According to the research report titled ‘North America 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, North America speed sensor market is anticipated to amass a valuation of USD 3.5 billion by 2027.
 

Report findings suggest that widespread usage of industrial robots in workplaces in the wake of Industry 4.0, in consort with benefits such as augmented processing power, wired/wireless connectivity with cloud servers, and integrated advanced microcontrollers are the major growth catalysts for North America speed sensor market.

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Notably, active wheel speed sensors are integrated in brake control systems to monitor rotational speed of automobiles using non-contacting measurement technology, which aids in minimizing of accidents and fatalities. Strict regulations in the automobile sector with respect to vehicle speed and passenger safety, alongside rising integration of self-driving safety systems are augmenting the market outlook.

Based on type, North America speed sensor industry is divided into variable reluctance, magneto resistance, hall effect, and others. The variable reluctance is slated to record 2.5% CAGR through 2027, owing to widespread product usage in jet engines for measuring turbine speed, along with its high durability under extreme temperature conditions and affordability.  

In terms of application, the marketplace is divided into automotive, aerospace & defense, industrial, consumer electronics, and others.  

Regionally, Canada market size is poised to grow with a CAGR of 2.5% between 2021-2017, on account of surging vehicle production, and supportive government funds for automotive sector.

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