Press release
Touch sensor market is expected to witness strong growth during the forecast period between 2021 and 2031
The COVID-19 pandemic adversely affected the global touch sensor market. With governments imposing lockdowns and strict social distancing norms, consumer electronics manufacturing facilities were forced to work temporarily or shut down permanently.
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This affected the demand for touch sensors and, in turn, negatively impacted the overall touch sensor market.
However, with the reduction in cases and availability of vaccines, the touch sensors demand is expected to rise again and the touch sensor market is anticipated to witness steady growth in future.
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Touch Sensor Market-Trends and Opportunities
Rising demand for hand-held, portable devices such as laptops, mobile tablets is the key growth driver for the global touch sensor market.
In addition to this, increasing deployment of touch-based services in industries to automate the production process is expected to fuel the demand for touch sensors in the coming years.
Products such as capacitive touch sensors offer characteristics such as improved durability, longer product life, and enhanced optical features, which are expected to bolster product demand and help in the growth of the overall touch sensor market.
Also, touch sensors are cost-effective in nature, which could also positively impact the product demand in the years ahead.
The resistive product type segment is expected to contribute the most to the overall touch sensor market, owing to an expected rise in deployment of resistive touch sensors for industrial purposes, due to its high sustainability rate.
The consumer electronics application segment is expected to make the largest contribution to the overall touch sensor market owing to the increased demand for smartphones and tablets, among different population sections.
Touch Sensor Market-Competitive Landscape
The global touch sensor market is extremely competitive, with the presence of several well-known players. These players are expected to adopt different product strategies such as novel product launches, in a bid to remain competitive in the overall touch sensor market.
Leading players in the touch sensors market, as a result, are expected to focus on research and development activities, in a bid to produce improved quality of product, which would meet the customer requirements and increase the consumer base, as well.
The lesser-known players in the touch sensor market will seek investments from governments and other private investors, which could play a key role in their long-term growth.
Some of the prominent players in the global touch sensor market include Texas Instruments Inc., Siemens AG, Cypress Semiconductor Corp., 3M Touch Systems Inc., Honeywell International Inc., and DMC Co. Ltd.
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Touch Sensor Market-Regional Assessment
The global touch sensor market is divided into five regions, namely, North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.
North America and Asia Pacific are expected to account for a large share in the global touch sensor market, in the coming years due to the increasing deployment of touch sensors in the manufacturing of consumer electronic products in countries such as the U.S and China.
The presence of research and development centers to produce improved quality of touch sensors is expected to drive the touch sensor market in North America.
Market players may also establish R&D centers in Asia Pacific countries such as India, owing to an ease in availability of resources such as land.
Europe is expected to witness significant growth in the touch sensor market in the years ahead, owing to the rapid research and development undertakings witnessed in countries such as Germany and UK.
Other regions such as Latin America and Middle East and Africa are expected to witness moderate growth in the global touch sensor market, in the years ahead.
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