 from $9.1 billion in 2018, at a steady 7.7% CAGR between 2019 and 2024, claims industry research firm P&S Intelligence.​ Under the Made in China 2025 and Make in India initiatives, the countries are aiming to transform themselves into global manufacturing superpowers, for which India has also permitted 100% foreign direct investment (FDI).

One of the key paths chosen to reach the goal is smart factories, enabled by the automation of industrial processes. This would be the key factor leading to the adoption of position sensors in the industrial manufacturing sector at the highest rate in the years to come. These instruments are important for automated operations in the paper, metal, and numerous other industries.

Of all the sectors where these instruments are utilized, such as aerospace, automotive, packaging, consumer electronics, healthcare, manufacturing, oil & gas, and power generation, the automotive industry makes the most use of them. This is simply because of the rapidly increasing vehicle production, especially in Japan, China, South Korea, and India. In these countries, subsidies and other financial incentives are being offered on the purchase of electric vehicles (EV).

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For instance, China started offering a $10,000 subsidy on the purchase of every EV in 2017, and, thus, EV sales increased by 42% between 2016 and 2017. This is also why Asia-Pacific (APAC) has been the largest position sensor market up till now. With the increasing population, the demand for consumer electronics is also rising, along with that for vehicles.

The consumer electronics industry also being a significant user of position sensors, the demand for these instruments will rise the most rapidly in this region in the years to come. Another reason for the increasing requirement for position sensors in APAC is the quick industrialization and adoption of Industry 4.0 standards. Thus, with the demand for automobiles and awareness on the benefits of smart factories increasing, the requirement for position sensors will rise too.