Global Speed Sensor Market - Overview
The global Speed Sensor Market is expected to register a
CAGR of ~4.73% during the forecast period, 2021–2030. In this report, Market
Research Future (MRFR) includes the segmentation and dynamics of the Speed
Sensor market to offer a better glimpse into the coming years.
The major factors driving the growth of the speed
sensor market are the increasing demand of electronics in automobile sector and
growing adoption of anti-lock braking system. However, lack of skilled
workforce is hindering the market growth. Although, development of low power
and high accuracy speed sensors is creating an opportunity in the market.
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Segmental Analysis
The global Speed Sensor market has been segmented
based on technology, application, and region.
Based on technology, the global speed sensor market
has been segmented into Magneto-Resistive, Hall Effect and Variable Reluctance.
Magneto-Resistive used in speed sensor use the fact that due to an external
magnetic field, there is a change in the electrical resistance in a
ferromagnetic think film alloy. The Hall Effect speed sensor is built for
incremental measurement of rotational speed. The speed and position of moving
ferrous objects is measured by the variable reluctance speed sensor.
Based on application, the global speed sensor market
has been segmented into Automotive, Industrial, Aerospace & Defense and
Consumer Electronics. The speed sensor allows measurement of magnetic rotation
speed to offer a voltage corresponding to the rotation speed. These are widely
used in automotive sector as wheel speed sensor. It also has applications in
industrial, consumer electronics, and aerospace & defense sectors for
different purposes.
Competitive Analysis
The global Speed Sensor market is characterized by
the presence of several regional and local providers. Some of the key players
in the market are SICK AG (Germany), Petasense (US), Allegro MicroSystems,
Inc.(US), Robert Bosch GmbH (Germany), NXP Semiconductors N.V. (Netherlands),
Infineon Technologies AG (Germany), Sensoronix, Inc. (US), TE Connectivity,
Inc.(Switzerland), SPECTEC (Canada), Sensor Solutions Corporation (US), ABB
(Switzerland), Rockwell Automation, Inc. (US), STMicroelectronics
(Switzerland), Pepperl+Fuchs (Germany) and Schneider Electric (France).
Regional Analysis
The regional analysis for the global Speed Sensor
market has been done for North America, Europe, Asia-Pacific, and the Middle
East & Africa, and South America.
The market in North America accounted for the
largest market share in 2020, and it is expected to register strong growth
during the forecast period. The major factors behind the growth of the speed
sensors market in North American are the rising adoption of these sensors in
the automotive and military sector. However, the Asia Pacific area is
experiencing tremendous growth due to the growing industrial sector combined
with an increasing presence of small and medium-sized enterprises (SMEs) in the
region.
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