Magnetostricitive Position Sensors Market Size, Share, Growth, And Industry Analysis, By Type (Simulation Type, Digital Type), By Application (Oil, Chemical, Water Conservancy, Pharmaceutical, Food, Others), Regional Insights, and Forecast From 2024 To 2032

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Magnetostricitive Position Sensors Market Overview

The global magnetostricitive position sensors market size was USD 1.91 billion in 2023 and is projected to touch USD 3.01 billion by 2032, at a CAGR of 5.1% during the forecast period. Asia-Pacific holds leading position in magnetostricitive position sensors market share in 2023.

Non-contact linear magnetostrictive position sensors produce a strain pulse that travels over a waveguide by momentarily interacting with two magnetic fields. A magnet moving along the waveguide's exterior is the source of one field. The waveguide itself is responsible for the other field. Absolute magnetostrictive position sensors generate a distinct signal for each location along the axis of travel. This type of sensor has the benefit of being non-contact and having no wear or friction. There is no restriction on the number of operating cycles because it is likewise not impacted by vibrations.

One of the main factors fueling the market's rise is the increasing prevalence and pervasiveness of consumer electronics. To put it another way, the rate of market growth is directly impacted by the increase in the supply and demand for smartphones, tablets, laptops, television kiosks, and enormous interactive screens. The market will grow as a result of the aerospace industry's rising acceptance and usage.

COVID-19 Impact: COVID-19 pandemic drastically reduced the market growth

The COVID-19 pandemic has been unprecedented and staggering, with the magnetostricitive position sensors market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Players in the magnetic sensor value chain have been severely impacted by the onset and spread of COVID-19. Global demand for smartphones is one of the main factors propelling the growth of the magnetic sensor market. But because lockdowns imposed by various governments to stop the spread of COVID-19 have drastically reduced smartphone sales globally, it has had an effect on the market's expansion. Additionally, these lockdowns have had an effect on the manufacturing of magnetic sensors. They have also had an impact on the global per capita income and the GDP of various nations. The general population's diminished purchasing power as a result of low disposable income has led to a fall in the yo-y growth of the market as a whole. The latest coronavirus outbreak has proven to be a curse for the industry. Commercial activity has been halted as a result of the coronavirus pandemic, which has also caused disruptions to global supply chains, border restrictions, and travel bans by government organizations. The strict regulations to limit commercial operations caused a decrease in the market's growth rate. But with global easing and the slow recovery from the epidemic in several nations, including China, Germany, and France, the industry is anticipated to experience a boom.

Latest Trends

Largest market share will be held by the automotive industry

GMR and TMR sensors have shown to consume less power than mW and W during continuous operation in the case of automotive applications. Additionally, they fit more readily in smaller packages than their competitors. As a result, they are using them more and more in auto parts. In the automobile sector, there will likely be a rise in the need for magnetic sensors. In this sector, sensing technology is being employed more and more to increase vehicle comfort and fuel economy. The installation of safety features and sensing components in autos, for example, is one example of a government rule that is expected to offer considerable prospects for the development of the industry under study.

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Magnetostricitive Position Sensors Market Segmentation

• By Type Analysis

According to type, the market can be segmented into simulation type, digital type. Simulation type is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into oil, chemical, water conservancy, pharmaceutical, food, others. Oil will be the dominating segment.

Driving Factors

Manufacturing sector is putting more emphasis on precise measurements and thorough inspection

To meet industry requirements, the manufacturing sector needs a high level of accuracy. To make high-quality items, manufacturers concentrate on two key factors: precise measuring and thorough inspection. The critical parameters that a position sensor analyses are profiling, width, height, step, gap, V-gap, edge, angle, bend, groove, and surface. These sensors are appropriate for a range of industrial applications, including HVAC systems, transportation systems, industrial equipment, mobile hydraulics, smart buildings, heavy machinery, and construction machinery. They also detect, measure, and assess the profiles on diverse object surfaces. When the position sensor is connected with the analytics software, many measurement jobs are made simpler. The position sensor is useful for automating, testing, or monitoring operations when displacement, distance, length, or position characteristics need to be monitored. To help with precise defect finding, contactless position sensors with automated scanning are currently available. The demand for position sensors is driven by the manufacturing sector's increasing demands for precise measurements and thorough inspection procedures. The LVDT position sensor, magnetostrictive position sensor, capacitive position sensor, and encoder are the four most used types of position sensors utilized in the manufacturing sector.

Numerous chances exist for small enterprises due to the growth and expansion of end-user verticals

The semiconductor and electronics industry has a tremendous amount of room to grow as a result of the strengthening of the global economy. The use of innovative technology is receiving more attention from the main manufacturers, which will improve the potential for growth. Growth in market value is fueled by increasing urbanization, modernization, and globalization. Other factors influencing market expansion include the rise in cyber threats and security breach worries, improvements in position sensor technology, and growing consumer awareness of vehicle safety and technical developments in the automotive sector. Additionally, during the projection period of 2022 to 2029, improvements in manufacturing technology open up lucrative potential for market participants. Future market expansion will also be aided by growing demand for position sensor applications in the Internet of Things (IoT).

Restraining Factors

High ownership costs could limit market expansion

A sensor is manufactured and assembled using a variety of components, including position sensor, sensing rods, electronics housing fittings, diagnostic light-emitting diodes (LEDs), and connectors, all of which are offered by various suppliers. Profitability is primarily influenced by the price and accessibility of raw materials and components, as well as how long it takes to introduce a product to the market. Increasing manufacturing capacity, producing goods of greater quality, and reducing overall production costs are the primary challenges facing companies in this area.

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Magnetostricitive Position Sensors Market Regional Insights

North America is expected to dominate the market during forecast period

The need for 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. North America is anticipated to dominate the market throughout the projected period (2023–2029) due to its strong semiconductor sector and major innovations by key firms. The use of position sensors has continued to advance throughout North America, especially in agriculture. High-end precision sensors and equipment are anticipated to be in high demand in the Asia-Pacific region as a result of the outsourcing of manufacturing activities to developing low-cost nations.

Key Industry Players

Key Players Focus on Partnerships to Gain a Competitive Advantage

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

LIST OF TOP MAGNETOSTRICITIVE POSITION SENSORS COMPANIES

• AK Industries (U.S.)
• ALPS Electric (Japan)
• AMETEK Factory Automation (U.S.)
• ASM Automation Sensorik Messtechnik GmbH (Austria)
• DAS (Korea)
• ELOBAU (Germany)
• Festo (Germany)
• GEFRAN (Italy)
• Gentech International (U.K.)
• GIMATIC (Italy)
• NOVOTECHNIK (Taiwan)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.