According to the research report titled ‘Asia Pacific Speed Sensor Market Forecast 2027 By Application, By Type, Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with MarketStudyReport, Asia Pacific speed sensor market is anticipated to accumulate USD 4.5 billion by the year 2027.
 

Growing customer spending on high-end smart home appliances, as well as widespread application scope of product in high-power rotary appliances like fans, washing machines, and mixers are the major growth inducing factors for Asia Pacific speed sensor market.

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For the unversed, speed sensors employed in motors are useful in tracking rotational speed in engine shafts, transmission units, and rotating propellers.

The COVID-19 outbreak had hampered the industry outlook during 2020 due to the disturbance of the global economy. However, rising product adoption in the wake of industry 4.0, and focus on deploying smart manufacturing equipment with integrated speed sensors for process control are anticipated to boost the marketplace in the coming years.

By type terrain, the industry is classified into variable reluctance, hall effect, magneto resistive, and others.

In terms of application ambit, Asia Pacific speed sensor market is divided into consumer electronics, aerospace & defence, industrial, automotive, and others. Among these, the aerospace & defence segment is slated to grow significantly during 2021-2027, owing to constant efforts by government agencies & research organisations to improve speed sensor functionality for aerospace application, and product usage in vehicle crash testing, ballistic assessment, and vibration measurement in defense vertical.

Regionally, South Korea market is poised to record 5.1% CAGR over the forecast timeline, due to government fundings for promoting automation in the manufacturing sector.

Whereas Singapore, India, and China are anticipated to emerge as lucrative growth avenues in the coming years, owing to strong funding activities across the nation. The expansion is attributed to supportive government strategies to boost domestic electronics sector and aerospace vertical, as well as adoption of automated machineries by OEMs for improving production speed & capacity.

The key players in Asia Pacific speed sensor marketplace are NXP Semiconductors N.V., Motion Sensors Inc., Melexis NV, Infineon Technologies AG, Honeywell International Inc., HarcoSemco LLC, CTS Corporation, Crocus Technology, Continental AG, Compact Instruments Limited, Allegro MicroSystems Inc., AI-Tek Instruments LLC, ZF Friedrichshafen AG, TE Connectivity, SpecTec Group, Sensoronix Inc., Sensata Technologies Inc., Robert Bosch GmbH, and Omni Instruments Ltd.