Speed Sensor Market Outlook - 2027
Speed sensors allow the magnetic rotation speed to be measured with a view to provide voltage corresponding to rotation speed. This is an essential equipment of several on-board systems such as screw conveyors, belt conveyors, and bucket elevators as it detects speed changes by generating magnetic pulse in the form of waves, proportional to the speed of a vehicle. Speed sensors are non-contacting, proximity type sensors with both wide range analog and digital outputs and are typically mounted at tail or drive of rotating equipment to measure actual speed.
Safety and entertainment services in automotive make wide use of speed sensors as it is energy-efficient and improves process reliability by allowing rotating equipment to be monitored at control panels through process programming. These sensors are easily installable wireless automotive sensors and are gaining wide prominence as they reduce complexity of large volume of cables and can collect and send technical information related to speed, fuel consumption, default tires pressure value in real-time.
In addition it can send real-time signals to indicate equipment malfunctions and can be used in hazardous environment owing to rugged nature. Innovations and technological advancements leading to intellectual data communication of electronic systems are expected to lead to a considerable speed sensor market growth in the coming years.
COVID-19 Scenario Analysis:
- The ongoing COVID-19 pandemic is unsettling for people as well as organizations and business firms worldwide. With the shutdown of manufacturing operations and travel & transportation ban worldwide, the demand for speed sensors has plunged. However, the exact measure of the scale and scope of challenge cannot be anticipated.
- Shutdowns globally have led to manufacturing halt of vehicles including aircrafts, which has caused subsequent impact on the overall market scenario of speed sensors.
- The transportation sector being shutdown has highly decreased the demand for the automotive sensor market.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Wireless sensing for automotive is increasingly contributing to the modification in technology. Surge in global automotive sales, growth of implementation of electronics in automobiles to measure vehicle performance, and increase in adoption of anti-lock braking system to ensure safety and security, owing to increase in number of motorway vehicles are some factors that drive the speed sensor market growth. However, lack of skilled workforce needed for designing and maintaining speed sensors and intense competition among market players regarding innovative alternatives are some factors that stand as obstacles to speed sensor market share. Contrarily sensors also help in effective detection of collision warning and monitoring system of vehicles providing a prominent mark on the automotive industry. Latest innovations have led to the development of low power and high accuracy speed sensors, which present new pathways in the speed sensor industry.
New product launches to flourish the market
Launch of new products by key market players incorporating latest safety features and algorithmic performance makes speed product line ideal for meeting all demanding requirements in present wheel speed applications.
In June 2019, Allegro Microsystems, a global manufacturer of sensi=or integrated circuits launched A19250 and A19350 wheel speed sensor integrated circuit, featuring patent GMR technology and covers stringent speed and direction protocols by governments. These GMR-based integrated circuits are offered in small single-in-line package with an integrated EMC protection capacitor and are designed for use in conjunction with magnet encoder rings to measure speed and direction information. Speed sensors can support high accuracy requirements with low-level differential magnetic input signals and are combined with various sensing techniques offering rejection of interfering common-mode magnetic fields.
Surge in use in automotive and industrial applications
Key speed sensor market players and manufacturers have determined how improved accuracy and ensuring of safety systems can be influential in many applications. Speed sensors are highly praised in the automotive and defence sectors.
Hall-effect based wheel speed sensors have helped move braking system technologies from standard anti-lock braking capabilities to traction control and full stability control of vehicles. This helps in park-assistance and collision avoidance and provides valuable data back to the driver assistance system allowing it to decide the best got a vehicle. This technology helps to automate entire driving process.
In December 2019, Minda Industries, an Indiabased auto component supplier, entered into wheel speed sensor business with Sensata Technologies, a China-based supplier of sensing, electrical protection, control, and power management solution. The speed sensor business being in high demand, Minda Industries invested Rs 45.21 crore for purchase of certain machinery of speed sensors.
Key benefits of the stakeholders:
- The study gives an analytical overview of speed sensor market with current trends and future estimations to determine imminent investment pockets.
- The report analyses information related to key drivers, restraints, and opportunities along with detailed speed sensor market analysis.
- The speed sensor market trends are quantitatively analysed.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
Questions answered in the Speed Sensor Market research report:
- Who are the leading players in the speed sensor market?
- What are the current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
- What would be the detailed impact of COVID-19 on the market?
Speed Sensor Market Report Highlights
By Product Type
Key Market Players
Denso Corp., Infineon Technologies AG, Sensata Technologies Inc., General Electric, Robert Bosch GmBH, Ford Corp., Analog Devices Inc., Omron, Continental AG, Delphi Automotive, Honeywell Technology Solutions