Force Sensor Market: Global Analysis and Forecast (2023-2029)

Global Force Sensor Market size was valued at US$ 2.36 Bn. in 2022 and the total Force Sensor revenue is expected to grow by 4.7% from 2023 to 2029, reaching nearly US$ 3.26 Bn.
Force Sensor Market Overview:
The Force sensors are devices that convert imposed mechanical forces, e.g. tensile and compressive forces, into digital signals whose magnitude may be utilized to determine the amount of the force. The signals might be routed to monitors, processors, or computers to notify personnel, or they could be used as inputs to operate machinery and processes. Although force sensors and force transducers are technically distinct, the two terminologies are sometimes used interchangeably.To know about the Research Methodology:-Request Free Sample Report

The report explores the Force Sensor market's segments (Type, End-Use Industry, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). It provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2018 to 2022. The report investigates the Force Sensor market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Force Sensor market's contemporary competitive scenario.
Force Sensor Market Dynamics:
The versatile applications associated with force sensors are expected to be a major driver of market growth.

Force sensors are used in a variety of sectors. These have a wide range of applications in the industry. Force monitoring has a critical emphasis in manufacturing organizations, where force transducers are frequently utilized to measure the force for weight in the manufacturing process. However, industrial application accounts for just a minor portion of force measurement. Force measurement is critical in highway traffic.

For example, force sensors are utilized in vehicles. This implies that the axle load can be precisely estimated, allowing for effective and rapid monitoring. Automobiles implement a variety of force sensors. For example, force sensors in the vicinity of trailer couplings allow for the determination of static data in conjunction with dynamic driving behavior on the road.

Sensor miniaturization difficulties are expected to limit the market growth.

Force sensors are anticipated to get thinner and lighter for various end-user sectors, particularly the biomedical industry. Sensors must get smaller as electronic equipment and devices become more compact. However, the process of miniaturizing sensors has major hurdles that may restrict their acceptance in many consumer sectors. Many parts must be reduced in size to reduce sensor size.

There are technological and financial issues here that result in high expenditures for allowing several functionalities in a tiny sensor. To accommodate changing market demands, the development of small sensors necessitates extensive research and development efforts from stakeholders.

Increasing industrial automation is expected to be the key opportunity for market growth.

Automation and robots have recently emerged as key contributors to renewing and modernizing the manufacturing economy. To a considerable degree, Industry 4.0 is boosting and accelerating the usage of automation and robotics technologies across numerous industrial sectors. Robotic procedures such as deburring, sanding, and polishing are made possible through force and torque sensors.

When inserting a component in a clamp on a CNC machine, a force sensor in device maintenance can assist a robot in locating tool halts. Force sensing is also useful in the inspection process, packing, and assembly line applications. With the push toward Industry 4.0 advancements, the integration of mechanics, robotics, and control systems on the production floor has become prevalent for optimizing productivity, efficiency, and cost.
Force Sensor Market Segment Analysis:
By End-Use Industry, the automotive segment is expected to grow at a CAGR of 3.8% in the forecast period. Rising automobile sales and vehicle manufacturers throughout the world are likely to provide growth prospects for the force sensors industry. As per the OICA automotive sales in China hit 21.5 million units in 2022. In 2022, around 67.5 million passenger automobiles were produced globally. In the realm of R&D and entertainment systems, the car industry offers several new potentials for force sensors. The automobile sector has emerged as an incredible source of demand for compression tension sensors in recent years.Automobile sensor companies e.g. Bosch, and Infineon Technologies are investing in more technologically sophisticated, safer, and secure sensor-based solutions for a variety of vehicle applications. Furthermore, increased safety standards and the fast adoption of advanced operator assistance systems, which notify the vehicle operator based on a variety of criteria, are anticipated to drive the demand for force sensors throughout the forecast period.

However, the COVID-19 pandemic has had an impact on the automobile sector, since China is a key source of raw materials and completed components. The sector is dealing with a drop in output, a disturbance in the supply chain, and pricing changes. Leading electronic businesses' revenues witnessed a significant drop throughout the pandemic however the electronic manufacturing sector is expected to recover its pre-pandemic potential during the forecast period.
Regional Insights:
North America (especially the US) is anticipated to hold a significant portion of the global market at the end of the forecast period and the United States is more important in producing demand from the area than Canada owing to the high adoption of digitization in different sectors, e.g. healthcare and defense, due to the rising need to enhance the quality of service and the growth in military and defense expenditure.

Over the last decade, the region has had the biggest international healthcare expenditure. In the previous three decades, the United States has seen an increase in the amount of medical spending in overall government expenditures, rising from 11.5 % in 1990 to 24 % in 2022. However, it is anticipated that the digital revolution would save over USD 295 billion in medical costs, notably in the domain of long-term illness treatment. Health monitoring systems (HMS) have sparked considerable attention in recent years due to their vast applications in preventative medicine. Flexible force sensors with great versatility and durability may monitor crucial health indicators and detect bodily motions as an integral consideration of HMS.

Moreover, cellphones are an important component of consumer electronics that use force sensors to provide genuine edge-to-edge portable displays. The United States has one of the leading mobile phone marketplaces, with one of the strongest mobile phone penetration percentages. The Consumer Technology Association reports that the value of smartphone sales in the nation climbed to USD 77.3 billion in 2022.

The objective of the report is to present a comprehensive analysis of the Force Sensor market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Force Sensor market dynamics, and structure by analyzing the market segments and projecting the Force Sensor market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Force Sensor market make the report investor’s guide.
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Force Sensor Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 2.36 Bn.


Forecast Period 2023 to 2029 CAGR:
4.7%
Market Size in 2029:
US $ 3.26 Bn.


 Segments Covered:
by Type
Tension Force Sensors
Compression Force Sensors
Tension and Compression Force Sensors


by End-Use Industry
Healthcare
Industrial Manufacturing
Automotive
Aerospace and Defense
Consumer Electronics
Other


by Operation
Analog
Digital


by Technology
Strain Gauge
Load Cell
Force Sensitive Resistors
Others



Force Sensor Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)
Key Players are:
1.Alps Electric Co. Ltd
2.Synaptics Inc.
3.Interlink Electronics Inc.
4.Pressure Profile Systems Inc.
5.Uneo Inc.
6.Futek Advanced Sensor Technology Inc.
7.Tekscan Inc.
8.Hottinger Baldwin Messtechnik (HBM) GmbH
9.Kavlico Corporation
10.Flintec Group AB
11.Tecsis GmbH
12.Shenzhen New Degree Technology Co. Ltd
13.Sensel Inc.
14.Tangio Printed Electronics
15.NextInput Inc.

FAQs:

1. Which is the potential market for the Force Sensor in terms of the region?
Ans. The USA is the potential market for the Force Sensor in terms of the region.

2. What are the opportunities for new market entrants?
Ans. Increasing industrial automation is expected to be the key opportunity for market growth.

3. What is expected to drive the growth of the Force Sensor market in the forecast period?
Ans. The versatile applications associated with force sensors are expected to be a major driver of market growth.

4. What is the projected market size & growth rate of the Force Sensor Market?
Ans. Force Sensor Market size was valued at US$ 2.36 Bn. in 2022 and the total Force Sensor revenue is expected to grow by 4.7% from 2023 to 2029, reaching nearly US$ 3.26 Bn.

5. What segments are covered in the Force Sensor Market report?
Ans. The segments covered are Type, End-Use Industry, and Region.