North America Speed Sensor Market Size was valued at USD 1784.3 Million in 2022. The Speed Sensor market industry is projected to grow from USD 1870 Million in 2023 to USD 3,230.4 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 6.3% during the forecast period (2023 - 2032). The North America Speed Sensor market is expected to grow significantly over the forecast period due to several factors. The growth of the North America Speed Sensor market is expected to be driven by key factors such as increasing demand of electronics in automotive sector, growing adoption of anti-lock braking system technology and increase in industrial automation by monitoring and controlling the speed of machineries and processes. However, factors such as competitive pricing are expected to restrict market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The increasing demand of electronics in the speed sensor industry is driven by Autonomous driving is one of the primary factors triggering the demand for speed sensor sensors. The market for most speed sensor sensors is growing in line with the overall growth of the speed sensor market. The high adoption of ADAS and AD systems is the major reason for the elevated demand for speed sensor sensors. Sensors installed in ADAS/AD systems include image sensors, temperature sensors, position sensors, speed sensors, etc. contribute most to the overall growth of the market for speed sensor sensors. Combining automatic braking with rear-view cameras and sensors can reportedly cut reverse crashes by 78 percent. Moreover, other sensors, such as powertrain sensors, chassis sensors, and body sensors, also play a crucial role in stimulating the growth of the market for speed sensors. Powertrain sensors play a critical role in the effective operation of the engine, transmission system, and alternator.
Chassis sensors monitor functions such as braking, steering, and suspension. A cluster of sensors is used in ADAS/AD systems, braking systems, and power steering systems of SAE AV Level 3 vehicles ('conditional' automation). Body sensors measure the condition and performance of the vehicle on several parameters. For instance, body sensors capture and convey information regarding door/roof closure, seat occupancy, and the amount of sunlight/rainfall and can trigger alerts and perform basic functions accordingly. Thus, autonomous vehicles deployed with a wide variety of sensors can reduce drivers' stress and increase their productivity. Hence, the rising adoption of autonomous vehicles is fuelling the growth of the speed sensors market. For instance, In July 2023, Continental announced that it would be fitting the complete Conti Urban bus tire line with the latest generation of sensors. The resulting smart tires, Conti UrbanScandinavia HD3, Conti Urban HA3, and Conti UrbanScandinavia HA3+ would be available starting from August 2023. This development is expected to continue the company’s move towards digitalization of fleets.
Other than that, the industry 4.0 revolution and the acceptance of the IoT, massive shifts in manufacturing require enterprises to adopt agile, more intelligent, and innovative ways to advance production with technologies that complement and augment human labor with automation and reduce industrial accidents caused by process failure. With the high adoption rate of connected devices and sensors and the enabling of M2M communication, there has been an increase in the number of data points generated in the manufacturing industry. According to Cisco, by 2023, machine-to-machine (M2M) connections that support IoT applications are expected to account for over half of the world’s 14.7 billion connected devices. Manufacturers worldwide also understand that the next generation of robotics and automation technologies is a revolutionary opportunity to upgrade manufacturing in terms of productivity, quality, safety, and cost metrics. In addition, increased year-on-year robotic automation expenditures mainly expand the scope of the studied market.
Based on Type, the North America Speed Sensor market segmentation includes Hall Effect Speed Sensor, Variable Reluctance Speed Sensor, RF (Inductive) Speed Sensor and Magnetoresistive Speed Sensor. The Hall Effect Speed Sensor segment held the majority share in 2022, contributing around ~46.1% to the market revenue. Hall-Effect sensors work by measuring the changing voltage when the device is placed in a magnetic field. Hall-Effect sensors all have a thin piece of semiconductor material inside them, which passes a continuous electrical current through itself to generate a magnetic field. In other words, once a Hall-Effect sensor detects that it is now in a magnetic field, it is able to sense the position of objects. Hall-Effect current sensors are mainly used for current monitoring, overcurrent fault detection, and power measurement in industries. Potential application of Hall-effect speed sensors can be used in factory automation, rotary applications, with various applications such as gear reducer rpm, process speed, synchronization, compressor speed, and others.
