Global Force Sensor Market, By Application (Manufacturing, Energy & Power, Pharmaceuticals, Chemicals, Oil & Gas, Mining, and Others), By Operation (Analog and Digital), By Force Type (Compression, Tension, and Compression & Tension), By Technology (Piezoelectric Force Sensor, Strain Gauge, Load Cell, Capacitive Force Sensor, Magnetoelastic Force Sensor, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The force sensor market is expected to reach US$ 3.9 Bn by 2028 from US$ 2.5 Bn in 2020, at a CAGR of 5.6% during the forecast period of 2020 to 2028.
Force sensors are the device that converts mechanical force into an electrical output signal. Numerous types of force sensors are available in the market, which can be selected based on their working and sensing methods. The global force sensor market is expected to have a significant growth rate during the forecast years. The factors such as technological advancements, elevating product demand, and the robust demand for the industrial robot are responsible for propelling the market growth in an upward direction.
Other factors encouraging the business growth of the global force sensor market account for the low manufacturing cost of these sensors, modernization of medical equipment with force-sensing technology, and innovations and development witnessed by the manufacturing sectors. On the other hand, the instability in the demand for force sensors across numerous end-user industries coupled with the underdeveloped aftermarket sales channels is likely to restrict the global market growth in the near future.
However, the growing demand for force sensors from manufacturing plants and automobile sectors along with the swiftly growing adoption of advanced driver assistance systems (ADAS) are likely to offer lucrative business growth opportunities, positively impacting the growth of the global force sensor market during the forecast period.
Based on applications, the manufacturing segment is expected to dominate the global force sensor market, owing to the innovations witnessed by the automobile component manufacturers with an optimum production plan producing the best quality automobiles and spare parts. On the basis of Technology, the piezoelectric force sensor is estimated to have the majority of force sensor market shares; as the data acquired by the piezoelectric sensors can be converted into electrical charge.
Region-wise, the Asia Pacific segment is projected to expand at the highest CAGR, accounting for the application of these sensors in the food and beverage sector, automobile and manufacturing plants, bulk material handling industries, etc. Across the Asia Pacific, China is estimated to have the highest growth rate that is majorly driven by the increasing demand for consumer products.
Besides, the adoption or implementation of strategic business strategies by the prominent market players also acknowledges favoring the business growth. For instance, in May 2021, NextInput, Inc. announced its acquisition by Qorvo, Inc. and will be a part of the Sensor Fusion business unit within Qorvo Mobile Products. Similarly, in August 2020, Tekscan introduced a new line of OEM Development Products that aid the marketing of FlexiForce™ force sensors. Such initiatives are further expected to offer a growth rate to the global force sensors market in the future.
MMC Study identifies some of the key participating players in the force sensor market globally are METTLER TOLEDO, Spectris, Flintec, Vishay Precision Group, Honeywell, Gefran, Siemens, TE Connectivity, Sensata Technologies, Kistler, BCM Sensor Technologies, Baumer Group, Tekscan, Lorrenz Messtechnik gmbh, Futek Advanced Sensor Technology, Taiwan Alpha Electronics, Texas Instruments, ABB, Uneo, and Priamus System Technologies.
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