Market Size of Inductive and LVDT Sensors Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 10.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Inductive & LVDT Sensor Market Analysis
The inductive and LVDT sensors market is expected to grow at a CAGR of 10% over the forecast period (2021 - 2026). The increase in demand for applications in the automobile and transportation industries is projected to drive the market in the forecast period.
- The current market scenario indicates significant growth in the usage of inductive and LVDT sensors across a diverse field of applications, such as proximity warning systems, automobile parking systems, and monitoring and measurement systems, among others.
- Factors, such as technological improvement in automotive security and infotainment systems, along with the rising trends towards factory process automation, are expected to drive the LVDT market. However, with the advent of non-contact displacement sensors (NCDT) and thereof, switching from contact to non-contact position sensing in developing economies.
- For the food and beverage industry, these sensors have become a preferable choice as the industry is highly regulated due to safety purpose. The growing food and beverage market is expected to augment the market growth over the forecast period.
- Moreover, the rapid development of safety and security systems, in addition to the developments in driving assistance systems, as well as electric vehicles, stimulate the demand for inductive & LVDT sensors. Low switching costs, along with a large number of suppliers, moderate the bargaining power of buyers in the inductive & LVDT sensors market. However, the presence of numerous manufacturers, lack of technology differentiation and high initial costs is causing participants to compete as commodity manufacturers.
