The fork sensor market is evaluated at US$299.481 million for the year 2020 and is projected to grow at a CAGR of 8.59% to reach the market size of US$533.067 million by the year 2027.
The fork sensor is used to identify extremely small objects and execute counting operations in assembling, feeding, and handling applications. They are also used to keep track of the belt edge and guide. Fork sensors are the most common form of sensor used for labeling. Fork sensors have several advantages, including resilience to ambient light, ease of installation, and the ability to locate difficult label materials. Fork Sensors are commonly used in photoelectric sensing applications and are typically built in an L or U shape, with the receiver and transmitter on opposing sides of the sensing structure. These sensors help identify items going through the slot between the detecting structures by using a light source to provide a sense. As the popularity of fork sensors grows, additional R&D investments are being undertaken to improve existing systems. However, the rising cost of research and development efforts in the market is one of the primary factors limiting market expansion and will continue to provide a challenge to the fork sensor market over the projection period.
The Covid-19 outbreak had a significant influence on the fork sensor market. The outbreak has caused significant disruptions in the manufacturing and packaging industries, including supply chain problems, technological event cancellations, and office closures which have in turn impacted the fork sensor market. According to the United Nations Conference on Trade and Development, the COVID-19 epidemic might cause global FDI to drop by 5% to 15% as a result of the manufacturing sector's downturn and factory closures. Furthermore, packaging demand is directly tied to the trend for manufacturing, hence the rapid drop in COVID-19-related demand results in a decrease in packaging demand. However, the manufacturing rate is expected to return to normal during the projected period, hence, the fork sensor market is expected to rise significantly.
Rising use of fork sensors in end-user industries
The growing demand for fork sensors in the manufacturing and packaging industries is projected to be one of the key drivers of market growth. Companies in the fork sensors market are expected to benefit from the advent of smart sensors and their increasing popularity. Fork sensors for manufacturing are predicted to rise in popularity due to their high precision and efficiency in production, as well as their increasing adoption in the food and beverage and healthcare industries. Packaging and labeling machines are used by the packaging industry to affix various sorts of labels to items in various formats, sizes, materials, and textures. The crucial procedure is label placement with high accuracy, which specifies the label's precise positioning on the product or package. Labels must be reliably detected in order to put labels accurately and achieve high precision, which is where fork sensors come in. The function of fork sensors is to combine the transmitter and receiver into a single device with excellent operating reliability. High sensitivity fork sensors are distinguished by simple mounting without the requirement for alignment.
Increasing applications of IoT and Smart Sensors
The rise in popularity and desire for fork sensors as a result of the considerable spread of IoT technology, as well as the adoption of advanced smart sensors and an increase in demand from emerging nations, are all major factors driving the market forward. Furthermore, during the projection period, an increase in industry R&D efforts would provide new chances for the fork sensor market. The development in the integration of smart sensors to extract data for data analytics for smart city applications is projected to benefit the fork sensors industry. Furthermore, to fulfill the market's future needs, many important fork sensor vendors are including smart sensors into their existing sensor-based services. The growth in fork sensor inclination rate in the face of high prevalence and inclination due to the vast development of IoT innovation is projected to be a significant driver for the fork sensor market in the projected period.
Europe to hold a significant market share
During the projected period, Europe is expected to hold a significant share of the fork sensors market. The expansion is mostly owing to the booming fork sensors market, which has several well-established companies around the area, particularly in Germany. Germany is home to many well-known fork sensor manufacturers, including Sick AG, Leuze electronic GmbH, and many more. Furthermore, due to constant technological developments by well-established fork sensor companies in the region, Europe is seeing a higher usage of fork sensors. Because of the enormous expansion of IoT technology in this region and a rise in the deployment of advanced smart sensors as well as a rise in the popularity and preference of these sensors, North America also holds a sizable market share in the fork sensor market.
|Market size value in 2020||US$299.481 million|
|Market size value in 2027||US$533.067 million|
|Growth Rate||CAGR of 8.59% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Baumer Electric AG, Leuze Electronic GmBH, Omron Corporation, Banner Engineering Corp, WayCon GmbH, STMicroelectronics N.V., SensoPart Industriesensorik GmbH, Pepperl+Fuchs GmbH, Sensor Partners BV, SICK AG, The Telco Organisation|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the fork sensor market size by 2027?
A1. The fork sensor market is projected to reach a market size of US$533.067 million by 2027.
Q2. What is the size of the global fork sensor market?
A2. Fork Sensor Market was valued at US$299.481 million in 2020.
Q3. What are the growth prospects for the fork sensor market?
A3. The global fork sensor market is projected to grow at a CAGR of 8.59% over the forecast period.
Q4. Which region holds the maximum market share of the fork sensor market?
A4. Europe is expected to hold a significant share of the fork sensors market.
Q5. What factors are anticipated to drive the fork sensor market growth?
A5. The growing demand for fork sensors in the manufacturing and packaging industries is projected to be one of the key drivers of market growth.
Baumer Electric AG
Leuze Electronic GmBH
Banner Engineering Corp
SensoPart Industriesensorik GmbH
Sensor Partners BV
The Telco Organisation
All our studies come with 2 months of analyst support.
We are in compliance with the global privacy laws.