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Force Sensor Market: Global Industry Analysis And Opportunity Assessment, 2017 - 2027
MRRSE
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Piezo-electric force sensor segment by technology is anticipated to increase 2.4X between 2017 and 2027
In terms of value, the capacitive force sensor technology segment is projected to be the most attractive segment in the global force sensor market during the forecast period. However, the piezo-electric force sensor segment is expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, this segment is expected to expand at a CAGR of 8.3% during the forecast period. On the other hand, the piezo-resistive force sensor segment is expected to witness steady growth in terms of revenue throughout the forecast period. By 2027 end, revenue generated from the magneto-elastic force sensor segment is estimated to exceed US$ 900 Mn, increasing at a CAGR of 4.9% during the forecast period.
Increasing number of sensors per vehicle and rising adoption of the Internet of Things technology likely to boost the technology segment of the global force sensor market
Increasing adoption of the Internet of Things (IoT) technology is driving the growth of the global force sensor market. Force sensors are utilised to measure a change in physical parameters, which describes the functionality and performance capabilities of various Internet of Things (IoT) applications such as consumer electronics, building automation, healthcare & life science, home automation, transportation, industrial, environment, security & public safety and retail & logistics. Hence, an increasing demand for consumer electronics, home automation, etc. is anticipated to positively impact the growth of the technology segment.
Force sensors are used to measure static and dynamic forces across various industrial automation processes; for example, they are used in an assembly of two parts with a sequence of static and dynamic programmable force fields. Automation in businesses across the global industrial landscape is expected to boost the efficiency of manufacturing in a relatively lesser time. Companies in the manufacturing sector across the globe are focussing on transforming existing facilities from single or partial automated cells to fully automated and integrated facilities to boost productivity, speed and quality. This, in turn, is fuelling market demand for technology in the manufacturing sector.
Focus on deploying touch interfaces across a variety of applications ranging from consumer devices to commercial applications in retail, gaming and signage has been increasing since the past few years. Touch panels require precision in position sensing, rapid response to input and durability, which force sensors offer. Thus, increasing demand for touchscreen applications is expected to support the growth of the global force sensor market. Also, increasing number of industrial applications with a human – machine interface fuels demand for force sensor based touchscreens. These factors are expected to drive the growth of the global force sensor market.
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Sensors are essential components of various automotive electronic control systems including tire pressure monitoring systems (TPMS), oil pressure sensing (OPS) and engine management systems (MAP/BAP). Demand for sensors per vehicle is increasing due to changing government regulations pertaining to emissions monitoring. Rising fuel efficiency standards and increasing focus on deploying advanced sensing solutions to enhance the user experience by passenger car manufacturers are other factors likely to accelerate demand in the technology segment across the globe. "
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