ID: MRFR/SEM/9281-HCR | January 2022 | Region: Global | 141 pages
The global Speed Sensor market size is predicted to register a significant CAGR of ~4.73% during the forecast period and was valued at USD 8.3 Billion in 2020.
The speed sensor is broadly used in aeronautics, precision engineering, and automotive sectors. It is an essential component for performing operations on on-board systems. It allows the magnetic rotation speed to be calculated and provide the voltage corresponding to the rotation speed. The speed sensors are used for controlling speed of a thermal and electric motor. These can based on different technology such as magneto-resistive and Hall Effect. The speed sensor used in a vehicle which is also called as ABS (anti-lock braking system) brake sensor, is situated on the back of each brake rotor and analyzes the operation of the wheel and tires while they are rotating. The main objective of the speed sensor in automotive sector is to alert the system if any one wheel is rotating faster than the other and make the user to stop the car safely. The speed sensors are also used in measuring speed and flow of the fluid and it works on the principle of differential pressure measurement. The advantages related to the speed sensors used in fluid, gas and stem flow meters includes minimum failure in operation due to mechanical damage, low pressure loss, simple design and utilization of the sensors in pipelines having square and circular cross-sections. These speed sensors can be made of stainless steel, carbon or nickel alloys and refractory alloyed steels.
The outbreak of the COVID-19 pandemic has had a negative impact on the global economy as it has impacted various sectors, such as BFSI and IT & telecom, significantly. The pandemic has resulted in the implementation of lockdown restrictions and travel limitations in many countries across the globe, resulting in the disruption of the supply chain of goods and materials and the market demand. Moreover, the limitations on trades, shutting down manufacturing sites, and decline in the production rate, cash flow constraints, and unavailability of workers have led to the fall in the cash flow margins of the stakeholders in the global market. The virus mostly affected SMEs, but large organizations also had significant impacts. The COVID-19 has also impacted the speed sensor market across the globe. The supply shortage and low fabrication efficiency, the shelf life of raw materials is increasing, which is increasing the pricing of raw materials. Distribution challenges, such as staffing of warehouses, need for direct distribution, intelligent and responsive allocation of goods across different distribution channels. Further, additional usage of electronic components in modern manufacturing is impacting the consumer market due to shut down in production units.
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.
The electronics components used in automotive sector has enhanced the performance of the vehicles by improving the running entertainment devices and vehicle efficiency. The sensors act as a vital part of the automotive sector as they help in serving multiple purposes. These help the car manufacturers to design the car models that are safer to use, more comfortable and more fuel efficient. The sensors has also enable in resulting a large degrees of vehicle automation which has benefited the sensor technology. Further, with the advancement in technology, the self-drive car or the autonomous vehicle technology has been introduced. This vehicle operates using different sensors and without a human driver, including functions that help in avoiding road hazards and traffic congestion. Similarly, the vehicle speed sensors helps in measuring the transmission output or the wheel speed. All these different sensors inside the vehicle are connected to the Electronic control unit (ECU) that contains software and hardware. This unit makes use of the information measured by the speed sensor to modify the engine function such as air/fuel ratio, ignition timing, transmission shift points, and initiate diagnostic routes. Henceforth, the use of electronics such as sensor technology in automotive sector is expected to drive the speed sensor market during the forecast period.
Despite the growth and rise in the global speed sensor market, some factors hinder the market growth rate throughout the world. Lack of skilled and experienced employees in the global market is the major restraining factor responsible for the drawbacks in the market growth. The technical skills among the workforce has resulted in the shortfall of workers required for the speed sensors. The development requires highly professional for designing and maintaining speed sensors. The manufacturers often face complications in building sensors thereby hampering the growth of the market.
Value chain analysis
The global speed sensor market has witnessed significant growth in the past decade due to technological changes and is expected to grow at a steady rate in the upcoming years. The value chain analysis of the speed sensor market comprises four major levels: chip designer followed by the fabrication, assemblies and end user.
Global Speed Sensor Market, 2018-2030 (USD Billion)
Source: MRFR 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.
Based on application, the global speed sensor market has been segmented into Automotive, Industrial, Aerospace & Defense and Consumer Electronics.
The speed sensor market has been analyzed for five regions—North America, Europe, Asia-Pacific, Middle East & Africa and South America.
Geographically, the global speed sensor market has been categorized as North America, Europe, the Asia-Pacific, the Middle East & Africa, and South America. North America is likely to be the dominant regional market due to the rising adoption of the speed sensors in the consumer electronics products, vehicles, and defense sector among countries such as US, Canada and Mexico. Further the increasing use of IoT devices and communication networks in the industries is expected to grow the demand for the market. The Asia Pacific region is expected to generate a remarkable growth rate during the forecast period due to the growing industrial sector combined with an increasing presence of small and medium-sized enterprises (SMEs) in the region. The growth of the Speed Sensor market in Europe is expected to generate a notable growth owing to the rising automotive, aeronautics, and industrial automation across UK, France, Germany and other nations. The Middle East & Africa and South America is expected to be influenced by the growing adoption of sensors for industrial automation, speed motoring, and security applications.
The global speed sensor market is witnessing high growth mainly due to the growing need for managing complex supply chain operations and database management solutions and increasing demand for waterway transportation activities. Major players have opted for partnerships, acquisitions, and product developments as their key organic growth strategies to enhance their positions in the market and cater to the demands of organizations across end-use verticals. Additionally, the industry players are working towards advancing their product offerings to cater to the rising needs of end-use organizations to provide robust services intended towards achieving accuracy and sustaining the clients for longer relationships.
The key players in the global speed sensor market are identified based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. These include 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). The key strategies adopted by most market players are partnerships, acquisitions, agreements/collaborations, and product developments, among others.
This study estimates revenue growth at the global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2018 to 2030. For this analysis, MRFR segmented the speed sensor market has based on type, application, and region/country.
|Market Size||8.3 Billion|
|Historical Data||2018 & 2019|
|Forecast Units||Value USD Billion|
|Segments Covered||• Technology (Magneto-Resistive, Hall Effect, Variable Reluctance) • Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics)|
|Geographies Covered||• North America (US, Canada, and Mexico) • Europe (UK, Germany, France, and Rest of Europe) • Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific) • Middle East & Africa • South America|
|Key Vendors||• SICK AG • Petasense • Allegro MicroSystems, Inc. • Robert Bosch GmbH • NXP Semiconductors N.V. • Infineon Technologies AG • Sensoronix, Inc. • TE Connectivity, Inc. • SPECTEC • Sensor Solutions Corporation • ABB • Rockwell Automation, Inc. • STMicroelectronics • Pepperl+Fuchs • Schneider Electric|
|Key Market Opportunities|
|Key Market Drivers||• Drivers • Increasing demand of electronics in automotive sector • Growing adoption of anti-lock braking system • Opportunities • Development of low power and high accuracy speed sensors • Restraint • Lack of skilled workforce • Impact of COVID-19 • Impact on Semiconductor Manufacturers • Impact on Component Manufacturers • Impact on Device Manufacturers • Covid-19 Impact on Supply Chain Delays|
Frequently Asked Questions (FAQ) :
The global Speed Sensor market was valued at USD ~8.3 billion in 2020.
The global Speed Sensor market is expected to exhibit a ~4.73% CAGR rate by 2030.
The North America region currently dominates the market and is expected to retain its dominance throughout the forecast period
Automotive segment is the most demanding application in the global Speed Sensor market.