LONDON--(BUSINESS WIRE)--The new industrial joysticks market research report from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the increased demand for customized joysticks,” says a senior analyst for the Industrials industry at Technavio. As the markets recover, Technavio expects the industrial joysticks market size to grow by USD 71.01 million during the period 2021-2025.
Industrial Joysticks Market Segment Highlights for 2020
- The industrial joysticks market is expected to post a year-over-year growth rate of 1.75%.
- Based on the product, the market saw maximum growth in the hydraulics joysticks segment in 2020. The segment is driven by the rise in oil and gas drilling activities worldwide.
- The market growth in the segment will be significant over the forecast period.
Regional Analysis
- 32% of the growth will originate from the Europe region.
- The market growth in Europe is driven by the increasing demand for the automation of heavy vehicles in the oil and gas, maritime, and construction industries.
- The UK is one of the key markets for industrial joysticks in Europe. Market growth in this region will be slower than the growth of the market in APAC, North America, and South America.
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Notes:
- The industrial joysticks market size is expected to accelerate at a CAGR of over 3% during the forecast period.
- The industrial joysticks market is segmented by Product (Hydraulic industrial joysticks, Electric industrial joysticks, and Others) and Geography (Europe, North America, APAC, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Althen Sensors & Controls NL, Curtiss-Wright Corp., Danfoss AS, Eaton Corporation Plc, Emerson Electric Co., J.R. Merritt Controls Inc., MEGATRON Elektronik GmbH & Co. KG, Parker Hannifin Corp., Robert Bosch GmbH, and Spohn & Burkhardt GmbH & Co. KG.
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