VALLEY COTTAGE, N.Y. – Continuous adoption of force sensors as human-machine interface is projected to pave new business opportunities for force sensor manufacturers among various industries such as music & entertainment. In addition, surging implementation of various ICT technologies in healthcare, and rising necessity to improve quality of healthcare services are further expected to offer growth opportunities to developers of force sensing technology. Future Market insights (FMI), in its report, projects the global market to grow at 7.1% CAGR during the forecast period 2017 to 2027. In terms of revenues, the market will reach nearly US$ 8,000 Mn in 2017, by 2027, global revenues will reach US$ 16,000 Mn.
Piezo-resistive Force Sensor Technology will Remain Preferred in the Market
Although piezo-resistive force sensor technology will remain preferred in the global force sensor market, it is expected to witness a decline in its market share by 2027. Revenues from this segment will surpass US$ 5,000 Mn by 2027-end. Further, piezoelectric force sensor technology is estimated to exhibit fastest growth during the forecast period, followed by capacitive force sensor technology.
Demand for force sensors will remain highest from automotive vertical, and is expected to surpass US$ 4,000 Mn by 2027-end. Further, manufacturing vertical will witness fastest growth in demand for force sensors during the forecast period. Manufacturing is further estimated to be the second largest vertical in the market by 2027, followed by medical & healthcare vertical.
Monitoring & Control Application to Remain Most Attractive
Monitoring & control application of force sensors will retain its attractiveness in the market, and is expected to surpass US$ 12,000 Mn in revenues by 2027-end. However, testing and measurement application of force sensors is projected to register a comparatively higher CAGR throughout the forecast period.
On the basis of region, Asia Pacific Excluding Japan (APEJ) is estimated to be the most lucrative market for force sensors, followed by North America. Revenues generated by APEJ force sensor market are expected to reach nearly US$ 5,000 Mn by the end of 2027. Further, Latin America is anticipated to be the fastest growing market for force sensors, followed by Middle East & Africa (MEA) and Western Europe. Latin America force sensor market is projected to register 10.7% CAGR through 2027.
Surging Adoption of IoT to Drive Growth
Utilisation of force sensors to measure change in physical parameters describes performance capabilities and functionality of Internet of Things (IoT) applications. Business automation across global industrial landscape is expected to boost efficiency of manufacturing sector in relatively lesser time. These automation processes make use of force sensors for measurement of static and dynamic forces. In addition, manufacturers are focusing on transforming existing partial automated facilities into completely automated & integrated facility in order to boost quality, speed and productivity. These factors are fuelling growth of the global force sensors market.
Sensors form vital components of various automotive electronic control systems. Demand for sensors per vehicle is witnessing a rise owing to altering government regulation on emission monitoring & braking systems. This is increasing focus of passenger car manufacturers in providing an enhanced user experience, which in turn, is expected to fuel global demand for force sensors during the forecast period.
Every industry follows a diversified regulatory and endpoint compliance requirements, and technology assessment processes, with aim to offer commercial force sensing solutions. However, this is a lengthy process and requires long period of time for approval. This is expected to be a major factor impeding growth of the market. In addition, growing number of counterfeit semiconductor components is further expected to be a threat to growth of the global force sensor market during the forecast period.
Key players identified in FMI’s report include TE Connectivity Ltd., Freescale Semiconductor Inc., ATI Industrial Automation Inc., General Electric, Innovative Sensor Technology IST AG, Tekscan Inc., Sensata Technologies Inc.