Global Fork Sensors Market to Reach $381.2 Million by 2026

The L and U shaped fork sensors, also known as slot sensors utilize through-beam photoelectric technology for identifying objects that pass via the slot. A fork sensor could be used for counting items within an assembly line or for detecting irregularities within the assembly line. Fork sensors, along with various other smart sensors are witnessing growth, in line with the trending Internet of Things (IoT). Growth in the market is primarily driven by the increasing popularity and adoption of Industry 4.0 and IoT with fork sensor technology, primarily the increased adoption of the technology within smart cities. Also, solutions that are fork sensor-based are being widely used in manufacturing applications; and key players are focusing on fork sensor related R&D investments for enhancing the existing sensors-based offerings. Also, smart sensors are being increasingly used, thereby fueling growth of the market.

Amid the COVID-19 crisis, the global market for Fork Sensors estimated at US$269.6 Million in the year 2020, is projected to reach a revised size of US$381.2 Million by 2026, growing at a CAGR of 6.1% over the analysis period. Optical, one of the segments analyzed in the report, is projected to grow at a 6.9% CAGR to reach US$190.8 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Ultrasonic segment is readjusted to a revised 5.8% CAGR for the next 7-year period. This segment currently accounts for a 35% share of the global Fork Sensors market. The Optical segment is dominant due to the laser-based optical fork sensors` high precision; and cost-efficient LED-based optical fork sensors that include infrared and red light-based fork sensors. Optical fork sensors are available in one of the three light sources that include infrared, laser, and red. The object is detected when passes through the fork`s prongs. Certain fork sensors combine the benefits offered by ultrasonic and light-based sensors; and are primarily used in the packaging industry for labeling machine applications. Such sensors are capable of reliably, accurately and quickly detecting an array of labels, irrespective of surface or material attributes. This is likely to prevent downtime and improve machine throughput.

The U.S. Market is Estimated at $65.7 Million in 2021, While China is Forecast to Reach $47.1 Million by 2026

The Fork Sensors market in the U.S. is estimated at US$65.7 Million in the year 2021. The country currently accounts for a 23.76% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$47.1 Million in the year 2026 trailing a CAGR of 7.6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.5% and 5.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.7% CAGR while Rest of European market (as defined in the study) will reach US$51.2 Million by the end of the analysis period. Europe is likely to witness high adoption of fork sensors due to constant technological innovations and expansions by well-established providers and manufacturers of fork sensors within the region.

Vibrating Tuning Segment to Reach $73.6 Million by 2026

In the global Vibrating Tuning segment, USA, Canada, Japan, China and Europe will drive the 4.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$43.4 Million in the year 2020 will reach a projected size of US$60 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$6.3 Million by the year 2026, while Latin America will expand at a 5% CAGR through the analysis period.