Vantage Market Research
Nov 04, 2021
According
to a new report by Vantage Market Research, the LVDT Displacement Sensors Market is
expected to reach USD 8.52 Billion by 2028, growing at a CAGR of 7.5% from 2021
to 2028. LVDT sensors in technical equipment are expected to be enforced in the
market for linear displacement sensor. Hence, adoption of LVDT in various
industrial fields is substantially high, which is anticipated to fuel the
global LVDT sensor market growth during the coming years.
Key Findings:
- Under the product segment capacitive sub-segment is projected to grow at a CAGR of over 9.3% over the forecast period owing to the increasing adoption in the manufacturing industry for robotics and automation.
- The application segment held a market share of around 25.26% in 2020. This share is due to the increasing process development in industrial sectors among countries such as China, India, and U.S.
- Asia Pacific is expected to expand at a CAGR over 11.8% from 2021 to 2028. This surge is attributed to the rising demand for LVDT displacement sensors in various instruments related to automation equipment in the countries like India, China, and Japan.
Some of key players in LVDT Displacement Sensors Market include Althen Sensors, Honeywell International Inc., Keyence Corporation, Micro-Epsilon, Omron Corporation, Panasonic Corporation, Positek Limited, TE Connectivity, TRANS-TEK Inc., Vishay, and among others.
LVDT (linear variable differential transformer) is an electromechanical sensor used to convert mechanical motion or vibrations, specifically rectilinear motion, into a variable electrical current, voltage or electric signals, and the reverse. The LVDT sensors market is expected to grow with a CAGR of 7.5% during the forecast period. The applications of LVDT sensors in the industries and healthcare is rising, due to its long life cycles, frictionless functioning which helps in attaining accurate measurements of displacements. Additionally, these displacement sensors can measure movements ranging from a few millimeters (mm) to centimeter (m) and can be used in industries such as robotics, automation, aerospace, and various others.
Asia Pacific region is poised to record the highest CAGR. This is attributable to the increasing demand in emerging economies, such as India, and China, coupled with the expansion of industries like robotics, automation, electronic and semiconductors, and others application in industries of the region's overall LVDT Displacement Sensors Market.