Force Sensor Market Advance Technology, Future Outlook 2030

The global force sensor market size was US$ 2.9 billion in 2019. The global force sensor market is forecast to reach the value of US$ 5.11 billion by 2030 by registering a compound annual growth rate (CAGR) of 5.3% during the forecast period from 2021 to 2030.

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Force sensors help determine the value of force that is applied to an object. These devices are mainly used to evaluate the force experienced by the parts of the vehicle, including dampers & axle beams. Moreover, these devices help eliminate the chances of fatigue failure in mining vehicles, construction trucks, and other heavy vehicles.

Factors Influencing

The increasing adoption force sensors across various industries, including construction, industrial, and manufacturing, is propelling the market growth.
The application of force sensors in healthcare is another factor driving the market growth.
Integration of the Internet of Things (IoT) and the introduction of innovative driver assistance systems (ADAS) may fuel market growth in the future.
Low manufacturing costs along with the high accuracy features are forecast to surge the growth of the force sensor market globally.
The weak after-market distribution channel may hamper the market growth during the analysis period.

Geographic Analysis

Regionally, Europe accounts for the largest share in the global force sensor market. The region is home to prominent automobile firms, which would create lucrative opportunities for regional growth. Moreover, growing industrialization and urbanization worldwide may create favorable opportunities for the market players shortly.

The global force sensor market would witness favorable growth in the Asia-Pacific region. It is due to the expansion of the healthcare sector, rapidly growing urbanization, and the developing infrastructure. Various developing countries, including China and Japan, are forecast to contribute significant revenue in the force sensors sector.

COVID-19 Impact Analysis

The sudden onset of the COVID-19 outbreak has negatively impacted the entire production process, resulting in an abrupt decline in the demand for the force sensors. The Asian and European countries, the major contributors in the global force sensors market, suffered notable losses. As a result, it impacted the growth of the global force sensor market. Moreover, due to the shutdown of manufacturing units, the entire supply chain of the global force sensor market observed a severe disruption.

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The automobile industry witnessed a major loss during the pandemic period. As the growth of the force sensors is linked to the expansion of the automobile industry, the global force sensor market growth declined during the pandemic period.

Market Segmentation

The global force sensor market is segmented on the basis of Technology, End-Use, Operation, and Region.

By Technology

Strain Gauge
Load Cell
Force Sensitive Resistors
Others

By End-Use

Automotive
Locomotive
Manufacturing
Mining
Aerospace & Defense
Construction
Healthcare
Others

By Operation

Analog
Digital

By Force Type

Compression & Tension
Compression
Tension

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By Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America

Competitors in the Market

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
Other prominent players

What is the goal of the report?

-The market report presents the estimated size of the ICT market at the end of the forecast -period.

-The report also examines historical and current market sizes.

-During the forecast period, the report analyzes the growth rate, market size, and market valuation.

-The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.

-The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.

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This release was published on openPR.