Global Inductive and LVDT Sensors Market - Segmented by Type (DC Operated, AC Operated, Digital I/O, Variable Reluctance, Variable Inductance), Product (XLT, LVDT Gaging Sensor, LVDT Displacement/Position Sensor), End-User Industry (Automotive, Aerospace and Defense, Oil and Gas), and Region - Growth, Trends, and Forecast (2018 - 2023)
The inductive and LVDT sensors market is expected to grow at a CAGR of 9.84% over the forecast period (2018-2023). The regions considered in the scope of the report include North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
The current market scenario indicates a 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. The increasing adoption rate of sensors across electronics systems also tends to gradually contribute to the growth of the market. The progress of automation in the production processes is the major growth stimulus to the market. Moreover, 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 the large number of suppliers, moderate the bargaining power of buyers in the inductive & LVDT sensors market. However, the presence of numerous manufacturers and lack of technology differentiation is causing participants to compete as commodity manufacturers.
Rising Demand for Industrial Automation to Propel the Sensors Growth
Industrial automation is an efficient solution to the high requirements of product quality, along with high reliability in high-volume production. Conveyor lines, machine tools for safety interlock, sequencing, and jam detection are some of the functions of sensors. Inductive and capacitive sensor heads are more common as compared to other sensors in the industrial automation process. The ease of integration into machinery of all types, along with maximum robustness and operability in harsh environmental conditions, are other positives of inductive sensors. Robotics, which complete the process with controllable speeds and high quality, are frequently used in the industrial automation process. Use of proximity sensors to limit contact in processing is the main function of sensors in the industry automation process. In the industrial arena, the application of these sensors is not limited to proximity detection. The multi-utility functions of these sensors make them a primary equipment in the industry.
Automotive Applications to Create a Huge Demand for Inductive and LVDT Sensors
The growth of application areas for sensors in the automotive industry can be attributed to the growing awareness of consumer safety and government regulations on manufacturing, making their usage a necessity in some cases. With the increasing deployment of electronic equipment in vehicles, inductive sensors are finding numerous fields of application. Ruggedness, compact design, and favorable prices are regarded as basic requirements for applications in the automotive sector. It has been estimated that on an average, about 60-90 sensors are incorporated in a single vehicle for different functions. With the growing market for electric and hybrid cars, an upsurge in general awareness toward passenger safety has led to this average in the number of sensors, which is expected to go above 170 over the forecast period.
Moreover, with the anticipated growth of ADAS (Advanced Driver Assistance Systems), connected cars and electric vehicles, these sensors will witness huge adoption in automobiles.
Asia-Pacific is expected to witness the Highest CAGR
Among geographies, Asia-Pacific is expected to grow significantly as compared to other regions, and is forecasted to be the major market shareholder, surpassing North America. There has been an influx of manufacturing firms that are relocating to the low-labor cost countries, such as China and India, and this is expected to trigger the growth of inductive and LVDT sensors in these regions. Technological improvements in automotive security and infotainment systems, along with the rising trends toward factory process automation are expected to drive the market in APAC during the forecast period.
Key Developments in the Market
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook