The researchers at VisionResearchReports foresee the global fork sensors market hitting $590.2 million by 2025 at a CAGR of 8.69%. They claim the market will be influenced by factors such as rising popularity and adoption of fork sensors technology with Internet of Things (IoT) and Industry 4.0 applications.
Additionally, the growing adoption of smart sensors is projected to boost the global fork sensors market during the forecast period 2018-2025. Asia Pacific will be at the forefront of growth, with the market in the region growing at above 10% through 2025.
- Manufacturing sector expected to be the most lucrative for the global market
- Growth of the optical fork sensor segment is considerably high due to the significant cost effectiveness.
- Europe is expected to hold substantial share of the fork sensors market.
- Germany is home to many well-established players from the fork sensors domain including Leuze electronic GmbH, Sick AG, and SensoPart Industriesensorik GmbH.
- Omron Corporation, Sick AG, ROHM Semiconductor, and Pepperl+Fuchs GmbH among others are some of the major players in the fork sensors market.