Fork Sensors Market
Fork Sensors Market (Type - Optical (Red, Infrared, Laser), Ultrasonic Fork Sensor, Vibrating Tuning Fork Sensor; End use Industry-Manufacturing, Packaging and Labeling) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
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Fork Sensors Market - Snapshot
According to a new market report published by Transparency Market Research titled “Fork Sensors Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,” the global fork sensors market is expected to reach US$ 590.2 Mn by 2026. The market is projected to expand at a CAGR of 8.69% during the forecast period from 2018 to 2026. According to the report, the global fork sensors market will continue to be influenced by a range of factors such as rising popularity and adoption of fork sensors technology with Internet of Things (IoT) and Industry 4.0. Additionally, the growing adoption of smart sensors is projected to boost the global fork sensors market during the forecast period 2018-2026. Asia Pacific will be at the forefront of growth, with the market in the region growing at above 10% through 2026.
Manufacturing sector expected to be more lucrative for the global fork sensors market
The global fork sensors market is bifurcated by end-use industry into manufacturing, packaging and labeling, and others. Others include wood processing and printing industry. Manufacturing sector is expected to contribute significant revenues to the market by 2026dueto the increased implementation of fork sensors technology in prominent technologies used in manufacturing such as Industry 4.0 and Industry Internet of Things (IIoT). Furthermore, the increasing adoption of fork sensors technology in smart cities and the rising initiatives taken by leading fork sensor providers are expected to be some of the prominent reasons for market growth over the forecast period. For instance, in February 2017, Leuze Electronic GmbH introduced Smart Sensor Business 4.0, focused on the tool manufacturing and metal working industry, which is expected to impact its fork sensor based offerings positively. Growing adoption of fork sensors in the food and beverages and healthcare industry is anticipated to boost the fork sensors for manufacturing industry owing to its high precision and efficiency in production. The packaging and labeling sector is anticipated to expand at a CAGR of greater than 8% over the forecast period.
Optical fork sensors expected to have a significant share in the fork sensors market
Based on type, the fork sensors market is segmented into optical fork sensors, ultrasonic fork sensors, and vibrating tuning fork sensors. Optical fork sensors are further divided three light sources namely-red, infrared, and laser. Growth of the optical fork sensor segment is considerably high due to the significant cost effectiveness provided by LED based optical fork sensors such as red and infrared light based fork sensors, and the high accuracy provided by laser based optical fork sensors. Additionally, leading market providers of fork sensors such as Sick AG, Omron Corporation, and Leuze Electronic GmbH are focusing on optical fork sensors dueto its varied application in major industry verticals such as manufacturing, packaging, and labeling and printing.
Europe to continue to hold substantial share over the forecast period
Europe is expected to hold substantial share of the fork sensors market during the forecast period. The growth is mainly due to the booming fork sensors marketplace with the presence of well-established players across the region, especially across Germany. Furthermore, Germany is home to many well-established players from the fork sensors domain includingLeuze electronic GmbH, Sick AG, and SensoPart Industriesensorik GmbH. Furthermore, Europe is witnessing higher adoption of fork sensors due to the continuous technological advancements by well-established fork sensor providers in the region. For instance, in June 2018, Pepperl+Fuchs GmbH, a leading sensor provider, announced its plans to partner with SAP to strengthen its IoT based offerings in the process industry. This initiative is expected to have a positive impact on the fork sensors market in Europe.
Omron Corporation, Sick AG, ROHM Semiconductor, and Pepperl+Fuchs GmbH among others are some of the major players in the fork sensors market profiled in this study. Details such as financials, SWOT analysis, business strategies, recent developments, and other such strategic information pertaining to these players have been duly provided as part of company profiling. Various market players are establishing partnerships, entering into strategic M&A, and expanding to enhance their fork sensors offerings worldwide.
