The global fork sensors market is projected to register compound annual growth rate (CAGR) of over 8.69% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled “Fork sensors Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” The fork sensors market is expected to grow significantly due to increased cost efficiency and long life duration. The report suggests that the rising integration of IoT with fork sensors technology is expected to boost the fork sensors market at the global level during the forecast period 2018-2026. In August 2017, Leuze electronic GmbH, a significant provider of fork sensors, collaborated with Microsoft Corporation to accelerate the use of Internet of Things (IoT) solutions.
Additionally, fork sensors based solutions are gaining popularity in manufacturing applications, which holds a significant share in the market. Prominent fork sensors providers are focusing on R&D investments for further improvement of their current sensor based offerings. For instance, in August 2017, Banner Engineering Corp. developed a new building for research and development in Minneapolis, the U.S. This initiative by the company will boost new product development and also focus on smart sensor technology solutions. These developments are expected to have a positive impact on the global fork sensors market.
Rising adoption of smart sensors is expected to boost the fork sensors market
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.
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Prominent adoption of fork sensors in the manufacturing sector
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. 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.