Market Size of Position Sensor Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 12.09 Billion |
| Market Size (2029) | USD 19.91 Billion |
| CAGR (2024 - 2029) | 10.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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Position Sensor Market Analysis
The Position Sensor Market size is estimated at USD 12.09 billion in 2024, and is expected to reach USD 19.91 billion by 2029, growing at a CAGR of 10.5% during the forecast period (2024-2029).
Due to the outbreak of the COVID-19 pandemic, end-user sectors that utilize position sensors saw a reduction in growth from January to May in a variety of nations, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India, owing to a halt in operations. This led to a major decrease in the revenues of companies operating in these industries, as well as a subsequent decrease in demand for position sensor manufacturers, consequently influencing the growth of the position sensors market. The proliferation of advanced farming practices through precision agriculture is the major driving factor behind the expansion of the position sensor market globally. North America constituted the largest share of the overall market in 2019. The increasing rate of adoption of precision farming in the United States and Canada contributed to gaining the largest share in the region. The market for position sensors is consolidated, with a few notable players occupying the largest market share. The major players dealing in position sensors for the agricultural sector include Honeywell International Inc., TE Connectivity, Balluff Inc., Baumer, Novotechnik, and Sensor Solutions Corp.