Fork Sensors Market to Witness Progressive Growth Rates Owing to Increasing Adoption of industry 4.0
There is a rising demand for fork sensors from end user industries such as packaging, manufacturing, and labeling, considering the increasing implementation of Industry 4.0 technology. This is considered a prime growth driver for the growth of the global fork sensors market. These sensors help in the discovery of items going through the opening present between the detecting structures, giving detecting the assistance of light source being used on each space of the sensor.
Growing inclination rate for fork sensors, in the midst of high prevalence and inclination because of the huge expansion of IoT innovation is relied upon to be the significant driver for fork sensor market in the years to come. Expanding levels of developments and headways of innovation supported by the high-scale R&D ventures from the significant market players and specialists to present progressed item contributions for fork sensors are required to upgrade the market selection rate in the previously mentioned determined period.
Huge scope development experienced all through the assembling area sponsored by the multiplication of "Industry 4.0" and shrewd working in the assembling businesses are relied upon to be the significant driving elements for fork sensor market, despite the fact that complexities predominant with the mix cycle of these sensors bringing about confounded functionalities are required to limit the market's development.
Regionwise, the global fork sensors market is dominated by Europe on account of huge industry base set by the top manufacturers. Germany is the leading contributor to the overall regional market earning the highest revenues. Companies such as SensoPart Industriesensorik GmbH, sICK ag, Leuze electronic GmbH, and others have huge base in the European region, thereby aiding in expansion of this market.
Fork Sensors Market - Overview
The “Fork Sensors Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026” report provides analysis of the fork sensors market for the period 2016–2026, wherein 2018 to 2026 is the forecast period, and 2017 is considered as the base year. Data for 2016 has been included as historical information. The report covers all the trends and technologies playing a major role in the growth of the fork sensors market over the forecast period. It highlights the drivers, restraints, and opportunities expected to influence the market growth during this period. The study provides a holistic perspective on the market’s growth in terms of revenue (in US$ Mn) and volume (thousand units) across different geographical regions, namely North America, Europe, Asia Pacific, Middle East & Africa, and South America. The report highlights the key trends affecting the market on a global scale. Furthermore, region wise prominent countries/regions covered in the report includes the U.S, Canada, Germany, France, U.K, India, China, Japan, GCC countries, South Africa, and Brazil.
This report analyzes and forecasts the fork sensors market at the global and regional level. The market has been forecasted based on revenue (US$ Mn) and volume (thousand units) from 2018 to 2026. The study includes drivers and restraints of the global fork sensors market. It also covers the impact of these drivers and restraints during the forecast period. The report comprises a detailed value chain analysis, which provides a comprehensive view of the global fork sensors market. Porter’s Five Forces model for market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein end-users are benchmarked based on their market size, growth rate, and general attractiveness.
Global Fork Sensors Market: Taxonomy
This research study on the global fork sensors market provides a detailed cross segment and cross country analysis based on the different segments including end-use industry and type. Based on end use industry, the global fork sensors market is divided into manufacturing, packaging and labeling, and others. Others include wood processing and printing industry. Based on type, the market is segmented into optical fork sensor, ultrasonic fork sensor, and vibrating tuning fork sensor. Additionally, optical fork sensors are further divided into three types namely- red, infrared, and laser.
Global Fork Sensors Market: Research Methodology
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market, national government documents, statistical databases, and market reports, Factiva, etc.
Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook, etc. These help us to validate and strengthen secondary research findings. These also help to develop the analysis team’s market expertise and understanding.
Global Fork Sensors Market: Competitive Dynamics
The report highlights well established players of the market including OMRON Corporation, SICK AG, ROHM Semiconductor, and Pepperl+Fuchs GmbH. These key players are looking to capture larger market share by innovating fork sensors. For instance, in February 2017, Balluff GmbH, a leading fork sensors provider invested approximately US$ 2.45 Mn to expand its existing plant in Chengdu, China by 50%. This initiative will help the company to enhance its focus on China, one of the most lucrative markets for fork sensors.
Global Fork Sensors Market