New York, US, March 28, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Force Sensor Market, By Type, By Application, By Vertical - Forecast 2030, the market is anticipated to acquire a valuation of approximately USD 6.3 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 6.20% during the assessment timeframe.
Force Sensor Market Key Players
Eminent industry players profiled in the force sensor market report include-
- TE Connectivity Ltd. (Switzerland)
- Freescale Semiconductor Inc. (U.S.)
- ATI Industrial Automation Inc. (U.S.)
- General Electric (U.S.)
- Innovative Sensor Technology IST AG (Germany)
- Tekscan Inc. (U.S.)
- Sensata Technologies Inc. (U.S.)
- Spectris PLC (U.K.)
- Honeywell International Inc. (U.S)
- Infineon Technologies AG (Germany)
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Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 6.3 Billion |
| Growth Rate | CAGR of 6.20% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Rising automotive sales and the growing production of vehicles |
| Key Market Drivers | The rising adoption and utilization of various forms, Low manufacturing costs, Growth in demands of Force sensors in robotic |
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Force Sensor Market Drivers
Increasing Adoption in IoT to Boost Market Growth
The increasing adoption of force sensors in the IoT sector will boost market growth over the forecast period. Several sectors, including the automobile, healthcare, consumer electronics, & others, are quickly adopting IoT technology. The force sensor makes it possible for users to interact with these cutting-edge IoT devices by using physical factors like pressure and others. The global market for force sensors is expected to increase at a rapid rate during the projected period due to the rapidly expanding adoption of the IoT devices within the automation, healthcare, & industries.
Opportunities
Increase in Industrial Automation to offer Robust Opportunities
Robotics and automation have been the main forces renewing and changing the industrial sector in recent years. Automation and robotics technologies are being greatly improved and adopted across many industrial sectors thanks to Industry 4.0. Robotic procedures including grinding, deburring, sanding, & polishing are made possible by force and torque sensors. While placing a part in a vice on a CNC machine, a robot can detect jig stops with the aid of force-torque sensors in machine tending. Applications for robotic assembly, packaging, and product inspection all benefit from force sensing. A significant factor driving the global market over the forecast period is the increase in industrial automation.
Restraints and Challenges
Uncertainty in Consumer Demand to act as Market Restraint
The uncertainty in consumer demand, sensor miniaturization difficulties, and long lead times to develop new force sensors may act as market restraints over the forecast period.
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Force Sensor Market Segmentation
The global force sensor market is bifurcated based on application, operation, vertical, force type, technology, and end users.
By application, the market is segmented into traffic engineering, measuring equipment, biomedical, control monitoring, process monitoring, and others.
By operation, the market is segmented into analog force sensor and digital force sensor.
By vertical, automotive will lead the market over the forecast period.
By force type, tension will dominate the market over the forecast period.
By technology, piezo-electric force sensor will spearhead the market over the forecast period.
COVID-19 Analysis
The COVID-19 outbreak's overall effects are influencing how many sectors conduct their production processes. Companies in the worldwide force sensor market experienced a reduction in overall production as a result of the lockdown and temporary shutdown of industry. Likewise, the supply chain is being impacted. Uncertainty in stock market is a result of the extreme crisis scenario. A significant slowdown in the supply chain results as a result. The economies of the Asian and European nations that are under lockdown have both suffered significant revenue losses. As a result, the market for force sensors experienced slower growth in 2020. Due to the pandemic's restrictions on production facilities, it had a significant influence on the global car sector. Hence, there was a decline in demand for the automotive industries. The export of equipment parts and large-scale manufacturing are two examples of the symptoms, which could impede the market's expansion.
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Regional Analysis
North America to Lead Force Sensor Market
Over the projection period, North America is anticipated to grow significantly and have the highest market share. The force sensor market is expected to grow most rapidly in the United States and Canada. This is due to the region's abundance of well-known key players, including TE Connectivity, General Electric, and Honeywell International. Additionally, the area has a proper infrastructure that permits greater device penetration and ultimately improves connectivity. One of the key drivers expanding the force sensor market is anticipated to be the rising need for force sensors in the medical sector. One factor contributing to this expansion is the rising need from the research and development (R&D) market, which has been expanding in North America as a result of the growing use of force sensors. Additionally, during the anticipated period, the market for force sensors is anticipated to grow as a result of expanding developments in the automation and smart manufacturing industries.
APAC to Have Admirable Growth in Force Sensor Market
In comparison to other areas, Asia Pacific is likely to experience considerably faster adoption of force sensors and will increase at a high CAGR throughout the projection period. In Asia Pacific, the need for force sensors from the automotive industry is expected to increase, and touch interface devices are expected to become more and more popular in nations like Japan, China, South Korea, and India. This is because important firms such as Infineon Technologies AG (Germany) are present in the area. Due to considerable expansion in the manufacturing, food and beverage, automotive, and bulk materials processing sectors in developing nations like China, Japan, India, and South Korea, the Asia Pacific market is anticipated to post strong revenue CAGR over the forecast period. China is a significant source of revenue for the expansion of the Asia Pacific market and has a sizable industrial and manufacturing sector. Due to the rising use of consumer electronics like smartphones and tablets as well as the rising demand for smart wearables in emerging economies, Asia Pacific is anticipated to have the fastest growth throughout the projected period. Force sensors are in high demand thanks to the expansion of the electronics industry in nations like India.
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