Market Size of Tachometer Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 10.00 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Tachometer Market Analysis
The tachometer market is expected to register a CAGR of about 10% over the forecast period. The rising need for speed monitoring to prevent damage to the rotating shafts and equipment has propelled users to deploy tachometers. This is also expected to boost market growth over the forecast period.
- Due to the robust growth, the autonomous car is instrumental in driving the radar sensor demand. Tachometer technology is driven by the new car assessment program among the OEMs, as they integrate these systems to complement camera devices for ADAS applications. Radars, combined with other sensors and tachometers, provide enhanced information on safety and collision avoidance.
- Furthermore, the increasing deployment of traffic wind turbines is expected to fuel the adoption of tachometers as it is an essential component that is used to display the revolutions per minute (RPM) on calibrated analog dials or digital displays. For instance, TAK Studio designed overhead highway lights powered by wind turbines that are spun by the air turbulence generated as cars and trucks travel past at high speed.
- Additionally, the increasing investments by the governments to promote cleaner-greener-energy technologies such as windmills are also expected to fuel the market growth over the forecast period.
- The application of tachometers in diverse end users is encouraged by product developments by smaller vendors, reflecting its wide appropriation. In December 2021, GPMS International Inc. announced that it received ODA Approval to install Foresight MX on the Mi- family of helicopters. The certification package was ODA approved, comprising compliance with FAA Supplemental Type Certificate requirements, and is open to local civil aviation authority authorization. Aftermarket Foresight MX kits consist of 16 CPU-equipped smart sensors, three tachometers, and an Onboard Control Unit. The Foresight MX-equipped aircraft is expected to be scheduled for servicing the United Nations World Food Program's humanitarian mission in Africa in 2022.
- However, technical limitations such as higher maintenance cost, its susceptibility to errors as these devices have magnets, which can weaken over time, and if overheated along with the easy availability of low-cost counterfeit products in the market are some of the major factors challenging the growth of the studied market.
- The COVID-19 outbreak forced companies worldwide to adjust their strategies to survive in the 'new normal.' The COVID-19 outbreak affected various manufacturing industries, resulting in a temporary shutdown of industrial operations. The production of automobiles across mediums and industrial applications, which are prominent adopters of tachometers, was affected by the disruption in the supply chains.
- Furthermore, the need for immediately advanced trucking units swept commercial economies worldwide, with an immediate impact post the first wave of the pandemic, when there was a significant reduction in the transportation capabilities of companies. A complete shutdown of international borders limited the mediums for the shipping of goods to their destinations. This forced truck vendors and railway and airplane manufacturers to recognize the need for better oversight over operations through improved infrastructure.
Tachometer Industry Segmentation
A Tachometer enables the user to measure the rotation speed of a shaft or disk, as in a motor or other machine. The speed is displayed in revolutions per minute (RPM). This report segments the market by Data Acquisition Method (Contact Type, Non-Contact Type), End-User Vertical (Aerospace, Automotive, Industrial), and Geography. The report also offers a detailed analysis of COVID-19 Impact on the tachometer market.
By Data Acquisition Method | |
Contact Type | |
Non-Contact Type |
By End-user Industry | |
Automotive | |
Aerospace | |
Industrial | |
Other End-user Industries |
Geography | |
North America | |
Europe | |
Asia-Pacific | |
Latin America | |
Middle East and Africa |
Tachometer Market Size Summary
The tachometer market is poised for significant growth, driven by the increasing demand for speed monitoring to protect rotating shafts and equipment. This demand is further bolstered by the rise of autonomous vehicles, where tachometer technology is integrated with radar sensors and other devices to enhance safety and collision avoidance in Advanced Driver Assistance Systems (ADAS). The market is also experiencing growth due to the deployment of traffic wind turbines, which utilize tachometers to display revolutions per minute. Additionally, government investments in cleaner energy technologies, such as windmills, are expected to contribute to market expansion. Despite these positive trends, the market faces challenges from technical limitations, such as high maintenance costs and the availability of low-cost counterfeit products.
The adoption of tachometers is expected to increase with the growing number of vehicles sold, particularly as governments promote electric vehicles. The Asia Pacific region, with its robust industrial sector and rising vehicle sales, is a key area for market growth. Supportive government regulations and investments in wind power further bolster the market in this region. The competitive landscape is marked by high rivalry among key players like Emerson Electric and Honeywell International, who leverage research and development to maintain a competitive edge. Strategic partnerships and acquisitions have also played a crucial role in expanding market presence. Recent product launches and updates, such as digital tachometers and new models, reflect ongoing innovation and adaptation to market needs.
Tachometer Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Threat of New Entrants
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1.2.2 Bargaining Power of Buyers
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1.2.3 Bargaining Power of Suppliers
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1.2.4 Threat of Substitute Products
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1.2.5 Intensity of Competitive Rivalry
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1.3 Industry Value China Analysis
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1.4 Analysis on the impact of COVID-19 on the Tachometer Market
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2. MARKET SEGMENTATION
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2.1 By Data Acquisition Method
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2.1.1 Contact Type
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2.1.2 Non-Contact Type
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2.2 By End-user Industry
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2.2.1 Automotive
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2.2.2 Aerospace
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2.2.3 Industrial
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2.2.4 Other End-user Industries
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 Latin America
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2.3.5 Middle East and Africa
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Tachometer Market Size FAQs
What is the current Tachometer Market size?
The Tachometer Market is projected to register a CAGR of 10% during the forecast period (2024-2029)
Who are the key players in Tachometer Market?
Emerson Electric Co., Schneider Electric corporation, SKF AB, Testo SE & Co. KGaA and Monarch Instrument are the major companies operating in the Tachometer Market.