The global force sensor market is expected to register a CAGR of 7.1% during 2017 – 2027, with APEJ, North America and Western Europe accounting for significant market value shares by the end of the forecast period.
FMI delivers key insights on the global force sensor market in its report titled “Force Sensor Market: Global Industry Analysis and Opportunity Assessment 2017 – 2027.” Growth in the market value of the global force sensor market will remain attractive as the market is expected to grow continuously at a CAGR of 7.1% in terms of value during the forecast period 2017 – 2027. On the basis of technology, the piezo-electric force sensor technology segment is expected to register attractive growth during the forecast period in the global force sensor market. The monitoring & control application segment in the force sensor market is expected to hold a larger share of the overall force sensor market as compared to the testing & measurement application. Based on vertical, the automotive segment is expected to gain a higher market share during the forecast period in the global force sensor market.
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The global annual revenue from the force sensor market was valued at US$ 7,500 Mn in 2016, which is expected to grow at a steady pace over the coming years. The developing economies of APEJ and the developed economies of North America and Western Europe are expected to collectively account for a majority share of the global force sensor market. The APEJ force sensor, North America force sensor and Western Europe force sensor markets are likely to dominate the global market over the forecast period, with Latin America expected to grow at the highest CAGR during the forecast period.
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Since past few years, the adoption of force sensors has been increasing considerably, especially in the automotive segment. The demand for force sensors per vehicle is increasing due to changes in government regulations pertaining to emissions monitoring & braking systems and rising fuel-efficiency standards. Increasing focus on deploying advanced sensing solutions to enhance user experience by passenger car manufacturers is also expected to accelerate the demand for force sensors in the global automotive industry. In the present scenario, force sensor manufactures are focussing more on research and development to deliver efficient cutting-edge technological solutions to cater to the varying needs of industries such as automotive, healthcare and medical, among others. To offer force sensor solutions in commercial application in various industries, each industry and country follows a diversified regulatory and endpoint compliance requirement, as well as a technology assessment process, which is a lengthy process and requires a long period for approval. This is a major challenge for force sensor manufactures in the global market and is likely to hamper the growth of the force sensor market.
Force Sensor Market: Analysis
On the basis of FMI analysis, the piezo-resistive force sensor sub-segment of the technology segment is expected to dominate the force sensor market, and is expected to be followed by the capacitive force sensor technology segment of the force sensor market. On the basis of application, the monitoring & control segment is estimated to be a dominating segment in the global force sensor market.
The APEJ force sensor market is expected to dominate the global force sensor market due to the high growth in the overall revenues generated from the automotive segment owing to the in-house development of automation technologies. Automation in businesses across the global industrial landscape is expected to rapidly boost the efficiency of manufacturing. Manufacturers across the globe are focusing on transforming existing facilities from single/partial automated cells to fully automated and integrated facilities to boost productivity, speed and quality. This is, in turn, fuelling the demand for force sensors in the manufacturing sector. The Latin America force sensor market will be a target market for market participants owing to high growth opportunities in countries such as Brazil and Mexico. The MEA force sensor market is estimated to grow at an above-average CAGR during the forecast period, especially in the Gulf countries. GCC Countries are expected to hold a major revenue share in the MEA force sensor market during the forecast period.
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According to FMI analysis, the integration of advanced technologies by the manufacturers of force sensors, along with the enhancement of research processes, will help increase revenue in the force sensor market. Examples of some of the market participants in the global force sensor market report are TE Connectivity Ltd., Freescale Semiconductor Inc., ATI Industrial Automation Inc., General Electric, Innovative Sensor Technology IST AG, Tekscan Inc. and Sensata Technologies Inc