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.
The rising integration of smart sensors to derive data for data analytics for smart city applications is projected to impact the fork sensors market positively. Furthermore, many leading providers of fork sensors are integrating smart sensors to their current sensor based offerings to become compliant with the future needs of the market.
For instance, Pepperl+Fuchs GmbH, a significant player in sensor technology provides smart sensors for integration with Industry 4.0 applications. Furthermore, in February 2017, Leuze Electronic GmbH, a sensor based solution provider introduced Smart Sensor Business 4.0, focused on tool manufacturing and metal working industry.
Based on end-use industry, the global fork sensors market is segmented into manufacturing, packaging and labeling, and others. Others include wood processing and printing industry. The rising adoption of sensor based technology in Industry 4.0 technology, which is playing a crucial role in the manufacturing industry across the globe, is expected to impact the fork sensors market positively over the forecast period 2018-2026.
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In April 2018, Frost and Sullivan, a market intelligence firm reported the importance of sensors in Industry 4.0. It stated that the sensors alone in industrial controls would generate revenue of US$ 4101.1 Mn by 2021.
Furthermore, leading sensor technology providers are focusing on industry 4.0 technology. For instance, in March 2017, at the Industry 4.0 Summit in Manchester, Sick AG, one of the leading fork sensors providers, discussed the importance and application of sensors in Industry 4.0 technology.
Europe is expected to hold the highest share of the market during the forecast period. The factors contributing to the higher share are the prominent number of fork sensors players such as Leuze Electronic GmbH, Sick AG, and SensoPart Industriesensorik GmbH, along with the rising initiatives taken by the leading firms for further market penetration.