Research and Markets has released a new report on the position sensor market, which it says is expected to reach AUS$7.93 billion by 2022, at a CAGR of 6.27 per cent between 2017 and 2022.
The key factors contributing to the growth of the studied market include the increasing investment in manufacturing infrastructure, integration of position sensors in modern automobiles, and growing adoption of position sensors in the aerospace industry.
Growth in the market is driven by the increasing trend in industrial automation. However, rise in pricing pressure acts as a restraint for the growth of the studied market.
Position sensors are used in machine tool applications including assembly and welding robots, automated guided vehicles, bending presses, laser cutting machines, coil storage and handling, as well as sheet metal processing.
In the assembly line, the use of position sensors ensures the smooth transit of products, which enables large-scale production along with the optimum utilisation of resources.
The use of position sensors in machine tools includes ensuring operation efficiency of the assembly line and simplifying task at a lower cost in the metal work industry. Thus, this market is likely to witness an increased growth between 2017 and 2022.