Linear displacement sensors are extensively used across a host of industrial verticals, including food & beverages, automotive, aerospace, oil & gas, packaging, machine tools, and power generation. Linear displacement sensors are primarily used in any application wherein the measurement of linear movement is required. Due to this, the demand for linear displacement sensors is on the rise across a plethora of industrial domains. As the emphasis on industrial automation continues to grow around the global industrial sector, the demand for cloud-connected and wireless sensors is on the rise.
Companies operating in the current linear displacement sensor market are increasingly focusing on introducing innovative and cutting-edge linear displacement sensors that are developed in line with applications and requirements of various industries. Furthermore, market players are also focusing on improving the accuracy and reliability of linear displacement sensors to gain a competitive edge in the current market landscape. Advancements in technology coupled with the increasing demand for small and miniature sensors are factors projected to aid the growth of the global current linear displacement sensor market during the forecast period. Due to the steep ownership and costs associated with linear displacement sensors, the demand is expected to remain relatively slow in the first half of the forecast period. However, as the technology matures and the ownership costs reduce, the adoption of linear displacement sensors is expected to increase.
At the back of these factors, along with expanding applications of linear displacement sensors across various industrial sectors, the global current linear displacement sensor market is on course to reach US$ 2.6 Bn mark by the end of 2025.
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Increasing Demand for LVDT Sensors to Bolster Market Growth
Out of the various types of linear displacement sensors, the demand for linear variable differential transformers (LVDT) is expected to remain the highest during the course of the forecast period. Furthermore, LVDT sensors have, time and again, proved to be an ideal sensor technology in various industrial automation processes and the Internet of Things (IoT) applications, owing to the accurate feedback on product movement– a critical requirement in modern automated systems. The increasing demand for LVDT sensors from a range of industrial sectors, including construction, automotive, aerospace, and electronics is a key factor expected to drive the expansion of the global current linear displacement sensor market during the assessment period.
The electronics sector is projected to provide lucrative opportunities to the players operating in the current linear displacement sensor market, as the demand for intricate and miniature electrical components is on the rise. In addition, the increasing demand for precision measurements that comply with quality control and stringent regulatory standards is another factor projected to bolster the demand for linear displacement sensors during the assessment period.
Aerospace and energy sectors are among key end-use industries of the linear displacement sensors, as the need to comply with the safety standards is a prerequisite.
Market Players to Focus on Expanding Product Portfolio to Gain Competitive
Players operating in the current linear displacement sensor market are increasingly focusing on research and development to improve the quality and performance of their products to gain a competitive edge. Furthermore, several market players are also emphasizing on expanding their product portfolio to improve their position in the market. For instance, in June 2023, Micro-Epilson announced the launch of a new confocal sensor that is likely to be used in applications that require precise measurements of thickness and distance. In February 2023, Panasonic Corporation announced that the company has developed a time-of-flight image sensor that utilizes avalanche photodiode (APD) pixels.
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Market Growth to Remain Slower than Initial Predictions amid COVID-19 Pandemic
The onset of the COVID-19 pandemic is anticipated to slow down the growth of the linear displacement sensor market in 2023. Stringent lockdown restrictions and restrictions on trade and transportation are among key factors that are likely to disrupt the supply chain in 2023. In addition, the industrial shutdown of various countries around the world, particularly China, in the first quarter of 2023, has led to severe shortage of raw materials and components that are required for the production of linear displacement sensors. The market is expected to show signs of recovery toward the last quarter of 2023, as lockdown restrictions are being gradually lifted in various regions worldwide.
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