The report "Force Sensor Market by Application, Technology (Piezoelectric Force Sensor, Strain Gauge, Load Cell, Capacitive Force Sensor, and Magnetoelastic Force Sensor), Operation, Force Type, and Geography – Global Forecast to 2024", is expected to grow from USD 1.8 billion in 2019 to USD 2.3 billion by 2024, at a CAGR of 5.5%. Rising demand for industrial robots and growing safety features in automobiles are the key factors driving the growth of the force sensor market.
Market for manufacturing applications to grow at highest CAGR during 2019–2024
The market size for manufacturing applications is projected to grow at the highest CAGR during the forecast period. The industrial sector includes manufacturing and process industries such as semiconductor, automotive, and aerospace & defense. The large-scale implementation of sensors across various industries for the purpose of generating data and monitoring facilities are expected to offer lucrative growth opportunities in this application.
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Piezoelectric force sensor to dominate force sensor market, by technology, in 2019
The market for piezoelectric force sensors is expected to hold the largest share in 2019. Piezoelectric sensors detect changes in pressure, acceleration, temperature, strain, and force and convert the acquired data to an electrical charge. Hence, it is mostly used in applications involving flex motions, touch, vibrations, and shock measurement. Piezoelectric sensors are used in various industries, such as healthcare, aerospace, and consumer electronics, as well as nuclear instrumentation.
APAC to hold largest share of force sensor market in 2019
In terms of value, APAC is expected to dominate the force sensor market in 2019. APAC is the largest market for force sensors owing to China’s largest manufacturing output. It is one of the largest manufacturers of consumer electronics, automobile, mining, and other machinery. Moreover, the strong presence of the market leaders such as METTLER TOLEDO (US), Spectris (UK), (US), Vishay Precision Group (US), Honeywell (US), Block Kistler (Switzerland), and Gefran (Germany) in North America is also contributing significantly to the growth of the force sensor market in the region.
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