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Venkat Reddy
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Force Sensors Market to Grow at a CAGR of 4.01% During the Forecast Period 2020-2025
Increasing Adoption of Industrial Automation Driving the Growth of Force Sensors Market

Market for Force Sensors, 8/10/2020 - The Market for Force Sensors is forecast to reach $2,426.62 million by 2025, growing at a CAGR of 4.01% from 2020 to 2025. Force Sensors are one type of micromechanical sensors. It is a device that senses any changes in geometry or limits and shows the magnitude of some kind of mechanical force in the form of an electric signal. It is also called a transducer known for the transformation of mechanical energy into electrical energy. Sensing technology will continue to be the foundation for data collection as the need for industrial robotic automation advances that will help transform manufacturing floors into connected, cost-effective, and reliable facilities thereby boosting the market growth rate.

Key Takeaways

APAC region in the force sensors market is expected to consist highest share during the forecast period from 2020-2025. The robotics and automation in the countries such as China, India, and South East Asia is fueling the growth of force sensor.

Industrial segment in the force sensors market is expected to expand at a CAGR of 6.35% in terms of revenue during the forecast period from 2020-2025.

Increasing adoption of industrial automation is analysed to be a key driving factor for the Force Sensors market.

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Geography - Segment Analysis

APAC dominated the Force sensors market in 2019 majorly attributed to the high manufacturing base in China, India, and so on. Despite an upturn in domestic manufacturing, India electronic production in 2018-19 was $70 Billion with respect to global $2.1 Trillion. India’s domestic electronics hardware manufacturing sector faces a problem related to level-playing field against competing nations on account of several disabilities which render the sector uncompetitive which is expected to be better in future. In 2018, China's annual vehicle production accounted for more than 30 percent of the world's vehicle production, which exceeds that of the European Union, or the United States and Japan combined.

Drivers –Force Sensors Market

Increasing industrial automation

Improvement of medical devices with force sensor technology will drive the market.

Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Force Sensors market. Force Sensors market is expected to be dominated by major companies such as Spectris PLC, Honeywell International Inc., TE Connectivity, Sensata Technologies, Infineon Technologies AG, Gefran group, Futek Advanced Sensor Technology Inc., Texas Instruments, Omron Corp., among others.

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