Speed Sensor Market Is Expected to Register a CAGR of 4.02% During the Review Period, 2024–2032

Pune, India, Jan 2022, MRFR Press Release/Market Research Future has published a Half- Cooked Research Report on the Global Speed Sensor Market.

Overview

The global Speed Sensor market is expected to register a CAGR of 4.02% during the forecast period, 2024–2032. 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.

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.