Key factors contributing to the market growth are the rise in demand for tilt sensors based on MEMS technology and a surge in demand for construction equipment. However, the high cost of tilt sensors based on force balance technology may hamper the market growth during the forecast period.
The demand for construction equipment was aided by a growing focus on infrastructure and automation in building and manufacturing processes. Due to increased road development initiatives implemented by the central and state governments, the road construction machinery market has seen substantial expansion in recent years. Construction equipment producers are being pushed to choose electric and hybrid vehicles over traditional hydraulic and mechanical vehicles by the desire for cost-effective machines and regulatory pressures to reduce emissions.
With the high cost of construction equipment and the difficulty of maintaining it, renting or leasing it has become more popular. Aside from the price, there are a number of other advantages to renting construction equipment. Rental firms offer the equipment and the requisite experienced machine operators and drivers. The construction sector is becoming more sophisticated. Digitalization, connectivity, and automation are propelling the industry forward, with significant implications for construction projects.
Furthermore, to meet the increased demand for innovative construction machinery, rental companies have invested in new technologies and replaced outdated fleets with new or upgraded machinery fleets. Even though cross-border investments have dwindled recently due to the global economic slowdown, the real estate industry and government investments in architecture are fueling the demand for construction equipment and expanding the use of precision sensors, such as tilt sensors in the industry.
The mining and construction industry is the greatest source of demand for tilt sensors. Drilling machines, mobile and fixed cranes, and structural monitoring systems are just a few mining and construction equipment that use these sensors. Tilt sensors are used to provide critical information about an object's tilting position concerning gravity. Various factors, such as large-scale infrastructure investments, urbanization, and increased construction activities in emerging nations, have surged the demand for construction equipment. The expansion of the tilt sensor market is projected to be aided by the increase in the need for construction equipment over the next few years.
The European tilt sensor manufacturers experienced a lower demand rate from the European and international sensor system manufacturers. The European semiconductor manufacturers have observed and are also experiencing tough times to supply their products adequately to respective customers. This is due to the significant disruption in the raw material supply chain business. The semiconductor components or sensor manufacturers are witnessing two or more weeks of delay in receiving raw materials, which is pressuring the manufacturers to slow down the production pace, showcasing the declination trend in revenue generation.
Contractors in Europe expect COVID-19 to influence their projects until at least 2023. At this point, projects are affected mainly by heightened health and safety procedures, social distancing, and limits on the number of people allowed on site; border restrictions; and the impact on the supply chain, rather than the 'hard' lockdowns that characterized the early phases of the pandemic. New viral strains, such as the now-dominant 'Delta variant,' may result in future restrictions. The delays in construction projects have impacted the demand for construction equipment which has directly affected the growth of the tilt sensor market during the pandemic.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 59.83 Million |
| Market Size by 2028 | US$ 89.89 Million |
| CAGR (2021 - 2028) | 6.0% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Material
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Tilt Sensor Market is valued at US$ 59.83 Million in 2021, it is projected to reach US$ 89.89 Million by 2028.
As per our report Europe Tilt Sensor Market, the market size is valued at US$ 59.83 Million in 2021, projecting it to reach US$ 89.89 Million by 2028. This translates to a CAGR of approximately 6.0% during the forecast period.
The Europe Tilt Sensor Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Tilt Sensor Market report:
The Europe Tilt Sensor Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Tilt Sensor Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Tilt Sensor Market value chain can benefit from the information contained in a comprehensive market report.
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