As per the research report titled ‘Europe Speed Sensor Market Forecast 2027 By Type, By Application, Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with MarketStudyReport, Europe speed sensor market is anticipated to register an annual growth rate of 4.5% during 2021-2027 and reach a valuation of USD 2.5 billion by the end of the stipulated timeframe.
 

Increasing investments towards automation solutions in the manufacturing sector along with favorable government initiatives are catalyzing the growth of speed sensor market in Europe. For instance, the French government in September allocated over USD 120 billion as a part of a stimulus package for accelerating digitalization and developing infrastructure for electronic startups.

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Notably, commercial vehicle manufacturers are engaging in integrating active safety measures in their vehicles. For instance, Daimler Trucks AG has been working toward a zero-accident goal by focusing on technologies like the Active Brake Assist 5 system, which uses a suite of collision avoidance sensors and radars. Such undertakings are positively impacting the business landscape.

Elaborating on the COVID-19 pandemic, the crisis heavily impacted the industry as social distancing protocols, transportation restrictions, and lockdowns hampered manufacturing activities. However, various government initiatives for the recovery of the manufacturing sector are steadily improving the industry outlook.

Based on type, Europe speed sensor industry from rotary sensors segment is anticipated to witness strong gains in the upcoming years, creditable rising expenditure towards the deployment of AI and Industrial Internet of Things (IIoT) technology across manufacturing sites. Moreover, European countries are stringent with respect to workplace safety, which has raised the importance of sensors for measuring and regulating the speed of motors.

With respect to geographical scope, U.K. market is projected to register a CAGR of 4.5% through 2027, mainly driven by the increasing uptake of innovative technologies in the country.

Speaking of the competitive landscape, Robert Bosch GmbH, Omni Instruments Ltd., NXP Semiconductors N.V., Motion Sensors Inc., Melexis Corp., Infineon Technologies AG, Honeywell International Inc., CTS Corp., Crocus Technology, Compact Instruments Ltd., Allegro MicroSystems Inc., and Ai Tek are among the major players influencing Europe speed sensor market trends.

Leading manufacturers are focusing on introducing innovative products and leveraging advanced robots, autonomous systems, and artificial intelligence (AI) technologies to reinforce their position in this business sphere.