Fork Sensors Market Size, Share, Growth, and Industry Analysis by Type (PNP-NO, PNP-NC), by Application (Manufacturing, Packaging and Labelling, Others), and Regional Insights and Forecast to 2031

Updated On: 29 April 2024

FORK SENSORS MARKET REPORT OVERVIEW

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The global fork sensors market size was USD 147.6 million in 2019 and the market is projected to touch USD 204.4 million by 2026, exhibiting a CAGR of 4.7% during the forecast period.

Fork sensors are the electromechanical devices used to measure, monitor, and control forklift truck applications. With an increase in global manufacturing & packaging activities, there is a rise in demand for forklift Automation Solutions across multiple industry verticals which will drive the market growth. Fork Sensors are mostly employed in photoelectric sensing applications, and they are often designed in a U or L form, with the transmitter and receiver on opposite sides of the sensing structure. These sensors assist in the detection of items passing through the slot between the sensing structures, providing sense by the use of a light source on each slot of the sensing structures.

Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 Impact: Pandemic Hampered The Market Due To Unexpected Disruption In The Sector

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

LATEST TRENDS

"Use Of Innovative Products To Boost The Market Growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

FORK SENSORS MARKET SEGMENTATION

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• By Type Analysis

According to type, the market can be segmented into PNP-NO, PNP-NC

PNP-NO will capture the maximum market share through forecast period.  

PNP-NO - PNP-NO is a passive type of fork sensor. It senses the presence or absence of objects by measuring the change in capacitance due to changes in load on it.

PNP-NC - PNP-NC is an active type of fork sensor senses objects by measuring any change in capacitance due to changes in load on it. This sensor has been designed specifically for the material handling industry and is used as a safety device with alarm systems installed at various points around warehouses & manufacturing units globally.

• By Application Analysis

According to application, the market can be segmented into manufacturing, packaging and labelling, others

Fork sensors market players cover segment as manufacturing will dominate the market share during forecast period.

Manufacturing - Fork sensors are used to monitor several parameters including speed, distance travelled by forklift trucks on loaders. They also help to control vehicle speed with accuracy during loading or unloading operations.

Packaging and labelling -Packing & labelling is an automated process to enclose products in a container which are then labelled with necessary information.  Fork sensors are used for control of speed or distance travelled by forklift trucks on loaders. They help reduce casualties suffered by workers at workplaces along with providing efficient performance due to automation devices.

Others- This could include sectors like logistics, automotive, pharmaceuticals, and more.

DRIVING FACTORS

"Rising Demand In Packaging Industry To Boost The Market Growth"

Rising demand from packaging industries attributed to its expanding revenue through different application sectors. The consumption of packaged goods has increased the result of changing consumer lifestyles which raises the need for automatic labelling machines that can accurately apply labels to containers at high speeds while also providing effective process control.

"Technological Advancement and Innovation To Upsurge The Market"

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the fork sensors market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market in variety of practices. The integration of fork sensors with IoT devices and their role in Industry 4.0 initiatives can be a significant driver, offering more intelligent and connected industrial processes.

RESTRAINING FACTOR

"High Cost To Hamper The Market Growth"

The cost of advanced sensor technologies can be a barrier for small and medium-sized enterprises (SMEs).  The upfront investment required may deter some potential buyers hampering market growth. Technical difficulties will reduce the industry revenue.

FORK SENSORS MARKET REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Market Due To Rapid Industrialization & Economic Growth"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East and Africa.

Asia Pacific is further expected to witness growth in the fork sensors market share. The region is dominating the market due to rapid industrialization, economic growth, and increasing investment in automation technologies. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

KEY INDUSTRY PLAYERS

"Key Players Focus On Partnerships To Gain Competitive Advantage"

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.

List Of Market Players Profiled

• OMRON Corporation (Japan)
• SICK (Germany)
• ROHM Semiconductor (Japan)
• Pepperl+Fuchs (Germany)

INDUSTRIAL DEVELOPMENT

March 2020: OMRON Corporation announced that it has been selected, for the third time, for the "Nadeshiko Brand" designation, a joint initiative by the Ministry of Economy, Trade and Industry (METI) of Japan and the Tokyo Stock Exchange (TSE) to select and publicize enterprises that encourage women's success in the workplace.

REPORT COVERAGE

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.