Force sensor market is estimated to exhibit high growth potential during the forecast period owing to rapid adoption of force sensors across various industry verticals like automotive, manufacturing, healthcare among others. Major driving factor in the growth of force sensor market is the rapid increase in the demand for force sensors in automotive sensors and systems. Growing demand for innovations and increasing technological advancements is another major factor responsible for the growth of Force sensor market.
TE Connectivity, Honeywell International and General Electric are major players in the force sensors market among others. TE Connectivity focusses on offering innovative products and keeps up with the fast pace of the technological advancements. TE Connectivity also provides test and measurement force sensors which is also the fastest growing segment. The company is considered to be a technology leader in providing sensor solutions. Automotive sector has the maximum number of applications of force sensors owing to the increasing adoption of these sensors in automotive systems. Increasing demand from healthcare sector is another major factor fueling the growth of force sensor market.
In the global force sensor market, Asia Pacific is anticipated to witness relatively faster adoption and is expected to grow at the highest CAGR during the forecast period as compared to other regions. Within Asia Pacific, force sensor market is projected to contribute faster to the growth of revenue backed by increasing demand for force sensors from automotive segment and growing popularity of touch interface devices in countries such as Japan, China, South Korea and India. This is owing to the presence of key players like Infineon Technologies AG (Germany) in the region.
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The prominent players in force sensor market are – 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) and others.
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.
Force Sensor Market Segmentation
The force sensor market has been segmented on the basis of type, application and vertical. The vertical segment is bifurcated into aerospace & defense, manufacturing, medical & pharmaceuticals, agriculture, printing & packaging, industrial, automotive and others. Out of which automotive segment holds the largest market share of force sensor market during the forecast period. This is owing to the increasing demand for sensors per vehicle. Rising fuel efficiency standards is another factor responsible for fueling the growth of force sensor market.
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The regional analysis of force sensor market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in force sensor market in North America is attributed to technical advancements and increasing demand for force sensors across various industry verticals in that region.
- Technology Investors
- Research/Consultancy Firms
- Original equipment manufacturers (OEMs)
- Government Bodies
- Automotive Companies
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