Global Force Sensor Market Extends at a Healthy CAGR of 5.3% by 2030

Introduction

A force sensor is a device for estimating the amount of force exerted on an object. Finding the amount of fluctuation in the resistance values of force sensing resistors determines the applied force. The global market for force sensors is predicted to expand significantly over the forecast period. Low production costs, technological advancements, an increase in demand for industrial robots, the development of medical devices using force sensing technology, and industrial sector advancements and innovations all contribute to the expansion of the force sensor market.

Market Dynamics

Increase in Industrial Automation Drives the Global Force Sensor Market

Industry 4.0 enhances production and industrial automation across multiple industry verticals in the modern day. Robotic operations, including deburring, grinding, polishing, and sanding, are enabled using force and torque detecting devices. When inserting a part in a vice on a CNC machine, force sensors in machine tending can assist a robot in locating jig stops. In addition, force sensors aid in various packaging, inspection, and mechanical gathering applications. With the push toward Industry 4.0 patterns, automation, robotics, and control framework have become commonplace on the industrial plant floor for enhancing profitability, performance, and productivity. These are essential variables influencing the growth of the market for force sensors.

Growing Automotive Sector Creates Tremendous Opportunities

Driverless cars are based on data collected and calculated by various sensors, including speed, accelerometers, position, force, and proximity sensors. This information is continuously gathered and analyzed by a centralized control system, which regulates the vehicle's motion, eliminating the need for a driver. Google and Tesla have made significant investments in the research and development of these vehicles, which are currently in the testing phase. These companies' substantial efforts in R&D and manufacturing are expected to raise the market for force sensors.

Regional Analysis

Asia-Pacific is the most significant revenue contributor and is estimated to grow at a CAGR of 6.5% during the forecast period. The region is analyzed across China, Japan, India, South Korea, and the rest of Asia-Pacific. China and Japan, both technologically advanced countries, have a high demand for force sensors. India and other developing countries are anticipated to dominate the industry.

The North American force sensor market is projected to reach USD 815 million by 2030, growing at a CAGR of 3.3% during the forecast period. As a result of technical breakthroughs, high per capita wealth, and the early adoption of automation, North America is the second-largest region. Europe is predicted to have a high growth rate in the force sensors market during the forecast period due to the region's demand for aerospace and military. Technological advances across the region propel the growth of the market.

Key Highlights

• The global force sensor market was worth USD 2,445 million in 2021. It is projected to reach USD 3,890 million by 2030, registering a CAGR of 5.3% during the forecast period (2022-2030).
• Based on operation, the global force sensor market is segmented into analog and digital. The analog segment is the highest contributor to the global force sensor market and is estimated to grow at a CAGR of 4% during the forecast period.
• Based on force type, the global force sensor market is divided into compression and tension, compression, and tension. Compression segment is the highest contributor to the market and is estimated to grow at a CAGR of 4.1% during the forecast period.
• Based on technology, the global force sensor market is fragmented into strain gauges, load cells, force-sensitive resistors (FSRs), and others. The load cell segment is the highest contributor to the market and is estimated to grow at a CAGR of 6.9% during the forecast period.
• Based on end-user, the global force sensor market is segregated into automotive, locomotive, manufacturing, mining, aerospace and defense, construction, healthcare, and others. The automotive segment is the most significant contributor to the global force sensor market and is estimated to grow at a CAGR of 8.7% during the forecast period.
• Asia-Pacific is the most significant revenue contributor and is estimated to grow at a CAGR of 6.5% during the forecast period.

Competitive Players

Competitive Players

The global force sensor market’s major key players are TE Connectivity Ltd., Honeywell International Inc., ATI Industrial Automation, Inc., Tekscan, Inc., Sensata Technologies, Inc., Siemens AG, Vishay Precision Group, ABB Ltd, FUTEK Advanced Sensor Technology, Inc., Hottinger Baldwin Messtechnik (HBM) GmbH.

Recent Developments

Market News

• In June 2022, Global consulting firm Frost & Sullivan recognized ABB's subsea power conversion and distribution system with a Best Practices Award ABB's subsea technology is acknowledged as a unique solution. ABB's subsea system supplies reliable energy, which helps oil and gas operators lower power consumption and decrease carbon emissions.
• In March 2022, ABB technology to automate NatureWorks' new bioplastics plant in Thailand, helping meet the increasing global demand for sustainable materials. The new site is set to produce 75,000 tons of Ingeo™ PLA biopolymer per year – an integrated process from fermentation to polymerization that enhances supply chain reliability. ABB technology will help improve the energy and production efficiency of bioplastic manufacturing, which is expected to grow over 260 percent by 2026

Segmentation

Global Force Sensor Market: Segmentation

By Operation

• Analog
• Digital

By Force Type

• Compression and Tension
• Compression
• Tension

By Technology

• Strain Gauge
• Load Cell
• Force-Sensitive Resistors (FSRs)
• Others

By End-User

• Automotive
• Locomotive
• Manufacturing
• Mining
• Aerospace and Defense
• Construction
• Healthcare
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA