The global force sensor market is anticipated to witness an exponential growth rate of 6% during the forecast period (2017-2023), declares Market Research Future (MRFR). The market can also achieve a valuation of USD 2.95 Billion in the same growth period. As per the study conducted by MRFR, the market influencers include the main factors, segmentation as well as regional analysis. The study id carried out with these elements to understand the market dynamics in the coming years.
As per the study, the force sensor market share has been conducted through segmental analysis, where the market has been segmented by the elements of type, application and vertical.
In terms of type: Optical force sensor, piezo-resistive force sensor, capacitive force sensor, magnetic force sensor, ultrasonic force sensor, electrochemical force sensor, strain gauges and load cell sensor are the segments. Among which, piezo resistive force sensor type is likely to witness steady growth during the forecast period after magneto elastic force sensor. Whereas, the piezo electric force sensor type is also expected to own the largest market share of the overall force sensor market.
In terms of vertical: Aerospace & defense, manufacturing, medical & pharmaceuticals, agriculture, printing & packaging, industrial, automotive and more are the segments. Among which, the automotive segment owns the largest market share the market during the assessment period. Such a rapid expansion is due to the rising demand for sensors per vehicle. Even the rising fuel efficiency standard is yet another factor responsible for fueling the growth of force sensor market.
Market Drivers & Key Challenges
The market for force sensor market is proliferating for the factors such as mounting adoption of force sensors that is being done in automotive sector. The factor is one major factor fueling the growth of force sensor market. At present, force sensors are gaining a lot of traction due to the rising adoption of these in consumer electronics. The growth is accredited to the growing popularity of touch interface devices among population across the world, which could, in other way, take the market to spur during the forecast period.
At the same time, the major giants such as Honeywell International, TE Connectivity, and General Electric are speedily investing into the force sensor market. The reason comes forward is in the support of rising demand from various industry verticals such as automotive, retail, consumer electronics, and medical. These factors are rapidly forcing the market to gain traction during the forecast period, which would encourage the market to expand its size constructively.
Regionally, the global market for force sensor market has been studies for the key regions of North America, Europe, Asia Pacific and Rest of the World.
As per the study, the North America region occupies the largest market share of global Force sensor market as the growth is mainly led by U.S. and Canada and attributed to the rising demand for cloud computing applications. The region also has also a well-established infrastructure, which allows implementation of advanced technologies. Therefore, mounting adoption of internet of things is one foremost factor responsible for driving the growth of force sensor market.
Asia Pacific is also likely to observe relatively faster adoption and is expected to expand its size at the highest CAGR during the assessment period. Within Asia Pacific, force sensor market is projected to contribute faster to the growth of revenue as the region is backed by growing demand for force sensors from automotive industry. In addition, the growing popularity of touch interfaces devices in countries such as Japan, China, South Korea and India are also motivating the market to expand substantially.
The well-known players in the Force sensor market are listed as Freescale Semiconductor Inc. (U.S.), TE Connectivity Ltd. (Switzerland), Honeywell International Inc. (U.S), Innovative Sensor Technology IST AG (Germany), Sensata Technologies Inc. (U.S.), General Electric (U.S.), Tekscan Inc. (U.S.),ATI Industrial Automation Inc. (U.S.), Spectris PLC (U.K.), Infineon Technologies AG (Germany) and to name a few.