According to a new report published by Allied Market Research, titled, “Force Sensor Market By Operation, Force Type, Technology, and End User: Opportunity Analysis and Industry Forecast, 2020-2027”, the global force sensor market size was valued at $2.16 billion in 2019, and is projected to reach $3.30 billion by 2027, registering a CAGR of 5.30%. The Asia-Pacific region is expected to be the leading contributor to the global force sensor market analysis during the forecast period, followed by North America and Europe.
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A force sensor is an instrument that measures the amount of force between two surfaces. Force sensors or force transducers translate an input mechanical force into electrical signal at output. Basically, it works as a force sensing resistor in an electric circuit. These force measurement instruments have varying working principles based on factors considered during designing process. They are used to measure weight, mass, pressure, and torque. These sensors can be used over a wide range of temperature. These are used in industries, such as electronics, robotics, chemical, agricultural sector, paper & print, for various purposes.
Growing adoption and application of force sensors in the manufacturing, construction, and industrial sectors boost the force sensor market growth. In addition, increasing demand for force sensors in the robotics and medical sectors propels the market growth. Moreover, low manufacturing cost, accuracy, and high reliability also drive the market during the forecast period. Furthermore, the factor that restricts the market growth is that force sensors are rigid in construction.
However, innovation and ongoing development in sensor technology are expected to fuel the market growth during the forecast period. Moreover, economically developed nations tend to witness high penetration of force sensor technology in various vehicle segments. Factors, such as economic growth, increase in demand for passenger vehicles, and rise in concerns about vehicle & driver safety, contribute to the force sensor market growth in the coming years.
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The global force sensor market is segmented into operation, force type, technology, end user, and region. By operation, the market is segmented into analog, and digital. The force type segment is divided into compression & tension, compression, and tension. By technology, the market is fragmented into strain gauge, load cell, force sensitive resistors (FSRs), and others. Depending on end user, the market is segregated into automotive, locomotive, manufacturing, mining, aerospace & defense, construction, healthcare, and others.
Region-wise, the force sensor market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific contributed maximum revenue in 2019. However, between 2019 and 2027, the force sensor market in Asia-Pacific is expected to grow at a faster rate compared to other regions. This is attributed to increase in investment from the emerging economical countries such as China, Japan, and South Korea.
COVID-19 Impact Analysis
The COVID-19 pandemic severely impacted the global automotive and industrial sector, which halted the production facility and significantly declined the demand in industries. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease; thereby, leading to slowdown in the growth of the force sensor market in 2020.
Key Findings of the Study
In 2019, analog force sensor accounted for the maximum revenue, and is projected to grow at a notable CAGR of 3.8% during the forecast period.
North America and APAC collectively accounted for more than 58% of the force sensor market share in 2019.
China is anticipated to witness highest growth rate during the global force sensor market forecast.
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The key players profiled in the report include TE Connectivity Ltd., Honeywell International Inc., ATI Industrial Automation, Inc., Tekscan, Inc., Sensata Technologies, Inc., Siemens AG, Vishay Precision Group, ABB Ltd, Futek Advanced Sensor Technology, Inc., and Hottinger Baldwin Messtechnik (HBM) GmbH. These players have adopted various strategies, such as product launch, partnership, and acquisition, to expand their foothold in the industry.
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