These devices have a range of applications, with Hall-Effect speed sensors often used in automotive systems to sense position, distance and speed. These clever devices are used in various fields, but perhaps most notably in anti-lock braking systems (ABS), and internal combustion engines to assist with ignition timings.
Currently, industry players are manufacturing fully integrated and programmable current sensors based on BiCMOS or CMOS technology. These current sensors have features such as no insertion loss, low power consumption, compact package size, single or dual power supply, higher accuracy and sensitivity, galvanic isolation, and faster response time. Hall-Effect current sensors are now manufactured using BICMOS technology, a combination of bipolar junction transistor and complementary metal-oxide semiconductor. BiCMOS offers a high current drive per unit, low input density, high power dissipation, and low noise compared to conventional or CMOS technology. This technology is highly reliable and simple and is compatible with 0.8-im CMOS technology. The BiCMOS technology has improved the performance of Hall-Effect sensors.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Based on Industry Vertical, the North America Speed Sensor market segmentation includes Automotive, Aerospace & Defense, Consumer Electronics, Industrial and Medical. The Industrial segment held the majority share in 2022 contributing around ~46.2% to the market revenue. Speed sensors play a critical role in various industrial applications by monitoring the speed of machinery, processes, and components. These sensors help maintain safety, optimize operations, and ensure the reliability of industrial equipment. Speed sensors are used to monitor the speed of conveyor belts in manufacturing and distribution facilities. They ensure that products are transported at the correct speed and can trigger alarms or shut down the conveyor in case of speed deviations. In packaging lines, speed sensors monitor the speed of labeling, filling, and sealing machines. They help ensure consistent packaging quality and prevent jams or other issues. In wind energy applications, speed sensors monitor the rotational speed of wind turbine blades and the generator. This information is used to optimize power generation and protect the turbine from overspeed conditions in high winds. In each of these industrial applications, speed sensors contribute to operational efficiency, safety, and productivity. They help maintain precise control over machinery and processes, reduce downtime, and prevent equipment damage or failure. Speed sensor are also used in turbine flow meters to measure the flow of liquids in various end use industrial application. Turbine flow meters measure the velocity of liquids, gases and cryogenic fluids. Typical fluids and gases measured with turbine flow meters include hydrocarbons, chemicals, water, cryogenic liquids, and air, natural gas, and industrial gases.
By Region, the study provides market insights into US, Canada and Mexico. In terms of revenue, US held the largest share of 83.1% in the Speed Sensor market in 2022 and is expected to maintain its dominance during the forecast period. The increasing demand of electronics in automotive sector; increase in industrial automation by monitoring and controlling the speed of machineries and processes, for efficient and productivity improvement; and increase in demand of speed sensors for usages in turbines, generators and wind turbines to monitor the rotational speed and ensuring optimal performance in energy sector are driving the demand for speed sensor for North America region.
North America, particularly the United States, has a substantial automotive manufacturing sector. The growing demand for vehicles, including electric and autonomous vehicles, is driving the need for advanced speed sensors for various applications, including engine control, transmission control, and vehicle safety systems. There are many industrial applications that require monitoring rotational speed and standstill. Speed sensors are used in the automotive, food, steel and mining industries to detect standstills, overspeed’s, and under-speeds on drives and conveyor belts. Speed sensors are used on mobile machines like forklift trucks to track speed.
Companies such as Electro-Sensors are into speed switches and vibration monitors that are used on centrifuges to monitor critical speed and vibration levels, and guard against slowdown or stoppage that can result in costly process downtime, machine damage, and material waste. Tachometers and Ratemeters are commonly used in this type of application to display the RPM of the conveyor.
