Driving the Future: Global Sensors Market Set for Remarkable Growth, Surpassing US$ 88.1 Billion by 2023

Sensors Market
Sensors Market

The size of the worldwide sensors market is expected to rise dramatically between 2023 and 2033, continuing on its current track of fast development. In a recent research analysis, Future Market Insights predicted that the sensors market will grow at an impressive rate, with a predicted Compound Annual Growth Rate (CAGR) of 5.7% over the forecast period, and reach a valuation of US$ 153.0 billion by 2033.

According to the analysis, the sensors industry has significant development potential and is predicted to surpass a worth of US$ 88.1 billion by 2023. The remarkable expansion may be ascribed to the growing need for automation, miniaturisation, and Internet of Things (IoT) gadgets across diverse sectors.The trend of integrating sensors into IoT devices is expected to be a significant driver behind the market’s growth.

One of the key observations in the report is the strategic approach of companies within the sensors market to target emerging economies, such as China, India, Southeast Asia, and Latin America. In order to cater to the unique requirements and preferences of these markets, companies are establishing local production facilities, distribution networks, and sales channels.

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Key Takeaways – Force Sensor Market Study

  • Automotive and medical & healthcare industries would remain key end users of force sensors. These two verticals currently account for a collective market share of nearly 40%.
  • Rising demand for portable medical devices and assist machines for emergency medical treatment is likely to push the adoption of force sensors by healthcare industry at a higher rate.
  • In-house development of paper force sensors for musical applications is expected to create new growth opportunities in force sensor market.
  • The capacitive force sensor will continue to lead the way in force sensor market throughout the projection period.

Medical & Healthcare Industry Turning into a Hub of Opportunity

Growing emphasis on improving the quality of healthcare services offer significant opportunities to force-sensing technology developers. Increasing demand for force sensor in various healthcare applications such as infusion pumps, patient weight monitoring systems, physical therapy, surgical staple guns, and oxygen tank monitoring are expected to create new and lucrative opportunities for manufacturers in the force sensor market. However, long regulatory approval processes and counterfeit semiconductor components are major challenges that may hamper the growth of the force sensor market.

Product Innovation to Remain Key Strategy

Key vendors focusing on force sensor platforms are strategizing to develop and innovate new products related to intelligent force measuring technology in order to achieve full global coverage and offer precise global force measurement services.

  • In September 2019, Haehne GmbH launched intelligent force measuring technology with IO-Link. This IO-Link interface for force tension sensors is used for force measurement 4.0. The IO-Link from HAEHNE is a global data interface with intelligent two-side communication for data transmission among the plant control systems and the force measurement sensors in the field.

Applications of Force Sensor Technology in Musical Industry

The market scenario is expected to change in the foreseeable future after the introduction of advanced and cost-effective force sensors and sensing solutions for the musical industry. Manufacturers are also focusing on offering force sensor products for various applications such as electronic drum triggers, keyboard after touch, foot pedal controllers, programmable mixed arrays, and interactive dance floors. These factors are creating potential growth opportunities for developers and providers of force sensors.

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More About Force Sensor Market Study

In this report, the global force sensor market is tracked in terms of value, and is calibrated to obtain the market revenue estimates across different regions. To understand and evaluate these opportunities in the force sensor market, the market is segmented into four major sections such as product type (load cell, capacitive, piezo-resistive, piezo-electric, others), application (monitoring & control and test & measurement), end user (automotive, medical & healthcare consumer electronics, clothing & textile, food & beverage, manufacturing, aerospace & defence, oil & gas, construction, agriculture, and others), and region.

Force Sensor Market Outlook By Category

By Product Type, Force Sensor Market is segmented as:

  • Load Cell
  • Capacitive
  • Piezo-resistive
  • Piezo-electric
  • Others(Optical)

By Application, Force Sensor Industry is segmented as:

  • Monitoring & Control
  • Test & Measurement

By End-User, Force sensor Industry is segmented as:

  • Automotive
  • Medical & Healthcare
  • Consumer Electronics
  • Clothing & Textile
  • Food & Beverage
  • Manufacturing
  • Aerospace & Defense
  • Oil & Gas
  • Construction
  • Agriculture
  • Others

By Region, Force sensor Sales is segmented as:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific Excluding Japan
  • Japan
  • Middle East & Africa

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Author:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Ronak Shah

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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