Force Sensor Market to Reach $3.30 Bn, Globally, by 2027 at 5.30% CAGR: Allied Market Research
Thursday, January 28, 2021
- Rise in safety regulations and rapid increase in adoption of advanced driver assistance systems (ADAS) drive the global force sensor market
PORTLAND, Ore., Jan. 20, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Force Sensor Market By Operation (Analog and Digital), Force Type (Compression & Tension, Compression, and Tension), Technology (Strain Gauge, Load Cell, Force Sensitive Resistors (FSRs), and Others), and End User (Automotive, Locomotive, Manufacturing, Mining, Aerospace & Defense, Construction, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global force sensor industry generated $2.16 billion in 2019, and is projected to garner $3.30 billion by 2027, witnessing a CAGR of 5.30% from 2020 to 2027.
Drivers, restraints, and opportunities
Rise in safety regulations and rapid increase in adoption of advanced driver assistance systems (ADAS) drive the global force sensor market. In addition, the growing AI and IoT technology and high demand from APAC region further fuel the growth of the market. However, instability in the demand across various end-user industry hinders the market growth. On the other hand, increase in automotive sales and rise in production of vehicles across the world create new opportunities in the coming years.
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-- Global lockdown across the world during the initial phase of Covid-19
impacted the manufacturing activities. In addition, the supply chain
management was disrupted completely. And, the industry witnessed a
massive shortage of raw materials and labor force.
-- The government bodies in various regions, however, have now issued
several relaxations on the current regulations, thereby allowing the
players to reinitiate their businesses. This is anticipated to aid the
force sensor market to recoup soon.
The analog segment to continue its leadership status throughout the forecast period
Based on operation, the analog segment contributed to the highest market share, accounting for more than half of the global force sensor market in 2019, and will continue its leadership status throughout the forecast period. This is due to high demand of analog force sensors from automobiles, robotics, and industrial fabrications. However, the digital segment is expected to manifest the fastest CAGR of 5.3% from 2020 to 2027, owing to the significant growth of manufacturing, automotive, food & beverages, consumer electronics, & bulk material handling industries in developing economies.
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The load cell segment to maintain its lead position during the forecast period
Based on technology, the load cell segment accounted for the largest share in 2019, holding nearly one-third of the global force sensor market, and is projected to maintain its lead position during the forecast period. In addition, the same segment is expected to witness the fastest CAGR of 6.7% from 2020 to 2027. This is attributed to rising demand of load cells type force sensor in manufacturing & industrial application.
Asia-Pacific, followed by North America, to dominate the market throughout the forecast period-
Based on region, Asia-Pacific, followed by North America held the largest share in terms of revenue in 2019, accounting for nearly half of the global force sensor market, and will maintain its dominance in terms of revenue by 2027. In addition, the region is projected to witness the fastest CAGR of 6.3% during the forecast period. This is attributed to increase in the technological advancements and rise in the automotive standards in developing countries such as India, China, and Indonesia.
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Leading market players
-- 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.
-- Tekscan Inc.
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