Market Research Future (MRFR) presumes the global force sensor market size to reach USD 2.95 billion at a 6% compound annual growth rate (CAGR) from 2020 to 2027 (forecast period).
Several Factors Contributing to Market Growth
One important reason driving the growth of the force sensor market is the increasing use and utilization of various forms of small and large force sensors in the automotive sector. Furthermore, low manufacturing costs, increased demand for force sensors in robotics, technological and healthcare advancements are becoming driving forces for innovative, developmental, and technological advancements in force sensor design.
Impact of COVID-19 on the Global Market
The overall impact of the COVID-19 outbreak is disrupting numerous industries' production methods. The overall productions of worldwide Force sensor market firms were impacted as a result of the lockdown and temporary shutdown of industries. It also has an impact on the supply chain. The stock market is experiencing uncertainty as a result of the extreme crisis scenario. As a result, there is a significant slowdown in the supply chain.
Lockdowns have resulted in significant income losses in both European and Asian countries. As a result, the Force Sensor Market Growth has been reduced during 2020. The pandemic had a significant influence on the global automotive market by limiting production capacity. As a result, demand for the automobile industry has plummeted. The symptoms include a halt in machinery parts exports as well as large-scale production, which may impede the growth of the Force Sensor market.
The global force sensor market has been segmented into type, application, and vertical.
By type, the global force sensor market has been segmented into Piezo Electric Force Sensor, Piezo Resistive Force Sensor, Capacitive Force Sensor, Optical Force Sensor, Magnetic Force Sensor.
By application, the global force sensor market has been segmented into process monitoring and control monitoring.
By vertical, the global force sensor market has been segmented into manufacturing, packaging and printing, defense and aerospace, industrial, pharmaceuticals and medicals, automotive, agriculture, others.
North America to Dominate the Global Market
The increase in the North American area is mostly driven by Canada and the United States, and it can be linked to the growing demand for cloud computing applications in these countries. Furthermore, this region has a well-established infrastructure that allows for the proper deployment of numerous cutting-edge technologies. Furthermore, the increasing adoption of the internet is a crucial factor that is helping the growth of the force sensor market.
METTLER TOLEDO (US), Spectris (US), Flintec (Sweden), Vishay Precision Group (US), Honeywell (US), Gefran (Germany), Siemens (Germany), TE Connectivity (Switzerland), Senata technologies (US), Kistler (Switzerland), BCM Sensor Technologies. (Belgium), Baumer Group (Switzerland), Tekscan (US), Lorrenz Messtechnik (Germany), Futek Advanced Sensor Technology (US), Taiwan Alpha Electronic (Taiwan), Texas Instruments (US), ABB (Swizterland), Uneo (Taiwan), and Priamus System Technologies (Switzerland) are a few major companies in the force sensor market.