Pune, India, Jan. 12, 2022 (GLOBE NEWSWIRE) --
The global speed sensor market size is predicted to see massive growth during the forecast timeline, due to the growing penetration of industrial robots to boost worker safety and production efficiency. Besides, a palpable trend for smart manufacturing machinery will fuel the demand for sensors globally. Well-established players and new entrants are poised to explore trends across North America, Europe, and Asia Pacific.
- Growth potential in Canada market
Industry players expect Canada to provide promising growth opportunities following the demand for automotive parts. Governments are likely to encourage leading automotive manufacturers, including Honda, Toyota, and GM to expedite the production of electric vehicles. Specifically, in October 2020, the Ontario government poured around USD 295 million in Ford to expedite EV production. Canada speed sensor market share will witness a moderate CAGR of 2.5% up to 2027.
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- Variable reluctance speed sensor gains traction in North America
Soaring integration of speed sensors in jet engines for turbine speed measurement applications has encouraged end-users to invest in variable reluctance equipment. Some of the drivers, such as robust speed, low cost and high durability have made the equipment highly sought-after in high-temperature environments. North America speed sensor market size could surpass USD 3.5 billion by 2027, with variable reluctance segment likely to witness approximately 2.5% CAGR during the assessment period.
- Automotive sector to usher growth opportunities across Europe
Bullish government initiatives and policies are likely to underpin the integration of safety systems in vehicles, auguring well for the regional expansion. In January 2020, the EU rolled out a new regulation to implement vehicle safety systems in trailers, heavy-duty vehicles, and cars, that could be enforced from July 2022. It is pertinent to mention that these safety regulations will specify the use of intelligent speed assistance, emergency braking systems and emergency stop signals. Europe speed sensors market share from automotive applications will witness a robust CAGR of around 5% through 2027.
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- The U.K. emerges as a lucrative destination
With the adoption of novel technologies, including AI, autonomous systems and advanced robots gaining traction in the manufacturing sector, the U.K. is witnessing investments galore. In May 2021, the U.K. government injected around USD 136.8 million in R&D activities to innovate augmented reality, robotics and artificial intelligence. In September 2020, the government infused around USD 167.6 million to develop and adopt Industrial Digital Technologies (IDT). The U.K. speed sensor industry is forecast to grow at around 4.5% CAGR up to 2027, largely due to strong investment strategies.
- Hall effect speed sensors gain traction in Asia Pacific
Speed sensor suppliers are likely to envisage Asia Pacific as a happy hunting ground for the expansion of hall effect equipment. It tends to provide wide frequency bandwidth, high accuracy, and linearity. Industrial equipment, such as generators and engines could count on hall effect to measure rotational speed in hostile environments. To illustrate, in September 2021, ZF Friedrichshafen AG introduced hall effect-based speed sensors for high spec speed pedelecs. Asia Pacific speed sensor market size is likely to surpass USD 4.5 billion by 2027, partly underpinned by the projected 50% share of hall effect segment during the forecast period.
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- Revenue-boosting opportunities in South Korea
South Korea is likely to provide pressing growth opportunities on the back of bullish government efforts to bolster automation in the manufacturing sector. In October 2021, the South Korean government announced an infusion of around USD 340 million to foster SMEs and startups to build smart factories. It is worth noting that these intelligent factories have industrial robots, automated conveyor systems and CNC machinery. South Korea market is likely to witness around 5.1% CAGR through 2027, partly attributed to the applications of robots and automation across smart factories.
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