North American Speed Sensors Market size is predicted to cross USD 3.5 billion by 2027, according to a latest forecast report by Graphical Research.
The market growth is due to the growing adoption of industrial robots in factories to improve production efficiency and ensure worker safety. Speed sensors are commonly used in industrial robots to ensure accurate monitoring of linear & rotational speeds on assembly lines and conveyor systems. The rising inclination toward Industry 4.0 is likely to accelerate the adoption of robotics and automated machinery, creating expansion opportunities for the speed sensor market during the forecast timeline. According to the International Federation of Robotics (IFR), in FY 2020, the U.S. had the highest adoption of industrial robots with 293,200 units, up by 2% from the previous year. The rising penetration of industrial robots to support the production process & automation will fuel the market growth.
The aerospace & defense sector is expected to grow at a CAGR of 4% during the forecast period credited to the increasing demand for defense aircraft with rising security concerns and increased defense spending. This will create growth opportunities for regional aircraft speed sensor manufacturers. For instance, in May 2021, the U.S. government proposed an investment of USD 2.9 billion for the development of combat aircraft carriers. Such investments will support the adoption of speed sensors in aircraft in the coming years. Speed sensors in aircraft are used to measure and monitor the speed, position & direction of the rotating engine shafts and turbines.
Browse detailed statistical insights from the report, “North America 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/2018/north-america-speed-sensor-market
Canada speed sensors market and is poised to expand at over 2.5% CAGR over the estimation period attributed to increasing penetration of automotive parts manufacturers in Canada due to vehicle production activities. Large automotive manufacturers, such as Ford, GM, Toyota, and Honda, have a presence in the country and are constantly accelerating production in collaboration with the regional government. Several government initiatives are also supporting the automotive industry, which will provide growth opportunities to speed sensor manufacturers. For example, in October 2020, the Ontario government invested USD 295 million in Ford to accelerate electric vehicle production in the country.
The North American speed sensors 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:
North America Market, By Type
- Hall effect
- Magneto resistive
- Variable reluctance (VR)
North America Market, By Application
- Aerospace & defense
- Consumer electronics
The above information has been provided for the following countries: