The global force sensor market is anticipated to grow at 2 billion in 2019 to USD 3.11 billion by 2027, expanding at a CAGR of 5.25% from 2020 to 2027. The force sensor is used to measure the amount of force applied to the object.
Increasing industrial automation and the changing manufacturing landscape are some of the key factors driving the market growth. The rise in the adoption of force sensors in the automotive industry is anticipated to boost market growth during the forecast period.
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The COVID-19 outbreak has impacted the production process of various industries in the market. The government has declared complete lockdown and there is a temporary shutdown of industries which has hampered the global market. It also has affected the supply chain due to the unavailability of raw materials for the manufacturing of components. The Asian and European countries have suffered the loss of business and revenue due to the halting of operations in production and manufacturing industries, resulting in a slowdown of the growth of the force sensor market in 2020. The automotive sector has halted its production facility owing to COVID-19, resulting in decreasing demand in industries. This has resulted in large-scale manufacturing interruption in Europe and interruption in Chinese part exports, thus hampering the growth of the force sensor market.
Based upon technology, the force sensor market is categorized into optic force sensor, piezoelectric force sensor, piezo-resistive force sensor, strain gauge, capacitive force sensor, magnetic force sensor, electrochemical force sensor, ultrasonic force sensor, and load cell sensor. and others.
Based on force type, the force sensor market is segmented into compression force sensor, tension force sensor, and compression & tension force sensor. The compression & tension force sensor is anticipated to witness the largest share during the forecast period. These sensors use transducers to measure tension and compression force.
Based on end-user, the force sensor market is segmented into packaging, healthcare, aerospace and defense, industrial manufacturing, consumer electronics, automotive, and others. Of all these segments, consumer electronics is expected to have the fastest growth during the forecast period, owing to the rise in the adoption of force sensors in consumer electronic devices such as smartwatches, smartphone products, and laptops.
The rising adoption and application of force sensors in construction, industrial, and manufacturing are the factors that are driving the growth of the force sensor market. Moreover, the increasing demand for force sensors in healthcare, rise in usage of IoT technology, increasing adoption of advanced driver assistance systems (ADAS), and robotics sensors are also one of the factors that flourish the market growth. Thus, low manufacturing cost, high reliability, and accuracy will propel the growth of the force sensor market globally.
Geographically, Europe dominates the global force sensor market, owing to the presence of large automobile companies in the region.
Moreover, the force sensor market in Asia-Pacific is anticipated to witness substantial growth during the forecast period because of the expansion in the healthcare sector rising urbanization, and the changing infrastructure in this region. Countries such as China, Japan, and Australia are anticipated to have a significant share of force sensors.
The industry players in the force sensor market are strengthening their market position by improving the quality of their existing offerings and developing the latest technology. In addition, it is observed that local players rely on new technologies to improve cost efficiency, safety, and security-based products thereby increasing market competition to a certain extent.
The prominent players in the force sensor market include Honeywell International Inc., Futek Advanced Sensor Technologies, TE Connectivity, Tekscan, Inc., Sherborne Sensors Inc, Measurement & Control Solutions, Infineon Technologies AG, and Siemens AG.
Swiss sensor product manufacturing company TE Connectivity is providing Force Load Cells for the Internet of Things (IoT) market, which can be used in consumer devices, Industry 4.0, and medical applications to collect a wide range of data. The highly advanced force load cells developed by TE Connectivity can provide accurate and highly reliable measurements.
Source: VynZ Research
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