APAC Speed Sensors Market size to hit $4.5 Bn by 2027

Published Date: 2021-12-01

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APAC Speed Sensors Market size is poised to surpass USD 4.5 billion by 2027, according to a latest forecast report by Graphical Research.

The market growth is due to increasing developments in the regional aerospace & defense industry. This development is driven by rising government initiatives and funding activities to support the regional aerospace industry. For instance, in February 2020, the Singapore government collaborated with major players, such as GE aviation and Safran Aircraft, to strengthen the aerospace industry presence in the country. The government is expecting an inward investment of USD 360 million in the next five years through this collaboration.

The deployment of speed sensors to track the rotational speed of engine shafts, rotating propellers, and transmission units has increased the market demand. Several institutes and government agencies are working on enhancing speed sensors for aerospace applications, which will boost the market value throughout the forecast period. For instance, in April 2021, Schmitt Industries developed new speed sensors for high-speed laser measurement solutions. This sensor is designed for several high-speed sensing applications such as vibration measurement, vehicle crash test, and ballistic measurement in the defense sector.

Browse detailed statistical insights from the report, “Asia Pacific Speed Sensor Market Forecast 2027 By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics), By Type (Hall Effect, Magneto Resistive, Variable Reluctance), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @ https://www.graphicalresearch.com/industry-insights/2019/asia-pacific-speed-sensor-market

The industrial segment is slated to record a CAGR of around 5.5.% during the forecast period attributed to the growing trend of Industry 4.0, in terms of industrial automation and smart manufacturing control. Speed sensors provide accurate measurements for precision motion control in machines and real-time monitoring of components in the production facility for preventative maintenance. Several companies are focusing on developing new products to diversify their offerings and remain competitive on the market. For instance, in October 2020, SICK AG launched a non-contact speed sensor portfolio that offers contactless sensing precision of up to 4 μm. It is equipped with the SPEETEC technology that measures the speed and length of the objects moving in a linear path.

The India Speed sensors industry is predicted to witness 4.5% CAGR over the projected period owing to rising government initiatives and investment activities to support the consumer electronic manufacturing sector in the country. For instance, in October 2020, the Indian government launched the product linked incentive scheme, offering USD 5.4 billion to various electronic manufacturing companies. The government aims to boost the domestic manufacturing of electronic devices to eliminate dependency on imports. Such initiatives will encourage OEMs to adopt automated machinery in their manufacturing plants, creating growth opportunities for the market in the coming years.

The speed sensors in APAC market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027 for the following segments:

Asia Pacific Market, By Type

  • Hall effect
  • Magneto resistive
  • Variable reluctance (VR)
  • Others

Asia Pacific Market, By Application

  • Automotive
  • Industrial
  • Aerospace & defense
  • Consumer electronics
  • Others

The above information has been provided for the following countries:

  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Taiwan