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2020
Force Sensor Market

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

Report Code: A08732
Pages: 287
Dec 2020 | 4313 Views
Author(s) : NN K, Asavari P , Vineet K
Tables: 135
Charts: 73
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COVID-19

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Force Sensor Market Outlook – 2027 

The global force sensor market size was valued at $2.16 billion in 2019, and is projected to reach $3.30 billion by 2027, registering a CAGR of 5.30% from 2020 to 2027. Force sensor is a device that is used to estimate the amount of force applied to an object. Basically, the applied force is determined by finding the amount of variation in the resistance values of force sensing resistors.     

The automotive segment in Global Force Sensor Market is expected to impact severely due to the extended lockdown and restrain in manufacturing and production globally.

The overall working principle of force sensors is that they react to the applied force & change the value into a quantifiable figure. There are different kinds of force sensors available in the market dependent on different detecting components. The majority of force sensors are designed by utilizing force-sensing resistors. These sensors comprise electrodes & sensing film.  

Force-Sensor-Market-2020-2027

Force sensors are usually used to determine the force experienced by vehicle parts, such as dampers & axle beams, to avoid fatigue failure, particularly in heavy automotive vehicles, such as mining vehicles & construction trucks, as unexpected stress levels or overloading may lead to significant maintenance costs. They are also widely used in locomotive.

The global force sensor market share is anticipated to witness significant growth over the forecast period. Factors, such as low manufacturing cost, technological advancement, increase in demand for industrial robots, development of medical devices with force sensing technology, and development & innovations in the industrial sector, encourage the force sensor market growth. However, uncertainty in demand for force sensor from the end-user industry is a major restraint to the global force sensor industry. In addition, rising production of vehicles and growing automotive sales globally are expected to create lucrative force sensor market opportunity. 

Force Sensor Market
By Operation

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Digital segment will grow at a highest CAGR of 6.8% during 2020 - 2027

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The global force sensor market size is segmented into operation, force type, technology, end user, and region. By operation, the market is segmented into analog and digital. The force type segment is divided into compression & tension, compression, and tension. By technology, the market is fragmented into strain gauge, load cell, force sensitive resistors (FSRs), and others. Depending on end user, the market is segregated into automotive, locomotive, manufacturing, mining, aerospace & defense, construction, healthcare, and others. 

Force Sensor Market
By Force Type

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Compression and Tension segment is projected to be the most lucrative segment

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Region-wise, the force sensor market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). The market in the APAC region is likely to grow at the highest rate during the conjecture time frame. The APAC region has enormous development potential for the market. 

Force Sensor Market
By Technology

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Load Cell segment will dominate the market with a highest CAGR of 6.7%

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The development of the market in this area can be ascribed to enormous development of manufacturing, automotive, assembling, and bulk material handling industries in arising economies, for example - Japan, South Korea, China, and India. China is a vital player of the APAC region attributed to its vast manufacturing and industrial sector.

Force Sensor Market
By End User

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Automotive segment will maintain the lead during the forecast period

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The leading automotive force sensor manufacturers, such as TE Connectivity Ltd., Honeywell International Inc., and ATI Industrial Automation, are focusing their investment on safer, technologically advanced, & more secure sensor-based products for several automotive applications.

Force Sensor Market
By Region

2027
Asia-pacific 
North America
Europe
LAMEA

Asia-Pacific region would exhibit the highest CAGR of 6.3%% during 2020 - 2027

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Top Impacting Factors

The prominent factors that impact the market growth are increase in demand for automotive products, growing adoption of force sensor in manufacturing application, rapidly rising adoption of advanced driver assistance systems (ADAS), and growing safety regulations. However, volatility in demand restricts the market growth. On the contrary, adoption of internet of things (IoT) technology and rising robot application in industries are expected to create lucrative opportunities for the market. These factors are likely to have a definite impact on the growth of the global force sensor market during the forecast period. 

Competition Analysis

Competitive analysis and profiles of the major market players studied in the report are TE Connectivity Ltd., Honeywell International Inc., ATI Industrial Automation Inc., Tekscan Inc., Sensata Technologies Inc., Siemens AG, Vishay Precision Group, ABB Ltd., Futek Advanced Sensor Technology Inc., and Hottinger Baldwin Messtechnik (HBM) GmbH. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the industry.

