The global force sensor market is expected to increase to an estimated value of over USD 2.5 billion by the end of 2023 and witness a CAGR of 6% during the forecast period of 2017 to 2023. Rapidly increasing demand from various industry verticals such as retail, automotive, consumer electronics and others have prompted several market leaders to invest in the market thus facilitating growth. One of the most significant end-user industries that use force sensors is the automotive industry and is a principal driver of growth for the global force sensor market.
Some key drivers of market growth include the innovation and development in the consumer electronics sector. With phone interaction mostly being via touch methods companies is innovating to set the next trend in personal electronic devices. Designers are using force sensors in new designed with an aim to create multifunctional products, thus driving growth for the global force sensor market. Additionally, the increasing innovation in driverless vehicles and IoT deployments has provided a thriving environment for the force sensor market.
Force sensors are highly durable, flexible and have an ultra-thin sensor construction which offers the potential for application in various industries. The potential for the market is far from realized, and future innovations and new applications for the product are likely to expand the market and facilitate healthy growth during the forecast period.
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Major Key Players
Tekscan Inc. (U.S.),
Sensata Technologies Inc. (U.S.),
Honeywell International Inc. (U.S),
Freescale Semiconductor Inc. (U.S.),
ATI Industrial Automation Inc. (U.S.),
General Electric (U.S.),
Spectris PLC (U.K.),
Infineon Technologies AG (Germany),
TE Connectivity Ltd. (Switzerland),
Innovative Sensor Technology IST AG (Germany), among others, are profiled in MRFR Analysis and are at the forefront of competition in the global Force Sensor market.
According to MRFR, The Force Sensor Market is growing rapidly over 6% of CAGR and is expected to reach at approx. USD 2.95 Billion by the end of forecast period.
The global force sensor market has been segmented on the basis of technology type, application, verticals, and region. By technology type, the market has been segmented into optical force sensor, piezo resistive force sensor, piezo electric force sensor, capacitive force sensor, magnetic force sensor, ultrasonic force sensor, electrochemical force sensor, strain gauges, and load cell sensors.
By application, the market has been segmented into traffic engineering, process monitoring, biomedical, control monitoring, measuring equipment, and others.
By verticals, the market has been segmented into aerospace & defense, medical & pharmaceuticals, manufacturing, agriculture, printing & packaging, industrial, automotive and others.
By region, the global market has been divided into North America, Europe, the Asia-Pacific (APAC), and the Rest of the World (RoW)
The North American market segment, which is primarily dominated by the use of force sensors in the automotive sector, leads the market. The product’s counterpart has become obsolete as it cannot match the performance of a force sensor. The low cost, compact nature and eco-friendly features that the product displays are expected to facilitate healthy growth in the region during the forecast period. Moreover, the region includes several key players who are creating future opportunities through research and development activities.
The Asia-Pacific is projected to grow at the fastest pace during the assessment period. This projected growth is mainly due to the size of the ever-growing electronics market present in the region where there is a growing application for force sensors. Moreover, the large population in the region, combined with rising disposable incomes is expected to increase demand for the global automotive industry which proportionally affects positive growth for the region.
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- Technology Investors
- Research/Consultancy Firms
- Original equipment manufacturers (OEMs)
- Government Bodies
- Automotive Companies