(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Oct 14, 2021, 08:30 /Comserve / -- Force Sensors Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The force sensors market was valued at USD 2,109.7 million in 2019, and it is expected to reach a value of USD 2,714.8 million by 2025, registering a CAGR of 4.68% over the forecast period. Force sensors have become key features in industrial robots, by enabling them to be task agnostic and safely operate alongside humans. These sensors have improved the monitoring and managing of networked embedded systems. The adoption of automation has transformed the global landscape, as these sensors have become critical to all automated equipment, offering accuracy and precision in all operations.
- Force sensing makes surfaces more intuitive to use, and the displays enable user experience designers to simplify and improve the control surface layouts on many appliances. This has allowed designers to seamlessly integrate force sensors into new designs, by exploring a new generation of user interfaces for appliances.
- Often, force sensors are also installed to track the force experienced by vehicle parts, such as axle beams and dampers, to avoid fatigue failure, especially in heavy automotive vehicles, such as construction trucks and mining vehicles, as overloading or unexpected stress levels may lead to higher maintenance costs.
- Furthermore, the increasing safety regulations and rapidly rising adoption of advanced driver assistance systems (ADAS), which alert drivers based on several parameters, are expected to drive the demand for force sensors over the forecast period.
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Key Market Trends
Automotive Sector is Expected to Register a Significant Growth
- The rising automotive sales and increasing production of vehicles across the world are expected to create opportunities. According to the OICA (Organisation Internationale des Constructeurs Automobiles), the sales of automobiles in China, in 2019, reached to 21.4 million units. In 2019, around 67 million passenger cars were produced worldwide.
- The automotive industry has many new opportunities for force sensors in the field of R & D and infotainment systems. In recent years, the automotive industry has emerged as an excellent source of demand for touchscreen units.
- Prominent automotive sensor manufacturers, such as Bosch, Denso, and Infineon Technologies, are focusing their investment on technologically advanced, safer, and more secure sensor-based products for various automotive applications.
- Moreover, the increasing safety regulations and rapidly rising adoption of advanced driver assistance systems (ADAS), which alert the driver-based on several parameters, are expected to drive the demand for force sensors over the forecast period.
- However, the automotive industry has witnessed faced impact by the COVID-19 outbreak, as China is one of the major suppliers of raw materials and finished products. The industry is in the midst of facing a reduction in production, disruption in the supply chain, and price fluctuations. The sales of prominent electronic companies are expected to be affected in the near future.
North America is Expected to Hold a Major Market Share
- North America holds a prominent share of the global market, and the US plays a more crucial role in generating demand from the region when compared to Canada. Over the forecast period, the US is expected to dominate the market, owing to the high implementation of digitization in various sectors, such as healthcare and defense, due to the increasing necessity to improve the quality of services and the rise in the military and defense expenditure.
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- The region recorded the highest healthcare expenditure, globally, over the past few years. The US witnessed an increasing share of healthcare spending in the total government expenditures in the last three decades, i.e., from 11.9% in 1990 to 24.1% in 2018. However, due to the digital revolution, it can be estimated that over USD 300 billion in healthcare expenses can be saved, specifically, in the field of chronic disease management.
- Further, smartphones that constitute a significant part of consumer electronics that utilize force sensors to enable true edge-to-edge mobile displays. The United States is one of the largest smartphone markets in the world, with one of the highest smartphone penetration rates worldwide. According to the Consumer Technology Association, the value of smartphone sales in the country increased to USD 77.5 billion in 2019 from USD 33.7 billion in 2012.
- Moreover, R & D initiatives are transforming the automotive industry to respond better to new opportunities. Also, electric vehicles (EV) attained record sales over the past few years, and they are set to sustain the growth in the near future, with business uptake, government support, and consumer demand, as electric mobility continues to be a driving force for the initiatives against global climate change.
The force sensors market is competitive and consists of a few major players, such as Alps Electric Co. Ltd, Synaptics Inc., Interlink Electronics Inc., Pressure Profile Systems Inc., and Uneo Inc. In terms of market share, a few of the major players currently dominate the market. These major players with prominent shares in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market shares and profitability. The companies operating in the market are also acquiring startups working on force sensors to strengthen their product capabilities.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Innovation and Development in the Consumer Electronics Sector
4.3.2 Surging Demand in the Automotive Sector
4.4 Market Restraints
4.4.1 Fluctuating Market Demands and Customization Issues
4.5 Value Chain/Supply Chain Analysis
4.6 Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Assessment of COVID-19 Impact on the Industry
5 MARKET SEGMENTATION
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