Asia Pacific Speed Sensor Market size crossed USD 3 billion in 2020 and is projected to showcase around 5.5% growth rate from 2021 to 2027. Rising demand for IoT and smart home devices will boost the market demand.
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Speed sensors are used to measure the rotational speed of motors, shafts, and gears in high power rotary appliances such as mixers, washing machines, HVAC systems, and electric fans. Speed sensors allow device manufacturers to achieve precision speed control and remote monitoring features in smart home appliances. Several companies are engaged in developing high-end speed sensors to address the growing demand for smart home consumer appliances. For instance, in November 2020, NVE Corporation introduced new off-axis rotational-linear speed sensors in the 'AET-series,' which are based on the Tunnel Magnetoresistance (TMR) technology. The new sensors can detect linear and rotational speed in closed-loop servos and motors.
Asia Pacific Market, By Type
Hall effect segment will hold more than 50% Asia Pacific speed sensor market share and is anticipated to expand at 6% CAGR through 2027. Hall effect-based speed sensors offer numerous advantages such as high accuracy, linearity, and wide frequency bandwidth. Its ability to measure rotational speed in harsh environments has increased its adoption in a variety of industrial equipment including engines and generators.
This factor has positively influenced market players to develop innovative products to remain competitive in the market. For instance, in September 2021, ZF Friedrichshafen AG developed Hall effect-based speed sensors for high spec speed pedelecs. It also provides high durability and non-contact speed sensing of anti-lock braking systems in electric cycles.
Asia Pacific Market, By Country
South Korea speed sensor market is predicted to witness around 5.1% growth during the forecast period, due to the rising government efforts to promote and boost automation in the manufacturing sector. For instance, in October 2021, the South Korean government announced an investment of USD 340 million to support new startups and SMEs to establish smart factories. These smart factories have automated conveyor systems, industrial robots, assembly lines, and CNC machinery that need speed sensors for process control. The widespread use of automation and robots in smart factories will accelerate the market growth.
Competitive Industry Landscape
Prominent companies operating in the Asia Pacific speed sensor market are Allegro MicroSystems, Inc., Robert Bosch GmbH, NXP Semiconductors N.V., TE Connectivity, Inc., and Infineon Technologies AG.
Industry players plan to expand their global footprints through strategic alliances and collaborations. For instance, in November 2020, Crocus Technology signed a strategic agreement with SUN REP, Inc. to grow its sales presence in Florida. SUN REP develops cutting-edge technology for the marine navigation, medical, and aerospace & defense industries. The collaboration will improve the development of the company's TMR-based sensor products and increase its profitability.