Force Sensor Market Global Trends, Size, Segments and Growth till 2027

 Force Sensor Market Research Report- Global Forecast 2023

Market Highlights

The Force sensor market is growing rapidly over 6% of CAGR and is expected to reach at approx. USD 2.95 Billion by the end of forecast period.

The global Force Sensor Market, by geography, has been segmented into North America, Europe, Asia Pacific and Rest of the World. As compared to other regions, the force sensor market in North America is expected to witness significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of force sensor market. This is owing to the presence of large number of established key players like TE Connectivity, General Electric and Honeywell International in that region. In addition to this, the region also has a well-established infrastructure which allows higher penetration of devices and ultimately provides better connectivity. Increasing demand for force sensors in medical segment is expected to be one major factor for 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.

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Regional Outlook

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.

Segmentation:

As per the study, the force sensor market 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.

Key Players

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.

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