Fork Sensors Market - Increasing Adoption Smart Cities Booming Growth

The global fork sensors market is projected to register compound annual growth rate (CAGR) of over 8.69% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled “Fork sensors Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” The fork sensors market is expected to grow significantly due to increased cost efficiency and long life duration. The report suggests that the rising integration of IoT with fork sensors technology is expected to boost the fork sensors market at the global level during the forecast period 2018-2026.

In August 2017, Leuze electronic GmbH, a significant provider of fork sensors, collaborated with Microsoft Corporation to accelerate the use of Internet of Things (IoT) solutions. Additionally, fork sensors based solutions are gaining popularity in manufacturing applications, which holds a significant share in the market. Prominent fork sensors providers are focusing on R&D investments for further improvement of their current sensor based offerings.

The global fork sensors market is bifurcated by end-use industry into manufacturing, packaging and labeling, and others. Others include wood processing and printing industry. Manufacturing sector is expected to contribute significant revenues to the market by 2026dueto the increased implementation of fork sensors technology in prominent technologies used in manufacturing such as Industry 4.0 and Industry Internet of Things (IIoT).

Furthermore, the increasing adoption of fork sensors technology in smart cities and the rising initiatives taken by leading fork sensor providers are expected to be some of the prominent reasons for market growth over the forecast period. For instance, in February 2017, Leuze Electronic GmbH introduced Smart Sensor Business 4.0, focused on the tool manufacturing and metal working industry, which is expected to impact its fork sensor based offerings positively.

Growing adoption of fork sensors in the food and beverages and healthcare industry is anticipated to boost the fork sensors for manufacturing industry owing to its high precision and efficiency in production. The packaging and labeling sector is anticipated to expand at a CAGR of greater than 8% over the forecast period.

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