Global Force Sensor Market - Segmented by Type (Piezoresistive, Ultrasonic, Capacitive), Application, and Region - Growth, Trends and Forecasts (2018 - 2023)
The force sensor market was worth USD 2.124 billion in 2017 and is projected to grow to USD 3.05 billion by 2023, at a CAGR of 6.22% over the forecast period, 2018-2023. The scope of the report is limited to solutions offered by major players, including providers of different kinds of force sensors. The study also emphasizes on how a surging demand in the automotive sector is affecting the market.
Force sensors are devices that convert external force into digital signals, thus, assisting the parent system to detect, measure and monitor the magnitude, as well as direction of the applied force. The market is observing a lucrative growth, owing to falling sensor and platform prices, widening applications of sensors and heavy R&D investment. These sensors have improved the monitoring and management of networked embedded systems. Moreover, the adoption of automation has transformed the force sensor market landscape, as these sensors have become critical to all automated equipment, offering accuracy and precision in all operations. Also, OEMs have adopted thin-film piezo-resistive flexible force sensors, owing to their flexible capabilities and ease to integrate into a myriad of designs, further driving the force sensors market.
Innovation and Development in the Consumer Electronics Sector to Drive the Market
Touch interaction with consumer electronic devices has become more pervasive in the recent years, driving the technologies that enhance and enable intuitive human-machine interactions. Since the mobile era, touch screens have been at the core of the user interface for electronic devices. However, as the technology behind touch interfaces begins to saturate, companies have begun to look beyond touch interactions for future user interfaces. This has allowed designers to seamlessly integrate force sensors into new designs, as well as the next generation of user experience for appliances. Using force sensors has enabled even the most basic implementation a switch to be engendered with multi-functionality.
Automotive to Have Highest Market Share
There has been increasing innovation in cars, like electric cars, driverless cars, and IoT implementations, which provides ample scope for incorporation of force sensors as part of regulation, compliance/safety issues. Load cells are used in a variety of applications for pedal force measurement, vehicle performance testing, component and systems monitoring, and crash test analysis. Moreover, other automotive applications, such as in heavy vehicles to track the force experienced by parts of the automotive vehicles, such as axle beams to avoid fatigue failure, are expected to drive the market.
North America to Have the Highest Share
The rapid growth in the sale of force sensors in the United States is majorly driven by automotive end-markets, partially due to huge product obsolescence in the occupant weight sensing applications. Due to this, new business opportunities have emerged in the market. The market in the region is also driven by increasing awareness toward fuel economy and upcoming emission requirements, for instance, the Corporate Average Fuel Economy (CAFE) requirements in the United States. Moreover, in Canada, low cost, compact size, eco-friendly nature, and bulk manufacturing capability are the key drivers. Also, increased R&D in the sensor industry is creating opportunities for technological advancements that are opening new horizons for sensor applications in the country.
Key Developments in the Market