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.
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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.
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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.
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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.
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