Market Synopsis
The data experts at Market Research Future Reports have carried out a thorough research on the global force sensor market is projected to value approximately USD 2.95 billion, growing at a CAGR of 6% during the assessment period from 2017 to 2023. The growing adoption of force sensors in the automotive sector is anticipated to be an important element driving the worldwide force sensor market 2023.
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There has been an immense rise in the demand from several sectors such as automotive, retail, consumer electronics, medical, and retail, which is driving investment from various established giants. Besides, the increasing standards of fuel efficiency is projected to be another significant market strengthening the market. Moreover, the increasing demand for sensors per vehicle is further likely to fuel the market size. In addition, along with being ultra-thing, they are also highly durable, which increases their demand, and augments the market size.
However, the market dynamics are estimated to be affected significantly due to the outbreak of COVID-19. The daily operations in various regions were put to a halt which immensely affected the manufacturing cycle of the product. We will provide COVID-19 impact analysis report.
Market Segmentation
The worldwide force sensor market can be classified on the basis of technology, application, vertical, and region.
On the basis of technology, the worldwide Force Sensor market can be classified into Optical Force Sensor, Load Cell Sensor, Fiber Optic, Semiconductor Strain Gauges, Opto Mechanical, Metal Strain Gauges, Hall Effect & Magneto Resistance, Tracking of Optical Markers, and Photo Elasticity.
On the basis of application, the worldwide force sensor market can be classified into Traffic Engineering, Measuring Equipment, Process Monitoring, Control Monitoring, Biomedical, and others.
On the basis of vertical, the worldwide force sensor market can be classified into Aerospace & Defense, Automotive, Manufacturing, Industrial, Medical & Pharmaceuticals, Printing & Packaging, and Agriculture.
On the basis of region, the worldwide force sensor market can be classified into North America, Europe, Asia Pacific and Rest of the World.
Regional Analysis
A thorough evaluation of North America, Europe, Asia Pacific and Rest of the World (RoW) has been performed. As per the evaluation, North America is anticipated to be the largest market shareholder. The second and third position is attained by Europe and Asia Pacific region, respectively. The U.S. and Canada are estimated to make the most significant contribution during the review period. The region has been experiencing a rise in the usage of cloud computing which is estimated to make a considerable contribution in expanding the market. Besides, the region consists of a developed infrastructure which facilitates a smooth penetration of advanced technologies. Moreover, the increasing usage of IoT is projected to be another crucial factor affecting the growth of the market. On the other hand, the APAC region is anticipated to grow owing to the presence of developing countries like India, China, and Japan. Besides, the presence of renowned players in the region is predicted to play a crucial role in actuating the market.
However, the market mechanism has been affected significantly because of the outbreak of coronavirus. Several regions halted their daily operations owing to the observation of worldwide lockdown. The lockdown severely impacted production and sales.
Key Players
The established market competitors of the global force sensor market are Infineon Technologies AG (Germany), T.E.Connectivity Ltd. (Switzerland), ATI Industrial Automation Inc. (U.S.), Innovative Sensor Technology IST AG (Germany), General Electric (U.S.), Freescale Semiconductor Inc. (U.S.), Tekscan Inc. (U.S.), Spectris PLC (U.K.), Sensata Technologies Inc. (U.S.), Honeywell International Inc. (U.S), and a few others.
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