PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1055010
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1055010
According to Stratistics MRC, the Global Food and Beverage Position Sensors Market is accounted for $233.49 million in 2021 and is expected to reach $429.57 million by 2028 growing at a CAGR of 9.1% during the forecast period. A position sensor is a sensor that allows the mechanical position to be measured. Position sensors are an essential component of many industrial processing and monitoring setups including steam generators, water tube boilers, industrial boilers, and others.
In order to meet industry requirements, the manufacturing business need a high level of precision. To develop high-quality products, manufacturers rely on two critical parameters: measurement precision and thorough inspection. A position sensor detects a number of important properties such as profiling, width, height, step, gap, V-gap, edge, angle, bend, groove, and surface. The profiles on various item surfaces are also detected, measured, and evaluated using these sensors. When the position sensor is linked to the analytics program, many measurement jobs become much easier. As a result, the position sensor is helpful for automating, testing, or monitoring operations where displacement, distance, length, or position characteristics need to be detected.
A position sensor is manufactured using numerous components, such as position magnets, sensing rods, diagnostic light-emitting diodes (LEDs), and connectors, which are supplied by multiple vendors. For instance, the average price of a crankshaft position sensor replacement cost is between $194 and $258, with the labor costs estimated between $104 and $133, while the cost of the parts is generally between $90 and $125. The major challenge for the companies is to increase these manufacturing capabilities, as well as reduce the overall cost of production.
The growing demand for cost effective and highly efficient position sensors owing to the rising demand from food and beverage industry is estimated to enhance the growth of Food and Beverage Position Sensors Market. Technological innovations in optical position sensors are also the factor which is said to enhance the growth of Food and Beverage Position Sensors Market.
However, lack of product differentiation is expected to challenge industry growth. A large number of players offer products based on similar technological foundation. This propels industry players to compete with large manufacturers for high-volume contracts and is thus exposed to corresponding pricing pressure. It has been a difficult task for these manufacturers to differentiate their products with any factor other than price.
The ultrasonic segment is growing at the highest CAGR in the market. Ultrasonic sensors have a stainless steel or alumina exterior construction that optimizes performance while adhering to strict food safety requirements. Accurate sensing is critical in applications such as milk metering and beverage distribution to guarantee proper container filling. Ultrasonic metering is a great way to improve accuracy while keeping a small footprint.
The contact segment is expected to be the largest share due to the factors such as it detects the changes in signal level and converts it into travel range and determines motion over time through the use of contact methods. Contact position sensors are also proven to be the simplest and lowest cost solution in food and beverage applications.
North America is projected to hold the largest share in the market. Growing spending by key players in the development of position sensors, as well as an increase in the use of position sensors for level measurement in large alcohol tanks, are contributing factors to market growth in this area. Moreover, the growing number of restaurants, fast-food chains, and meal delivery apps such as grub hub, caviar, and others increase customer access, resulting in substantial development in the food and beverage business in this region.
The Asia Pacific is projected to have the highest CAGR due to the increasing need for cost-effective and highly efficient position sensors from the food and beverage industries, as well as technical advancements in optical position sensors.
Some of the key players profiled in the Food and Beverage Position Sensors Market include: Endress+Hauser, Gems Sensors & Controls, First Sensor AG, ABB, Siemens AG, Turck, Sick AG, PCB Piezotronics, IFM, and TR Electronics.
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