Portland, Feb. 03, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global force sensor market was pegged at $2.16 billion in 2019, and is anticipated to reach $3.30 billion by 2027, growing at a CAGR of 5.3% from 2020 to 2027.
Increase in safety regulations and surge in adoption of advanced driver assistance systems have boosted the growth of the global force sensor market. Moreover, growing IoT and AI technology and high demand from Asia-Pacific region supplemented the market growth. However, market instability across various end-user industry hampers the market growth. On the contrary, surge in automotive sales and increase in production sales, and rise in production of vehicles are expected to open new opportunities for the market players in the future.
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Covid-19 Scenario
- The prolonged lockdown across several countries hampered the manufacturing activities and led to disruption in supply chain. Moreover, the market witnessed a huge shortage of raw materials and workforce.
- However, the governments have released relaxation in lockdown regulations which reinitiated the business.
The global force sensor market is segmented to on the basis of operation, force type, technology, end user, and region. Based on operation, the digital segment is anticipated to portray the highest CAGR of 5.3% during the forecast period. However, the analog segment held the largest share in 2019, contributing to more than half of the market.
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On the basis of technology, the load cell segment is estimated to manifest the highest CAGR of 6.7% during the forecast period. Moreover, the segment held the largest share in 2019, accounting for nearly one-third of the market.
The global force sensor market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is expected to register the highest CAGR of 6.3% during the forecast period. Moreover, the region held the largest share in 2019, contributing to nearly half of the market.
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The global force sensor market report includes an in-depth analysis of the major market players such as Sensata Technologies Inc., Siemens AG, Vishay Precision Group, ABB Ltd., Futek Advanced Sensor Technology Inc., Hottinger Baldwin Messtechnik (HBM) GmbH, TE Connectivity Ltd., Honeywell International Inc., ATI Industrial Automation Inc., and Tekscan Inc.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.