Selbyville, Delaware, April 05, 2021 (GLOBE NEWSWIRE) -- According to latest report “Speed Sensors Market by Type (Hall Effect, Magneto Resistive, Variable Reluctance), Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of speed sensor will cross $12 billion by 2027.
The market growth is credited to the increasing adoption of speed sensors in smart home appliances and consumer electronics devices. High power rotary appliances, such as washing machines, mixers, electric fans, and HVAC systems, are extensively incorporated with speed sensors to measure rotational speed of gears, shafts, and motors in the device. These sensors also help device manufacturers to provide energy efficiency, low-noise features, and optimized system costs in smart home appliances. Adding to this, the rising integration of IoT technology into smart home products to remotely control the speed of various consumer electronics devices will further boost the market expansion during the forecast period.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/5020
The variable reluctance (VR) segment held a speed sensors market share of around 12% in 2020 led by several high-end features offered by variable reluctance speed sensors, such as high performance, accuracy, and temperature stability, suitable for automotive and industrial applications. The VR speed sensors have the ability to sense any rotating ferrous metal targets, and these sensors are suitable for operations in different environmental conditions. However, technological advancements in Hall-based sensors, such as introduction of Circular Vertical Hall (CVH) and Coreless Hall Effect technologies, have decreased the sensor prices in comparison to variable reluctance sensors. This might restraint their demand to some extent during the forecast timeframe.
The aerospace & defense application in the speed sensors market captured more than 11.5% of revenue share in 2020 and is projected to witness 3.5% growth rate till 2027 driven by growing applications of speed sensors in aircraft, UAVs, and drones. These sensors are used to map the rotational speed of engine shaft, rotating blades, and transmission units, thus escalating the demand for speed sensors in the market. Several institutes and government bodies are focusing on developing advanced speed sensors for space applications, further augmenting the market value during the forecast timeline.
The Europe speed sensors market is estimated to attain a CAGR of over 4% through 2027 on account of the presence of major automotive OEMs in the region including PSA Group, Audi, BMW Group, Daimler AG, etc., which are focusing on the development of advanced automotive safety systems such as self-driving cars and ADAS. This will foster the market in the region. Moreover, the supportive investment schemes by regional institutions to spur the European Automotive industry will further amplify the market demand.
Some of the companies operating in the speed sensors market include SICK AG, Petasense, Allegro MicroSystems, Inc., Robert Bosch GmbH, NXP Semiconductors N.V., Sensoronix, Inc., Infineon Technologies AG, TE Connectivity, Inc., Sensor Solutions Corporation, SPECTEC, among others. The leaders are focusing on partnership and collaboration activities to stay competitive in the market.
Request for customization of this research report @
https://www.gminsights.com/roc/5020
Some major findings of the speed sensors market report include:
- Stringent government regulations mandating ADAS in upcoming vehicles are expected to amplify the acceptance of speed sensors in the market. The ADAS systems, such as electronic stability control (ESC), automatic emergency braking (AEB), and adaptive cruise control (ACC), are extensively integrated with speed sensors, which is anticipated to propel the industry growth.
- The rising penetration of industrial automation and robotics across manufacturing and process sectors will create high growth opportunities for speed sensor manufacturers.
- Technological advancements in Hall-based sensors, such as circular vertical Hall (CVH) technology that enhances the linearity and accuracy of speed sensors, are fueling the market progression.
- The COVID-19 pandemic severely impacted the market revenue in the first and second quarter of 2020. The stringent lockdown imposed by regional governments has resulted into temporary closure of automotive and consumer electronics manufacturing plants. In addition, the trade disruption and shortage of raw materials also led several manufacturers to shift their existing manufacturing facilities to new regions. This will hinder the industry expansion for a short-term period.
Table of Contents (ToC) of the report:
Chapter 3 Speed Sensors Market Insights
3.1 Industry segmentation
3.2 Impact analysis of corona virus (COVID-19) pandemic on speed sensors market
3.2.1 Global outlook
3.2.2 Impact by region
3.2.3 Industry value chain
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Raw material and component suppliers
3.3.2 Manufacturers
3.3.3 Distribution channel
3.3.4 End-user
3.3.5 Vendor matrix
3.4 Technology & innovation landscape
3.4.1 Eddy current speed sensor
3.4.2 Contactless speed sensor
3.4.3 GMR based speed sensor
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls and challenges
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/speed-sensor-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.