According to the research report titled ‘Speed Sensor Market Size, By Type (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027‘, available with Market Study Report, global speed sensor market is expected to register momentous growth over 2021-2027.
 

Increasing product applications among various end-use industries, escalating adoption in smart home electronics, and soaring demand for smart and sustainable electronics systems in vehicles are catalyzing the growth of global speed sensor market.
 

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For the unversed, a speed sensor helps in the operations of multifarious industrial system by detecting the magnetic speed of rotation, while simultaneously providing a voltage for the rotation speed. Additionally, growing governmental investments towards improving aerospace & defense capabilities is also fueling the growth of the industry vertical
 

On the contrary, technical issues associated with the product is likely to hamper the growth of the business domain over the projected timeframe.
 

Speaking of type, global speed sensor market is classified into variable reluctance, magneto resistive, hall effect and others. The others segment is slated to record a CAGR of 2% through 2027, owing to widespread usage of optical speed and RF sensors in advanced vehicle safety systems, such as electronic stability control and adaptive cruise control systems
 

In terms of application gamut, the industry sphere is bifurcated into aerospace & defense, industrial, automotive and consumer electronics. The industrial segment is poised to register 4.5% CAGR through 2027. Speed sensors help in increasing the lifespan of industrial appliance, reduce repairing and maintenance expenditure, detect operational faults as well as enhances control and accuracy in the industrial machinery for better and efficient performance.
 

Speaking from a regional frame of reference, Latin America market is poised to register 3% CAGR over the stipulated timeframe, accredited to proliferating penetration of smart factory solutions, robotics and industrial automation.
 

Leading companies in global speed sensor market sphere include SpecTec Group, Crocus Technology, HarcoSemco, AI-Tek Instruments, CTS Corporation, Allegro MicroSystems, NXP Semiconductors N.V., ZF Friedrichshafen AG, Infineon Technologies AG, and Honeywell International Inc. among others.