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Variable Reluctance Sensor Market size is set to increase considerably during the forecast timeframe of 2023-2032. One of the major factors contributing to the rising demand for these sensors is the advantages offered by them, such as robust speed sensing technology, cost-effectiveness, and high reliability as they can generate electric signals on their own. The ability of VR sensors to function in high-temperature environments make them suitable for speed sensing in aircraft jet engines. This will further augment the adoption of VR sensors.
Governments across the world are implementing stringent vehicle safety standards due to an alarming rise in road fatalities. For example, the U.S. Federal Motor Vehicle Safety Standards specify certain mandatory minimum safety requirements for the design, construction, performance, and durability of vehicles manufactured in the country.
These safety regulations might propel the deployment of VR sensor circuits since they are used in wheel speed sensors for anti-lock braking and other automobile applications. Moreover, customers are gaining awareness regarding the benefits of using VR stepper motors in cost-effective applications, where the motor’s stop position needs to be maintained. This will also facilitate the industry expansion over the coming years.
In terms of end-use, variable reluctance sensor market is bifurcated into automotive, aerospace, and others. The industry value from the aerospace end-use segment is set to grow at an appreciable pace by 2032 as many organizations are boosting their investments in advanced aircraft manufacturing techniques.
For example, Airbus announced plans to increase the production of its A220 aircraft from 4 to 5 planes per month from the end of the first quarter of 2021. This plan could strengthen the demand for VR sensors as they are considered ideal for speed sensing applications in airplanes. However, the COVID-19 pandemic caused a significant decline in the production of commercial aircraft, thereby hampering the industry outlook.
The market revenue from the automotive end-use segment might record a massive increase during the analysis timeframe. These sensors have gained considerable popularity in the automotive sector as they play an important role in providing signals to control transmission shift points, limited-slip or traction controls, cruise controls, and antilock-braking systems. These features can improve the overall performance and efficiency of vehicles, thereby fueling variable reluctance sensor market progress in the forthcoming years.
Europe variable reluctance sensor market is projected to display a notable increase in its valuation by 2032, given a strong spike in road crashes across the region. According to data by the European Commission, an average of 44 road deaths per million inhabitants were recorded in the EU in 2021, showing a 5% rise as compared to 2020.
This scenario has impelled the need for effective safety features in vehicles, in turn contributing to the installation of variable reluctance (VR) sensors. Additionally, the EU is experiencing a steady recovery in its vehicle sales post the pandemic era. This will further stimulate the deployment of variable reluctance transducer, as this type of sensor is used in ignition systems and other vehicle applications.
Some of the key companies involved in global variable reluctance sensor market include Magnetic Sensors Corporation, Diamond Electric Manufacturing Corp., National Semiconductor (acquired by Texas Instruments), Sensoronix, ON Semiconductor, HarcoSemco, Maxim Integrated, and Honeywell International, Inc., among others. These industry players are focusing on executing inorganic expansion strategies, such as partnerships, new product launches, mergers, and acquisitions to extend their business operations across the world.
For instance, Texas Instruments (TI) announced the launch of 3D hall-effect position sensors, called the TMAG5170. These sensors can help engineers achieve superior precision at speeds touching 20 kSPS for more accurate and faster real-time control in motor-drive and factory automation applications.
Rising tensions between Russia and Ukraine have boosted variable reluctance (VR) sensor industry forecast as these sensors may have been used in several military vehicles and weapons to improve their performance and efficacy during war. Since there was a strong need for advanced military equipment, the adoption of these sensors rose.