The “Global Force Sensor Market, by Technology (Capacitive Force Sensor, Piezo-resistive Force Sensor, Piezo-electric Force Sensor, Magneto-elastic Force Sensor, and Others), and by Application (Monitoring & Control, and Testing & Measurement), by Vertical (Automotive, Medical & Healthcare, Consumer Electronics, Clothing & Textile, Food & Beverage, Manufacturing, Aerospace & Defense, Oil & Gas, Construction, Agriculture, and Others) and by Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Forecast to 2027”, is expected to be valued at US$ 15,707.6 million by 2027, witnessing a CAGR of 7.1% during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Magneto-elastic force sensors are magnetostrictive, wherein a strain developed in the material is subjected to magnetic field. Magneto-elastic sensors are similar to thick-film strips made from amorphous ferromagnetic alloys. Magneto-elastic vibrations in a magneto-elastic sensor take place when the applied magnetic field is time changing constantly, causing the field-generated strain to vary with time, thus producing a longitudinal elastic wave. Magneto-elastic force sensors are utilized for applications across various industries including manufacturing, automotive and construction.
Optical force sensor uses photodiode to measure the amount of light reflected, originally emitted by the light source. The acting force can be accurately reconstructed by comparing the active value of photodiodes. Moreover, applications optical force sensors include welding, polishing, robotic assembly, grinding, and finishing operations.
The global force sensor market is estimated to account for US$ 8,929.4 Mn in terms of value by the end of 2019
Growing industrial automation and significant shift in manufacturing background is expected to drive growth of the global force sensor market during the forecast period
Force sensors are majorly used in static and dynamics forces across various industrial automation processes. For instance, force sensors are used in assembly of two parts with a sequence of static and dynamic programmable force fields. Furthermore, automation in business across global industrial landscape is expected to boost manufacturing efficiency in a relatively lesser time. Manufacturers around the world are focused on transforming existing facilities from single/partial automated cells to fully automated and integrated facilities to boost productivity, speed and quality. This, in turn, is expected to drive the global force sensor market growth over the forecast period. For instance, in April 2015, ABB, a Switzerland-based technology company, acquired B&R, an Austria-based technology company, in order to cater to growing demand for industrial automation solutions.
Growing adoption of force sensors in wearable and consumer goods is expected to pose lucrative growth opportunity for market players in the near future
Force sensors are being widely used in wearable and consumer goods. Force sensors can recognize the location and pressure of external stimuli. Hence, they find applications in humanoid robots, flexible displays, and wearable devices. Moreover, it has been used in healthcare and medical sector in pulse-monitoring wearable devices, which in turn, is expected to provide significant growth opportunities for market players over the forecast period.
Competitive price offered by global market players is expected to restrain growth of the global force sensor market over the forecast period
Manufacturers in the market are focused on offering services at competitive prices, in order to enhance their market presence. Various new entrants are offering products at very low prices that might not have similar quality as that of products offered by global players. Consumers in emerging economies are preferring these low priced products, thereby inhibiting revenue share of global market. Thus, price competitive market is expected to hamper the market growth in the near future.
Western Europe holds significant position in the global semiconductor market, with France and Germany having the highest semiconductor fabrication capacities among all countries in Western Europe. Germany hosts the most number of manufacturing companies in electronic and electrical components. Increasing dependency on sensor technologies for production-based processes, in automotive and innovative medical technologies, force sensors are expected to high demand in the region. Furthermore, automobile companies in Western Europe are focused on investments in in-car electronics, in order to provide consumers with advanced features such as infotainment and connectivity, safety, and driving efficiency. According to German Trade and Invest (GATI), in 2015 automobile manufacturers in Germany manufactured over 15 million vehicles, which is equivalent to over 19% of the total global production of vehicles. According to Coherent Market Insights’ analysis, OEMs in Germany are responsible for one third of the international automotive R&D investments accounting for US$ 21.3 billion in 2014.
Japan is one of the leading countries in the world with heavy investments in R&D of semiconductor devices and equipment. From July 2017, Japan is a participant in the WTO Information Technology Agreement (WTO ITA) and is expected to eliminate tariffs on all products under the WTO ITA. Moreover According to the Japan Electronics and Information Technology Industries Association (JEITA), in 2015, the Japan electronics industry was expected to increase its domestic production for the second year in a row, after a fall in production since 2011 due to earthquake. Moreover, in December 2015, Japan and India signed a joint statement, in order to promote FDI from India for development of Internet of Things (IoT) ecosystem in Japan.
Key companies operating in the global force sensor market are Sensata Technologies Inc., TE Connectivity Ltd., Tekscan Inc., Freescale Semiconductor Inc., General Electric, Innovative Sensor Technology IST AG, and ATI Industrial Automation Inc.
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.