Press release
Force Sensor Market : Comprehensive Evaluation Of The Market Via In-Depth Qualitative Insights
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 marketIncreasing 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.
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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.
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.
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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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