Permanent magnet inclinometer for an industrial machine. The industrial machine includes a component movable with respect to the industrial machine that includes a first permanent magnet and a second permanent magnet. A circular magnetic sensor array senses a first magnetic flux associated with the first permanent magnet and a second magnetic flux associated with the second permanent magnet. The circular magnetic sensor array includes a first magnetic sensor that senses the first magnetic flux and a second magnetic sensor that senses the second magnetic flux. The controller receives a first flux signal related to the first magnetic flux and a second flux signal related to the second magnetic flux, analyzes the first flux signal to identify a first peak magnetic flux, and analyzes the second flux signal to identify a second peak magnetic flux. The controller then determines the inclination of the component of the industrial machine based on the first peak magnetic flux and the second peak magnetic flux.