Speed Sensor Market Worth USD 8.3 Billion in 2020 and Predicted to Grow at 4.73% CAGR by 2030 - Report by Market Research Future (MRFR)
With rising demand for improved machine control, safety, and efficiency, the market is projected to witness sizable gains during the next few years.
New York, US, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Speed Sensor Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Speed Sensor Market information by Technology, by Application and Region – forecast to 2030”, market reached a valuation of USD 8.3 BN in 2020, which is anticipated to increase further at 4.73% CAGR during the review period (2021-2030).
Rising Demand for Improved Vehicle Safety Drive the Market
The speed sensor market is growing rapidly, witnessing the growing consumption of these sensors. These sensors play an important role in ensuring the smooth functioning of a machine, electronics, or car. Technical innovations and advances in automotive electronics, electric vehicles, and artificial intelligence are key driving forces improving the performance of these speed sensors.
Key Players Active in The Speed Sensor Market Are:
SICK AG
Petasense
Allegro MicroSystems, Inc.
Robert Bosch GmbH
NXP Semiconductors NV
Infineon Technologies AG
Sensoronix, Inc.
TE Connectivity, Inc.
SPECTEC
Sensor Solutions Corporation
ABB
Rockwell Automation, Inc.
STMicroelectronics
Pepperl+Fuchs
Schneider Electric
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Speed sensors are also used in measuring the flow of the fluid, working on the principle of differential pressure measurement. Moreover, the advantages that speed sensors offer in fluid, gas, and steam flow meters, such as the minimized risk of operation failure and mechanical damage and simple design, increase their use in various industrial machines.
Besides, the rising funding support from the public and private organizations positively impacts market growth. Also, rising investments by major OEMs influence the market value. Increasing government regulations regarding vehicle safety and implementation of electronic sensors in autonomous driving, advanced driver assistance (ADAS) systems, and automated guided vehicles (AGVs), boost the Speed Sensor market size.
Rising uses of automotive electronics and the growing adoption of anti-lock braking systems in automobiles foster the market demand. Conversely, the lack of skilled workforces is a major factor hindering market growth. Nevertheless, rapid developments of low power and high accuracy speed sensors would support the market growth throughout the assessment period.
Additionally, augmenting demand for AI-enabled analytics platforms for vehicles creates vast Speed Sensor market demand. The demand for passenger vehicles primarily leads to rising vehicle production, and the growing demand for ECUs and vehicle safety systems boosts market value. Moreover, rising sales of electric and hybrid cars foster the sales of speed sensors.
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COVID-19 Impacts on the Market
COVID-19 pandemic affected the speed sensor market severely. The disrupted supply chain due to Lockdown mandates forced manufacturers and technology providers to cut down on the production of devices and components used in speed sensors in response to issues in obtaining raw materials, attracting workers from quarantines, and delivering end products.
However, the market is rapidly returned to normalcy, witnessing the steadily increasing demand. In the post-pandemic era, the proliferation of electric mobility would drive the market demand, creating a vast demand for optimal efficiency and torque characteristic control. As an efficient electric powertrain requires the synchronization of the stator supply currents with the rotor position, speed sensors are likely to witness a significant demand.
Segmentation
The speed sensor market is segmented into technologies, applications, and regions. The technology segment is bifurcated into magneto-resistive, hall effect, variable reluctance, and others. The application segment is bifurcated into automotive, industrial, aerospace & defense, consumer electronics, and others. By region, the Speed Sensor market is divided into the Asia Pacific, Americas, Middle East & Africa, Europe, and the Rest-of-the-World.
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Regional Analysis
North America is the largest Speed Sensor market in the world. The rising adoption of speed sensors in the consumer electronics products, vehicles, and defense sector in the region substantiates the market size. Besides, the penetration of IoT devices and communication networks in a number of industries boosts the market demand in the region. Simultaneously, the continually rising demand for automated systems drives the regional market growth.
Growing investments in product developments and automotive technologies foster market revenues. Countries such as Canada, the US, and Mexico account for the largest market share in the region.
Furthermore, significant growth in the automotive industry across the region and the increasing adoption of automotive technologies, such as IoT, AI, data analytics, and other technologies & solutions, create vast market demand. The North American speed sensor market is likely to remain dominant throughout the review period.
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Competitive Analysis
The speed sensor market is estimated to witness several strategic initiatives, such as collaborations, mergers & acquisitions, expansions, and product launches. Matured industry players are also making strategic investments in research and development activities and fostering their expansion plans.
For instance, on Nov.12, 2021, a team of researchers at Lovely Professional University (LPU) announced the development of an IoT- enabled smart-safety system for school buses. This safety system is equipped with sensors and would ensure the safety of school children by measuring the speed of the vehicle, alcohol intake by the driver, and any shift/ change in the direction of the wheel, and communicates sensory data to the data transmission unit.
These safety units can be deployed in school buses for real-time monitoring. Consisting of various hardware components and software programs, this novel safety system provides alerts and informs parents and school authorities about the status of school buses and bus drivers via mobile applications.
In another instance, on Jan.05, 2022, Melexis announced the development of a new inductive sensing IC - the MLX90510 intrinsically resistant to stray magnetic fields. This inductive interface IC allows a high-speed resolver minimizing the ECU effort needed to get best-in-class accuracy under extreme mechanical and electrical conditions.
The MLX90510 is ideal for e-motor control, e-brake booster, and e-power steering applications with its excellent EMC capabilities. Automotive engineers can take full advantage of the digital architecture, rugged design, and robustness of MLX90510 EMC with minimal effort on the ECU, resulting in module cost reduction.
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