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NEWARK, N.J. , Aug. 22, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global tilt sensor market is expected to grow from USD 227.66 million in 2021 to USD 435.38 million by 2030, at a CAGR of 7.47% during the forecast period 2022-2030.
The growing adoption of IT & MEMS technology in connected devices is anticipated to expand the demand for the tilt sensor enterprise during the projection period. Moreover, the increasing urbanization and construction activities in emerging nations also boost market growth. However, the high cost of the devices, growing competition, and the low cost of profit margin & maturity of end-user are restraining the market growth. Furthermore, the increasing technological advancements and the rise in investments in the R&D of MEMS sensors create opportunities for market growth.
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The growth of the tilt sensor market is driven by the increasing use of sensors in automobile industries, developments in the portable electronic market, and the growing demand for innovative consumer electronics. Moreover, the rising demand from the automotive and transportation sectors is the market growth trend. Further, the application of tilt sensors in the automotive is used in different applications, including rollover detection, electronic parking brake, idle stop-start, and electronic stability control. Additionally, the sensors are used to track multiple parameters like temperature, pressure, flow, level, and other parameters to control the whole procedure & ease it through robots. However, smart MEMS sensors such as pressure sensors & sensors utilized in accelerometers are used in vehicles in the automobile industry to provide advantages like fuel efficiency & safety. Further, the sensors are used for security purposes in automobiles as they can work in rough & harsh conditions affecting extreme temperatures, vibrations, and exposure to environmental contaminants. These factors are helping to propel the market growth.
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The technology segment is divided into MEMS, force balance, and fluid-filled. In 2021, the MEMS segment dominated the market with the largest market share of 38.14% and a market revenue of 86.82 million. This growth is attributed to the small size & low cost of this sensor.
The nonmetal g material type segment is divided into nonmetal and metal. In 2021, the nonmetal segment dominated the market with the largest market share of 56.18% and market revenue of 127.89 million. This growth is attributed to the massive demand for tilt sensors that incorporate high-grade plastic housing material.
The vertical segment is divided into telecommunications, automotive & transportation, mining & construction, and gaming. In 2021, the mining & construction segment dominated the market with the largest market share of 31.16% and market revenue of 70.93 million. This growth is attributed to developing countries' increasing demand for technically advanced solutions.
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Regional Segment Analysis of the Tilt Sensor Market:
The North American region occurred as the largest market for the global tilt sensor industry, with a market share of 48.39% and a market value of around 110.16 million in 2021. North America dominates the tilt sensor market due to the considerable growth in various domains such as robotics, mining & construction, automotive, consumer electronics, aerospace, and power generation. Moreover, the increasing use of electric machinery in underground mining, the rising adoption of MEMS technology, and the growing demand for luxury are also helping drive the region's market growth. Further, the Asia Pacific region is expected to show the fastest CAGR of 9.06% over the projection period. This growth is attributed to the presence of a strong semiconductor. In addition, growing their construction sectors and the low labor costs & low-priced raw materials allowing a reduction in production price are also driving market growth in this region.
Key players operating in the global tilt sensor market are:
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This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global tilt sensor market based on below mentioned segments:
Global Tilt Sensor Market by Technology:
Global Tilt Sensor Market by Housing Material Type:
Global Tilt Sensor Market by Vertical:
The global tilt sensor market is analyzed based on value (USD Million). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, and distribution and marketing channels analysis.
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