(MENAFN- GetNews) Force Sensor Market, By Type (Piezo Electric Force Sensor, Piezo Resistive Force Sensor, Capacitive Force Sensor, Optical Force Sensor, Magnetic Force Sensor), By Application (Process Monitoring, Control Monitoring), By Vertical - Forecast 2023
Market Highlights
The Force sensor market is growing rapidly over 6% of CAGR and is expected to reach at approx. USD 2.95 Billion by the end of forecast period.
In this rapidly changing world of technology, force sensor market is projected to show major growth prospects during the forecast period. Major factor driving the force sensor market is the rising fuel efficiency standards and increasing demand of sensors per vehicle. Growing demand from automotive sector is one major factor driving the growth of force sensor market.
The global force sensor market, by geography, has been segmented into North America, Europe, Asia Pacific and Rest of the World. As compared to other regions, the force sensor market in North America is expected to witness significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of force sensor market. This is owing to the presence of large number of established key players like TE Connectivity, General Electric and Honeywell International in that region. In addition to this, the region also has a well-established infrastructure which allows higher penetration of devices and ultimately provides better connectivity. Increasing demand for force sensors in medical segment is expected to be one major factor for the growth of force sensor market.
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Regional Analysis:
It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in Force Sensor market in North America is attributed to technical advancements and increasing demand for force sensors in automotive, manufacturing and healthcare sectors among others in that region.
Segmentation:
The force sensor market has been segmented on the basis of type, application and vertical. The vertical segment is bifurcated into aerospace & defense, manufacturing, medical & pharmaceuticals, agriculture, printing & packaging, industrial, automotive and others. Out of which automotive segment holds the largest market share of force sensor market during the forecast period. This is owing to the increasing demand for sensors per vehicle. Rising fuel efficiency standards is another factor responsible for fueling the growth of force sensor market.
Major Key players
- TE Connectivity Ltd. (Switzerland)
- Freescale Semiconductor Inc. (U.S.)
- ATI Industrial Automation Inc. (U.S.)
- General Electric (U.S.)
- Innovative Sensor Technology IST AG (Germany)
- Tekscan Inc. (U.S.)
- Sensata Technologies Inc. (U.S.)
- Spectris PLC (U.K.)
- Honeywell International Inc. (U.S)
- Infineon Technologies AG (Germany)
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