24 November 2022
Visiongain has published a new report entitled Tilt Sensors Market Report 2023-2033: Forecasts by Algorithms Used (Static, Dynamic), by Measurement Axis (Single Axis, Dual Axis), by Housing Material Type (Metal, Nonmetal), by Technology (Force Balance, MEMS, Fluid Filled), by End-use Industry (Construction, Mining and Agriculture, Aerospace and Defence, Automotive and Transportation, General Industrial, Telecommunications, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The tilt sensors market is forecasted to reach a value of US$222.61 million in 2023 and is projected to grow at a CAGR of 8.2% during the forecast period 2023-2033.
Next Generation Tilt Sensors with the Combination of Multiple Sensors in One Package
The major companies are focusing on R&D and working towards brining advanced and economical products which offer multiple functions to the end users. The major reason for combining multiple functions in one package is reducing cost and adding advantages to miniaturization. For instance, the most recent gyro stabilised tilt sensor was introduced by TE Connectivity in 2021. This next-generation tilt sensor uses gyroscope compensation to combine strong MEMS sensing components with cutting-edge filtering, producing outputs that are stable and extremely precise.
How has COVID-19 had a Significant Negative Impact on the Tilt Sensors Market?
Despite the fact that it is impossible to estimate, the worldwide COVID-19 coronavirus pandemic has had a profoundly damaging effect on the world economy. Gross domestic product (GDP) decreased globally by 3.4 percent in 2020. A 3.4 percent decline in economic growth results in nearly two trillion dollars of lost economic production, to put this amount in perspective. The world's GDP was US$84.54 trillion in 2020. However, the world economy did soon bounce back from the first shock, returning to positive growth rates in 2021. In that year, it grew to US$92.3 trillion, and it is predicted to keep growing in the years to come, though the impact of Russia's war in Ukraine, which began in February 2022, on the global economy will impede economic growth.
During such challenging times, governments prioritised health and social welfare, which has resulted in a slowdown in public investment on infrastructure development and building. Additionally, since developers receive a sizable percentage of their revenue from government contracts, the heavy equipment market is negatively impacted. The broad lockdown, on the other hand, has the potential to destroy small company owners and farmers, especially in emerging economies, by forcing them into a liquidity crisis or, worse still, forcing them into bankruptcy. The demand for OEMs has drastically decreased as a result of this twin blow from institutional clients and end-buyers.
How will this Report Benefit you?
Visiongain’s 268-page report provides 119 tables and 173 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the tilt sensors market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Tilt Sensors. Get financial analysis of the overall market and different segments including algorithms used, measurement axis, housing material type, technology, end-use industry and capture higher market share. We believe that there are strong opportunities in this fast-growing tilt sensors market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Increasing Application of Tilt Sensors
As a result of their small size and portability, these instruments are a good choice for many applications where orientation or inclination detection is crucial, such as warning systems on construction or agricultural equipment. Rising usage of tilt sensors in various applications is another factor boosting the demand of tilt sensors in forecast period. Some of the new applications are:
• Aviation: tilt sensors and inclinometers work together to create an altitude monitoring system in helicopters and aircraft that allows the pilot to keep track of the inclinations of the flying craft.
• Off-road vehicles: off-road vehicles, such tractors, jeeps that can scale rocks, and tanks, must navigate a variety of surface terrains. These vehicles are supposed to function on any terrain, be it gravel, sand, or marshland. Such surfaces provide a possible accident risk to the car due to their irregularity and unpredictable nature. These vehicles tend to roll over or fall over when they are hauling big loads. Thus, tilt sensors are crucial in helping the driver maintain the car in tune with the road surface. The tilt sensors inform the driver of any vertical or horizontal movement of the car so that he or she may safely determine what speed to drive or how much weight to put on the car.
Rising Demand of Sustainable Heavy Equipment and Machineries
Construction equipment producers are being forced to choose electric and hybrid vehicles over the conventional hydraulic and mechanical ones due to regulatory requirements for reduced emissions and the desire for cost-effective machinery. The building sector is becoming more intelligent. The progress is being accelerated by digitalization, connection, and automation, which will have a significant effect on construction projects. Rental companies have boosted their investments in new technologies and are replacing their fleet of obsolete equipment with newer or improved versions in order to keep up with the rise in demand for sophisticated construction equipment.
The crane and construction machinery industries are expected to shortly be dominated by big global building projects. There are several construction projects underway throughout Europe. Germany, France, and Italy saw the highest growth rates as a result of the local development projects. The projects, such as port development, underwater tunnel connecting significant European states, and train tunnels, which include the use of various types of cranes and are driving the crane business.
Where are the Market Opportunities?
Growing Adoption of Tilt Sensors in Robotics and Other Applications
The market is growing as a result of the dramatic increase in robot density across various industrialised nations. One of the most crucial considerations for any form of robot is balance. A tilt sensor helps provide information about the corresponding inclination in the form of electrical impulses whenever a robot leans in any direction. As a result, the robot is forced to decide for itself whether or not it needs to align. It is projected that the market would benefit from the increasing deployment of tilt sensors since they alert users of an object's tilting position. Additionally, when combined with other technologies like 3D printing robots or the industrial internet of things (IIoT), industrial robots may give improved product quality as well as more accurate and dependable operations. Additionally, it is anticipated that the growing opposition to autonomous cars and the increased use of wearable technology and cutting-edge biomedical applications would provide opportunities for market expansion.
The major players operating in the tilt sensors market are Automation Sensorik Messtechnik GmbH, Balluff GmbH, Baumer Holding AG, DIS Sensors Bv, elobau GmbH & Co. KG, Gefran S.P.A., IFM Electronic GmbH, Jewell Instruments, Level Developments Ltd., Murata Manufacturing Co., Ltd., Pepperl+Fuchs SE, Rieker Inc., Sick AG, TE Connectivity, and The Fredericks Company. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• On 24th March 2022, A new MEMS (Micro-Electro-Mechanical Systems) inclinometer created by Murata boasts the greatest stability and offset performance in its class over a wide range of temperatures. The new SCL3400 has a digital SPI communication interface and two measurement axes.
• On 12th March 2020, First Sensor AG's public acquisition by TE Connection Ltd., a prominent provider of connectivity and sensing technologies, was successfully accomplished. TE now owns 71.87% of First Sensor's shares.
Notes for Editors
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The Tilt Sensors market is forecasted to reach a value of US$222.61 million in 2023 and is projected to grow at a CAGR of 8.2% during the forecast period 2023-2033.
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