Los Angeles, CA -- (SBWire) -- 09/30/2021 --A new report titled, "Global Magnetostrictive Position Sensors Market Research Report 2020," has been added by QY Research to its archive of machinery and equipment market research studies. According to the report, the global magnetostrictive position sensors market is projected to achieve a value of more than US$200 Mn by the end of 2026. In 2019, the global market value reached over US$100 Mn. Between 2020 and 2026, the global magnetostrictive position sensors market is expected to rise at a robust CAGR of 7.7%.

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Key Drivers: Magnetostrictive position sensors are widely used for packaging machines, advanced driver assistance systems, testing equipment, hydraulic cylinders, chip and wafer handling, hospital bed positioning, and several other applications. Following are some key drivers of the global magnetostrictive position sensors market.

? Need for more detailed inspection and accurate measurements in manufacturing activities

? High demand in applications requiring non-wearing parts and precision measurement

? High use in controlling flexographic presses and slitters in the paper converting application

? Important application in can filling machines, milk tanks, and clean-in-place tanks

? High use in measurement and control applications in metalworking industry

Digital Sensors to Gain Demand with Need for Higher Accuracy in Monitoring Applications

On the basis of type, the global magnetostrictive position sensors market is segmented into digital type and analog type. Some of the key application segments of the global magnetostrictive position sensors market are food, pharmaceutical, chemical, petroleum, and other industries. The global demand for digital magnetostrictive position sensors is expected to improve on the back of the rising digitalization trend. Digital magnetostrictive position sensors can provide better accuracy in outputs and measurement values.

Asia Pacific to Bank on High Growth of Automotive and Electronics Industries

The demand for magnetostrictive position sensors is predicted to increase in Asia Pacific with increasing development of civil aircrafts in China and high sales of electric vehicles in China and Japan. The growing reputation of Asia Pacific as one of the world's top manufacturing hubs could also contribute to the growth of the magnetostrictive position sensors market in the region. Position sensor solutions are largely demanded in the aerospace and defense industry and used for electric and other automobiles.

Manufacturers to Release New Products to Keep Consumers Interested

The report provides thorough company profiling of leading players competing in the global magnetostrictive position sensors market, such as MTS Sensors, Gefran, Balluff, TSM SENSORS SRL, ASM Sensors, Ametek Gemco, MEGATRON, and Turck. Magnetostrictive position sensors companies are anticipated to launch new products or bring out improved versions of their existing products to attract the attention of consumers. Early in 2020, MTS Sensors introduced an updated version of its Temposonics R-Series V position sensors with POWERLINK industrial Ethernet output. According to the company, the new generation of magnetostrictive position sensors can support a wide range of industrial applications.

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