Force sensors are basically transducers that convert a mechanical input signal into electrical output signal. It offers ultra-thin sensor construction and great flexibility. Owing to this, they are highly durable and are being used in applications across various industry verticals. As they are ultra-thin, these sensors lead to minimal interference in normal action of devices. The global force sensor market is expected to grow at approx. USD 2.95 Billion by 2023, at 6% of CAGR between 2017 and 2023.
Some key drivers of market growth include the innovation and development in the consumer electronics sector. With phone interaction mostly being via touch methods companies are innovating to set the next trend in personal electronic devices. Designers are using force sensors in new designed with an aim to create multifunctional products, thus driving growth for the global force sensor market. Additionally, the increasing innovation in driverless vehicles and IoT deployments have provided a thriving environment for the force sensor market.
Force sensors are highly durable, flexible and have an ultra-thin sensor construction which offers the potential for application in various industries. The potential for the market is far from realized, and future innovations and new applications for the product are likely to expand the market and facilitate healthy growth during the forecast period.
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Several key players have been identified and profiled in the competitive landscape analysis included in the report. These eminent players include Freescale Semiconductor Inc., Innovative Sensor Technology IST AG, Tekscan Inc., ATI Industrial Automation Inc., General Electric, Infineon Technologies AG, Sensata Technologies Inc., TE Connectivity Ltd., Spectris PLC, Honeywell International Inc.
Force sensor market has been segmented on the basis of type, application and vertical. The type segment is further bifurcated into 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. Out of which, piezo resistive force sensor type is expected to witness steady growth during the forecast period followed by magneto elastic force sensor. Whereas, the piezo electric force sensor type is expected to hold the largest market share of the overall force sensor market.
The North American market segment, which is primarily dominated by the use of force sensors in the automotive sector, leads the market. The product’s counterpart has become obsolete as it cannot match the performance of a force sensor. The low cost, compact nature and eco-friendly features that the product displays are expected to facilitate healthy growth in the region during the forecast period. Moreover, the region includes several key players who are creating future opportunities through research and development activities.
The Asia-Pacific is projected to grow at the fastest pace during the assessment period. This projected growth is mainly due to the size of the ever-growing electronics market present in the region where there is a growing application for force sensors. Moreover, the large population in the region, combined with rising disposable incomes is expected to increase demand for the global automotive industry which proportionally affects positive growth for the region.
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List of Figures
FIGURE 1 RESEARCH TYPE
FIGURE 2 FORCE SENSOR MARKET, BY TYPE
FIGURE 3 FORCE SENSOR MARKET, BY APPLICATION
FIGURE 4 FORCE SENSOR MARKET, BY VERTICAL
FIGURE 5 FORCE SENSOR MARKET, BY REGIONS
FIGURE 6 NORTH AMERICA FORCE SENSOR MARKET, BY TYPE
FIGURE 7 NORTH AMERICA FORCE SENSOR MARKET, BY APPLICATION
FIGURE 8 NORTH AMERICA FORCE SENSOR MARKET, BY VERTICAL
FIGURE 9 U.S. FORCE SENSOR MARKET, BY TYPE
FIGURE 10 U.S. FORCE SENSOR MARKET, BY APPLICATION
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