According to the research report titled ‘Speed Sensor Market Size, By Type (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global speed sensor market is reckoned to witness stellar growth between 2021 and 2027.
 

Growing product application across several end-use industries owing to its ability to reduce repair and maintenance cost as well as ensuring a safe working environment is a key factor driving the growth of global speed sensor market.

Request sample copy of this report: https://www.marketstudyreport.com/request-a-sample/3692099/

A speed sensor is a critical component to maintain efficiency while operating various industrial systems. It basically detects the magnetic rotation speed and offers voltage corresponding to the speed of rotation, thus increasing the lifespan of the industrial equipment and reducing repair and maintenance expense.

Apart from this, speed sensors help in improving the accuracy and control as well as performance and efficiency in industrial machinery, which in turn is contributing towards the overall market remuneration.

As per type, global speed sensor market share from the others segment is predicted to expand at 2% CAGR through 2027, owing to rising adoption of optical and RF speed sensors in vehicle safety systems.

Based on application spectrum, the report cites that industrial segment is expected to register 4.5% CAGR during the study period, owing to high integration of speed sensors in robotic and industrial automation technologies.  

According to the report, speed sensors help in ensuring optimal functioning of industrial equipment. They essentially aid in identifying operational faults that could impact machine productivity and output. This further helps in creating a safe working environment, which in turn is contributing towards their popularity in industrial applications.

Considering the geographical terrain, Latin America speed sensor industry is anticipated to showcase a y-o-y growth rate of 3% through 2027, owing to growing acceptance of robotics, smart factory, and industrial automation solutions.

The prominent companies operating in global speed sensor market are ZF Friedrichshafen AG, TE Connectivity, The SpecTec Group, Sensoronix Inc., Sensata Technologies Inc., Robert Bosch GmbH, Omni instruments Ltd., NXP Semiconductors N.V., Motion Sensors Inc., Melexis N.V., Infineon Technologies AG, Honeywell International Inc., HarcoSemco, CTS Corporation, Crocus Technology, Continental AG, Compact Instruments Limited, Allegro MicroSystems, and Ai Tek Instruments LLC.