Companies like Allegro, with their High-Resolution Wheel Speed Sensing (HRWSS) technology, offer a notable advancement in this regard. Their sensors can provide detailed encoder increments along with directional data, all while maintaining accuracy even with a small tire displacement of just 5 mm on a 2-meter tire circumference equipped with a 48-pole pair ring magnet. This level of resolution is four times higher than what standard Wheel Speed Sensors (WSS) on the market can offer.
The advantages of employing high-resolution wheel speed sensing extend beyond park-assist and hill-hold applications. They also enable quicker detection and recovery from angular and air-gap vibrations. Additionally, they enhance the sensor's durability in accurately detecting wheel rotation, a critical aspect for reliable performance in scenarios like park-assist and hill-hold applications.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
With a strong presence across different verticals and geographies, the Speed Sensor market is highly competitive and dominated by established, pure-play vendors. Over 30 vendors cater to this market, and they continually innovate their solutions to meet the evolving needs of businesses by adopting new technologies to make business more effective. These vendors have a robust geographic footprint and partner ecosystem to cater to diverse customer segments. The Speed Sensor market is highly competitive, with many vendors offering similar products and services.
The major players in the market include Rockwell Automation, Inc., ABB, NXP Semiconductors, STMicroelectronics, Infineon Technologies AG, Schneider Electric, Smith Systems, Inc., HYDAC Technology Corporation, Micro-Epsilon, Texas Instruments Incorporated, Continental AG, Bosch Engineering, Motion Sensors, Inc., Rechner Sensors, and Honeywell International Inc. and others. NXP Semiconductors' business strategy is focused on three key areas, accelerating the shift to greater mobility, enabling more efficient data, and sustainability. The company aims to contribute to the advancement of mobility by providing solutions that reduce wasted time, money, and effort, ultimately helping businesses run more efficiently. NXP Semiconductors also focuses on developing technologies and solutions that enable the efficient processing and utilization of data. Additionally, the company considers sustainability as an integral part of its long-term business strategy, incorporating environmental, social, and governance practices into its operations and decision-making processes.
The North America Speed Sensor market is a consolidated market due to increasing competition, acquisitions, mergers, and other strategic market developments and decisions to improve operational effectiveness.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 1784.3 Million |
| Market Size 2023 | USD 1870 Million |
| Market Size 2032 | USD 3,230.4 Million |
| Compound Annual Growth Rate (CAGR) | 6.3 % (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Industry Vertical, and Country |
| Countries Covered | US, Mexico and Canada. |
| Key Companies Profiled | Rockwell Automation, Inc., ABB, NXP Semiconductors, STMicroelectronics, Infineon Technologies AG, Schneider Electric, Smith Systems, Inc., HYDAC Technology Corporation, Micro-Epsilon, Texas Instruments Incorporated, Continental AG, Bosch Engineering, Motion Sensors, Inc., Rechner Sensors, and Honeywell International Inc. and others. |
| Key Market Opportunities | ·      Rising demand for speed sensors from the healthcare sector ·      Development of low power and high accuracy speed sensors |
| Key Market Dynamics | ·      Increasing demand of electronics in automotive sector. ·      Growing adoption of anti-lock braking system technology        ·      Increase in industrial automation by monitoring and controlling the speed of machineries and processes. ·      Increase in demand of speed sensors for usages in turbines, generators, and wind turbines to monitor the rotational speed |
Frequently Asked Questions (FAQ) :
The North America Speed Sensor market size is expected to be valued at USD 1784.3 Million in 2022.
The global market is projected to grow at a CAGR of 6.3% during the forecast period, 2023-2032.
US had the largest share of the global market.
The key players in the market are Rockwell Automation, Inc., ABB, NXP Semiconductors, STMicroelectronics, Infineon Technologies AG, Schneider Electric, Smith Systems, Inc., HYDAC Technology Corporation, Micro-Epsilon, Texas Instruments Incorporated, Continental AG, Bosch Engineering, Motion Sensors, Inc., Rechner Sensors, and Honeywell International Inc. and others.
The Hall Effect Speed Sensor category dominated the market in 2022.
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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