Speed Sensor Market Size

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.