Global position sensors market grew to $5.56 billion in 2023

The global position sensors market grew from $5.06 billion in 2022 to $5.56 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The position sensors market is expected to grow to $8.91 billion in 2027 at a CAGR of 12.5%.

The position sensor refer to a device that can identify an object's movement or identify its relative position to a known reference point.These sensors are used to detect the presence or absence of an object.

It is also used to measure the distance travelled by a body from its starting point. It determines the linear or angular location to a fixed point or arbitrary reference.

The position sensor market consists of sales of resistance-based or potentiometric position sensors, capacitive position sensors, linear voltage differential transformers, magnetostrictive linear position sensor, eddy current based position sensor, hall effect based magnetic position sensors, fiber-optic position sensor and optical position sensors.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.