Eddy Current Sensor Market Size, Share, Growth, and Industry Growth by Type (Split Type and Integrated Type), By Application (Military/Aerospace, Power Generation, Petrochemical, Automotive Industry, and Others), Regional Forecast To 2031

Updated On: 08 April 2024

Eddy Current Sensor Market REPORT OVERVIEW

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The global eddy current sensor market size was USD 634.3 Million in 2022 and market is projected to touch USD 848.11 Million by 2031, exhibiting a CAGR of 3.3% during the forecast period.

Eddy current sensor is a device that is capable of high-resolution measurement. It is a type of non-contacting sensor equipment. The equipment has inductive sensors. It is known as a gas sensor. The equipment can be used in harsh industrial environments such as dust, oil, dirt, and moisture for its super tolerance feature.

Growing demand for the equipment in the automotive sector is estimated to surge market growth. Increasing need for high-performance sensors with reliability and accuracy is anticipated to fuel market expansion. Rising need for cost-effective sensors with high performance is expected to foster market progress. Growing demand from petrochemical sectors is predicted to fuel market growth in the forthcoming years. The equipment used for machine tool mounting is expected to accelerate market growth. Rising need for monitoring vibration measurements is projected to drive market development. However, the process will be precise if the gap between conductor is transducer is less. Such critical nature of the equipment is anticipated to hinder market expansion. The equipment has high temperature sensitivity, which is projected to restrict eddy current sensor market progress.

COVID-19 Impact: Halt in Car Manufacturing Activities to Hamper Market Expansion

During COVID-19 pandemic most car manufacturing activities halted. Lower demand for consumer electronic manufactures minimized product adoption. Shutting down end-user industries such as military/aerospace, power generation, petrochemical, and automotive hinders market expansion. COVID-19 pandemic disrupts supply chain of electronic products, which drastically declined product demand. Border closure led to a reduction in import and export activities. Lower demand for semiconductors during the pandemic hinder market expansion. Low investment by major market players hampered market progress.

LATEST TRENDS

"Growth in Aerospace Sector to Boost Equipment Adoption"

Increasing demand for aerospace sector globally is estimated to accelerate market growth. The equipment is small-sized and customizable shape, which is projected to drive market growth. It has an equipment installed in limited space, such as miniature electronic equipment. This feature is extensively used in aerospace industry. The product is used to displace the electrical conductive targets. Such advantages are anticipated to fuel equipment adoption in the aerospace industry. They are low-cost and have a high volume in OEM applications. Increasing use to measure ferromagnetic and non-ferromagnetic materials is projected to drive market progress in the coming years. The product is used to measure landing gear flaps and movement of door look switches in the aerospace sector.

Eddy Current Sensor Market SEGMENTATION

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• By Type

Based on type, the market is divided into Split Type and Integrated Type.

Split Type is expected to be the leading part of the segmentation type.

• By Application

Based on the application, the market is divided into Military/Aerospace, Power Generation, Petrochemical, Automotive Industry, and Others.

Military/aerospace is expected to be the leading part of application segmentation.

DRIVING FACTORS

"High Demand for Industrial Application to Foster Market Growth "

The demand for the product in industrial applications for its resistance and stability is estimated to surge market growth. The equipment helps the steel industry to measure the vibrations of actuators. Such advantages are anticipated to fuel market growth in industrial applications. Increasing need to measure the thickness of sheet metals in roller gaps is predicted to surge market growth in the coming years. Growing demand from the oil and petroleum industry for its properties is anticipated to surge eddy current sensor market growth.

"Advantages of the Equipment to Stimulate Market Expansion  "

The equipment is capable of calculating speeds up to 100-kilo models per second. They can be customized to specific customer demand and is anticipated to accelerate market growth. The growing need for precision stage positing is anticipated to accelerate market growth. They are compact in size, which is projected to boost the product adoption. The equipment has high reliability and high frequency response which is predicted to surge market growth during the forecast period (2022-2028). The product is extensively used in end-user for its capability to measure displacement accurately. Further, the product functions quickly without any interaction with the object being measured.

RESTRAINING FACTORS

"Critical Process is Estimated to Hamper Market Progress"

The process will be precise if the gap between the conductor is transducer is less. Such critical nature of the equipment is anticipated to hinder market expansion. The equipment has high temperature sensitivity, which is projected to restrict eddy current sensor market progress.

Eddy Current Sensor Market REGIONAL INSIGHTS

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"Increasing Demand for Automotive Sector in North America to Drive Market Share "

North America is anticipated to hold the largest eddy current sensor market share due to increasing demand from automotive sector. Increasing need for high-performance sensors with reliability and accuracy is anticipated to fuel market expansion. Rising need for cost-effective sensors with high performance is expected to foster market progress. Growing demand from petrochemical sectors is predicted to fuel market growth in the forthcoming years.

Asia Pacific is projected to witness prominent market growth due to increasing demand for the product in industrial applications. Further, multiple benefits associated with the equipment are predicted to surge market growth. Increasing demand for aerospace sector globally is estimated to accelerate eddy current sensor market growth in the coming years.

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Development Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• GE (U.S.)
• Bruel and Kjar (Denmark)
• Kaman (U.S.)
• Micro-Epsilon (Germany)
• Emerson (U.S.)
• SHINKAWA (Japan)
• Keyence (Japna)
• RockWell Automation (U.S.) 
• Lion Precision (Motion Tech Automation) (U.S.) 
• IFM (U.S.)
• OMRON (Japan)
• Panasonic (Japan) 
• Methode Electronics (U.S.) 
• SKF (Sweden) 
• Zhonghang Technology (China)
• Shanghai Cezhen (China)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.