LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global industrial inclination sensors market to grow at a CAGR of over 8% during the forecast period, according to their latest market research report.
The new safety regulations pertaining to inclination sensors and MEWPs is one of the major trends being witnessed in the global industrial inclination sensors market 2018-2022. A MEWP is a vehicle that lifts a person to a specified position. Bucket lifts, scissor lifts, boom lifts, and vehicle-mounted boom buckets are considered as MEWPs. In 2017, the SAIA released the ANSI A92.20/22/24, which is the North American standard for MEWPs and tilt sensors.
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According to Technavio analysts, one of the key factors contributing to the growth of the global industrial inclination sensors market is the falling price of industrial sensors:
Global industrial inclination sensors market: Falling price of industrial sensors
The increase in the adoption of inclination sensors in the industrial sector is primarily driven by the need to reduce the cost. The installation of industrial inclination sensors not only takes less time but also costs less due to the technological advances and easy assembling options that sensor manufacturers provide to the users.
According to a senior market research analyst at Technavio, “The cost of sensors has been declining continuously, which indicates the competition among the providers of hardware. The market revenue is expected to increase as the competition prevailing among the major manufacturers of sensors and service providers of IoT products is increasing.”
Global industrial inclination sensors market: Segmentation analysis
The global industrial inclination sensors market research report provides market segmentation by product (force balanced inclination sensor, fluid-based inclination sensor, and MEMS-based inclination sensor), by end-user (mining and construction industry, automotive and transportation industry, aerospace and defense industry, and telecommunications industry), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the four major end-users, the mining and construction industry segment held the largest market share in 2017, contributing to over 29% of the market. This end-user segment is anticipated to dominate the global market throughout the forecast period.
APAC held the largest share of the market in 2017, accounting for over 37% share. It was followed by EMEA and the Americas respectively. APAC is expected to dominate the global market through the period 2018-2022.
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