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Speed Sensor Market Size

Report ID: GMI5020
Published Date: Mar 2021
Report Format: PDF

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Speed Sensor Market Size

Speed Sensor Market size was valued at over USD 8.5 billion in 2020 and is estimated to grow at a CAGR of more than 4.5% from 2021 to 2027.

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The rising penetration of surveillance drones and unmanned aerial vehicles (UAVs) across developed economies is projected to drive the market growth during the forecast period. According to March 2021 press release by Federal Aviation Administration (FAA), the operational unmanned aircraft systems (UAS) present in the U.S. accounted for 1.1 million units in March 2021, of which recreational drones accounted for 496,647 units and commercial UAVs accounted for 372,157 units. The UAVs and drones are integrated with speed sensors for achieving uniformity in the rotation of propellers and brushless DC motors while controlling the flight speed. Several industries, including logistics, construction, and e-commerce sectors, are incorporating commercial UAVs for inspection, mapping, surveying, and delivery applications, which is expected to amplify the adoption of speed sensor in the market during the forecast timeframe.

The speed sensor is a device used for measuring the rotational speed of moving objects. These sensors provide wear-free and contactless measurement of multiple mechanical quantities including angular speed and angle of rotation of a rotating target such as gear, shaft or similar mechanism.

The speed sensor market had witnessed negative impact due the COVID-19 outbreak. With the rise in the COVID-19 cases, the regional governments across imposed lockdown to reduce the spread of the COVID- 19. The lockdown led to the slowdown of operations in the automotive, mining and steel industries. The manufacturing of vehicles including aircrafts came to rest due to barriers in the production and supply of raw materials. The restrictions on the trade such as disruption in Chinese parts exports, interruptions in large scale manufacturing in Europe and shutdown of the assembly plants in US hampered the global speed sensors market. In addition to interrupted trade, the migration of labors to their native places resulted in declined production with supply chain disruption.

Speed Sensor Market Report Attributes
Report Attribute	Details
Base Year:	2020
Speed Sensor Market Size in 2020:	USD 8.5 Billion
Forecast Period:	2021 to 2027
Forecast Period 2021 to 2027 CAGR:	4.5%
2027 Value Projection:	USD 12 Billion
Historical Data for:	2016 to 2020
No. of Pages:	190
Tables, Charts & Figures:	257
Segments covered:	Type, Application, Region
Growth Drivers:	Proliferation of advanced safety systems in vehicles Rising adoption of speed sensor in smart home electronics Increasing demand for automation and industrial robots in manufacturing sector Rising government investments towards aerospace and defense capabilities Growing implementation of electronics systems in vehicles
Pitfalls & Challenges:	Technical issues associated with speed sensor

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Authors: Suraj Gujar

Frequently Asked Questions (FAQ) :

Speed sensor market size was valued at around USD 8.5 billion in 2020 and will register a CAGR of over 4.5% through 2027.

Hall effect segment had accounted for a market share of around 50% in 2020 and will witness a CAGR of 5% through 2027 owing to technological developments in hall-based speed sensors.

Automotive application segment had captured more than 50% of revenue share in 2020 and will record a CAGR of 5.5% through 2027 owing to the increasing adoption of ADAS in vehicle electronics systems.

Asia Pacific speed sensor market had held more than 35% of revenue share in 2020 and will register a CAGR of 5.5% through 2027 with supportive government initiatives, favoring the consumer electronics manufacturing industry in the region.