Speed Sensor Market - Emerging Trends & Global Industry Forecast to 2027

Speed Sensor Market - Emerging Trends & Global Industry Forecast to 2027

A detailed analysis of the speed sensor market is entailed in this research report. The driving forces responsible for propelling the growth graph of this vertical in addition to the regional and competitive trends are mentioned in the study. A comprehensive document comprising details about vital parameters such as the industry ecosystem analysis, market segmentation, and the vendor matrix, the market report also contains information on the pivotal industry insights for core players to look out for.

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.

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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.

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