Speed Sensor Market to Perceive Substantial Growth by 2027
The global speed sensor market is estimated to grow steadily supported by robust product adoption in consumer electronics devices and smart home appliances. Integration of IoT technology into smart home items for remotely controlling the speed of several consumer electronics devices is likely to propel the demand for speed sensors.
Speed sensors are extensively incorporated into high power rotating appliances like electric fans, washing machines, HVAC systems, and mixers for measuring the rotational speed of shafts, motors, and gears in devices. These sensors help device manufacturers to offer low-noise features, energy efficiency, as well as optimized system costs in smart home appliances.
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Strict government rules that mandate ADAS systems in upcoming vehicles could drive speed sensor adoption. Speed sensors are integrated into ADAS systems including automatic emergency braking, adaptive cruise control, and electronic stability control.
The penetration of robotics and industrial automation across the manufacturing and process sectors is anticipated to provide high progress opportunities for speed sensor manufacturers. Moreover, technological advancements in Hall-based sensors like the Circular Vertical Hall or CVH technology which improves accuracy and linearity of speed sensors is fueling the industry expansion.
Several speed sensor manufacturers are working on new product development. For example, in 2021, producer of IoT sensors, asset reliability and optimization, Petasense introduced the first industrial wired sensor which combines temperature, vibration and speed detection into a single sensor. Based on such innovations, GMI, Inc., suggests that the speed sensor market may exceed USD 12 billion by 2027.
With respect to type, the market for variable reluctance speed sensors held around 12% share in 2020 and is expected to rise significantly over the forecast timeframe owing to various high-end features offered by these sensors, such as temperature stability, high performance, accuracy, and suitability for industrial and automotive applications. Variable reluctance speed sensors are able to sense rotating ferrous metal targets and are suited for operating in different environmental conditions.
In terms of application, the aerospace & defense sector accounted for around 11.5% market share in 2020 and is likely to record a 3.5% CAGR over the coming years. This can be credited to increasing usage of speed sensors in drones, UAVs, and aircrafts. These sensors are used for mapping the rotational speed of rotating blades, transmission units, and engine shaft. Many government bodies and institutes are developing advanced speed sensors for space applications.
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Geographically speaking, the Europe speed sensor market is projected to register a CAGR of 4% owing to the presence of key automotive OEMs such as Daimler AG, Audi, PSA Group, and BMW Group. These companies are developing advanced automotive safety systems like ADAS and self-driving cars. Supportive investment schemes are also being set up by regional institutes to augment the region’s automotive sector.
Globally, the speed sensor market comprises of firms such as Robert Bosch GmbH, SICK AG, Sensor Solutions Corporation, Allegro MicroSystems, Inc., TE Connectivity, Inc., SPECTEC, NXP Semiconductors N.V., Infineon Technologies AG, Petasense, and Sensoronix, Inc., among others.
Table of Contents (ToC) of the report:
Chapter 1 Methodology and Scope
1.1 Scope & definition
1.2 Methodology & forecast
1.3 Data Sources
1.3.1 Primary
1.3.2 Secondary
Chapter 2 Executive Summary
2.1 Speed sensor market 3600 synopsis, 2016 - 2027
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Type trends
2.1.4 Application trends
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