COVID-19 Impact Analysis

  • The overall effect of the COVID-19 outbreak is impacting the production process of several industries of the market. As governments of different provinces have already announced total lockdown and temporarily shutdown of industries, the overall production process has been adversely affected. Therefore, this hampered the overall market globally. 
  • The COVID-19 pandemic is impacting the society and overall economy across the global. The impact of this outbreak is growing day-by-day as well as affecting the supply chain. The crisis is creating uncertainty in the stock market, falling business confidence, massive slowing of supply chain, and increasing panic among the customer segments. 
  • The Asian and European countries under lockdowns have suffered major loss of business and revenue due to the shutdown of manufacturing units in the region. The operations of the production and manufacturing industries have been heavily impacted by the COVID-19 outbreak, thereby leading to slowdown in the growth of the force sensor market in 2020.  
  • The COVID-19 pandemic severely impacted the global automotive sector by halting the production facility, which in turn significantly decreased the demand in industries. The symptoms include a large-scale manufacturing interruption across Europe and interruption in Chinese parts exports, which may hinder the force sensor market. 

Key Benefits For Stakeholders

  • This study comprises analytical depiction of the global force sensor market along with the current trends and future estimations to depict the imminent investment pockets.
  • The overall force sensor market analysis is determined to understand the profitable trends to gain a stronger foothold.
  • The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
  • The current force sensor market forecast is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and the force sensor market share of key vendors.
  • The report includes the market trends and the market share of key vendors.

Force Sensor Market Report Highlights

Aspects Details
By Operation
  • Analog
  • Digital
By Force Type
  • Compression & Tension
  • Compression
  • Tension
By Technology
  • Strain Gauge
  • Load Cell
  • Force Sensitive Resistors
  • Others
By End Use
  • Automotive
  • Locomotive
  • Manufacturing
  • Mining
  • Aerospace & Defense
  • Construction
  • Healthcare
  • Others
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, Germany, France, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players TE Connectivity Ltd, Honeywell International, ATI Industrial Automation, Tekscan Inc, SENSATA TECHNOLOGIES, SIEMENS AG, VISHAY PRECISION GROUP, ABB LTD, FUTEK ADVANCE SENSOR TECHNOLOGY, HOTTINGER BALDWIN MESSTECHNIK
 

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A force sensor is an instrument that measures the amount of force between two surfaces. Force sensors or force transducers translate an input mechanical force into electrical signal at output. Basically, it works as a force sensing resistor in an electric circuit. These force measurement instruments vary with their working principles based on factors considered during designing process. They are used to measure weight, mass, pressure, and torque. They can be used over a wide range of temperature. These are used in industries, such as electronics, robotics, chemical, agricultural sector, paper & print, for various purposes.

Growing adoption and application of force sensors in the manufacturing, construction, and industrial sectors boost the force sensor market growth. In addition, increasing demand for force sensors in the robotics and medical sectors propels the market growth. Moreover, low manufacturing cost, accuracy, and high reliability also drive the market during the forecast period. Furthermore, the factor that restricts the market growth is that force sensors are rigid in construction. However, innovation and ongoing development in sensor technology are expected to fuel the market growth during the forecast period. 

The key players of the market focus on introducing technologically advanced products to remain competitive in the market. Product launch and partnership are expected to be the prominent strategies adopted by the market players. Asia-Pacific accounted for a major share of the market in 2019, owing to the presence of major players in the region; however, Asia-Pacific is expected to grow at the highest CAGR, owing to rise in adoption of force sensors in a variety of fields. 
 

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FREQUENTLY ASKED QUESTIONS?

A. The Force Sensor Market is estimated to grow at a CAGR of 5.30% from 2020 to 2027.

A. The Force Sensor Market is projected to reach $3.30 billion by 2027.

A. To get the latest version of sample report

A. Increase in demand for automotive products, growing adoption of force sensor in manufacturing application, and growing safety regulations etc. drives the growth of Force Sensor Market.

A. The key players profiled in the report include TE Connectivity Ltd., Honeywell International Inc., Tekscan Inc., Siemens AG, Vishay Precision Group, and many more.

A. On the basis of top growing big corporations, we select top 10 players.

A. The Force Sensor Market is segmented on the basis of operation, force type, technology, end user, and region.

A. The key growth strategies of Force Sensor market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.

A. Load Cell segment holds a dominant position throughout the forecast period.

A. Automotive segment will grow at a highest CAGR of 8.5% during 2020 - 2027.

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