Market Dynamics
Driving Factors
Increase in Industrial Automation
Industry 4.0 improves manufacturing and industrial automation across different industry verticals in the modern era. Force and torque sensing devices empower robotic processes such as deburring, grinding, polishing, and sanding. Force sensors in machine tending can assist a robot with finding jig stops when placing a section in a vice on a CNC machine. Force sensors also help in numerous applications for product packaging, inspection, and mechanical gathering. The use of automation, robotic, and control frameworks on the factory floor has become the norm for boosting profitability, performance, and production with the push toward Industry 4.0 trends. These are some essential factors that will lead to the development of the force sensor market.
Growing Use of Force Sensors in the Automotive Industry
Demand for force sensors has increased over the years and is estimated to increase further during the forecast period. This is expected to benefit automotive manufacturers and boost their market share. Force sensors are critical for motor speed control, steering wheel control console, and brake. In addition, they are deployed for various safety concerns of passengers, such as Advanced Driver Assistance Systems (ADAS) and Manifold Absolute Pressure Sensors (MAPS). They also help deploy airbags, throttle position, weight, and sensing of passengers. In addition, the force sensors market is dominated by automotive applications, holding most of the global force sensors market based on applications.
Restraining Factors
Instability in the Demand from the End-User Industry
Volatility in demand is a significant restraint to the force sensor industry. Demand is not fixed in the end-use sector and is a challenge for its manufacturing plans. In addition, the rejection rate in manufacturing facilities is relatively high due to damage or low sensitivity, which can reduce overall production capacity. Further, the aftermarket sales channel is not fully developed, restricting product growth.
Market Opportunities
Growing Automotive Sector
Autonomous vehicles are based on information gathered and calculated by various sensors, including speed, acceleration, location, force, and proximity sensors. A centralized control system continuously collects and processes this data, controlling the vehicle's motion without needing a driver. Companies like Google and Tesla are investing extensively in the research and development of these vehicles, and the technology is presently undergoing testing. Future market expansion is predicted to be fueled by successful test results. Heavy investments in R&D and production by these companies are anticipated to increase the demand for force sensors. Therefore, the market is assured of witnessing growth during the forecast period.
Regional Analysis
The global force sensor market trends are analyzed across North America, Europe, Asia Pacific, and LAMEA.
Asia-Pacific is the most significant revenue contributor and is estimated to grow at a CAGR of 6.5% during the forecast period. China, Japan, India, South Korea, and the rest of Asia-Pacific make up the region. The technologically proficient nations of China and Japan have a significant need for force sensors. India and other developing countries are anticipated to dominate the industry. However, the other developing nations expect to hamper the Asian-Pacific area's market expansion.
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. North America is the second largest region due to technological advancements, high per capita income, and early introduction to automation. Some prominent players operating in the force sensor market are headquartered in North American countries.
Europe is anticipated to witness a high growth rate in the force sensors market during the forecast period due to its demand for aerospace and defense across the region. Technological advances across the region propel the growth of the market. The need for modernization of water and wastewater, oil and gas, and power infrastructure has been increasing rapidly in Europe, where automation is used to analyze the drilling ground and maintain the drill speed.
Segmental Analysis
The global force sensor market is segmented into operation, force type, technology, and end-user.
By Operation Analysis
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. Increased demand for analog force sensors from automobiles, robotics, and industrial fabrications drives market growth. In the automotive industry, force sensors are vital for motor speed control, steering wheel control console, and brake. In robotics, these sensors are usually placed on a robot's arm before the end-effector. In other industries, these force sensors are integrated with autonomous systems. Analog measures are widely used in the automotive, robotics, and industrial sectors for various reasons, including the fact that technicians are accustomed to working with analog technology and that it is simple to integrate. In addition, several companies have applied digital processes but still use some analog sensors to monitor relevant machine information. Moreover, analog sensors offer more information than binary sensors, which is expected to provide lucrative growth opportunities to the force sensor market in the industrial sector.
The digital segment is the fastest growing segment due to the rising demand for digital force sensors from automotive, manufacturing, and consumer electronics application components to increase accuracy. The latest trend in the market is using digital force sensors in dynamic weighing processes, filling plants, plastic granulate feeding systems, packaging machines, or mixers.
By Force Type Analysis
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. Compression-type force sensors are in high demand in the industrial application sector due to their widespread use in machine construction and plant automation to measure pressing and joining forces and detect weight in various industrial applications. Modern compression type force sensor is built from stainless steel and other high-quality materials, which provide robust, high reliability, and better quality even in complex applications.
The compression and tension segment is the fastest growing in the global force sensor market. The global market is driven by high demand for compression and tension sensors from the industrial and manufacturing sectors due to their testing applications, such as compression and tension measurements. It is the handiest type and easy to integrate into any system. These factors are expected to boost the growth of the force sensors market. Moreover, a surge in the use of compression and tension sensors in automotive tests, miniature and multi-axial force cell types, and supporting electronics are expected to provide lucrative growth opportunities to this segment.
By Technology Analysis
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. Due to the use of load cells in numerous industrial applications for weighing, the manufacturing and industrial application segment is experiencing increasing demand for them, driving the growth of this market. The piezoelectric force sensor is projected to grow faster due to its application in various sectors, such as healthcare, aerospace, consumer electronics, and nuclear instrumentation, creating several opportunities for the key market players. In modern processing plants, load cell force sensors are preferred in most applications.
The force-sensitive resistors segment is the second largest due to the rising demand for FSRs from automotive, robotics, medical, and consumer electronics. In addition, the usage of FSRs in wearable body pressure sensing is the latest trend. However, its application in the healthcare, robotics, and automotive sectors creates various opportunities for the key market players. Force sensors are frequently employed in medical equipment in the healthcare industry, but in robotics, they are typically mounted on a robot's arm right before the end-effector. Additionally, these force sensors are included in other industries' autonomous systems.
By Technology Analysis
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. Car giants like Audi, BMW, and Volkswagen increase their R&D budgets yearly to stay ahead of the competition and make their vehicles more comfortable and automated. Overall, these vehicle manufacturing businesses are expanding the number of sensors employed. Additionally, a high growth rate is anticipated during the projection period due to the rise in demand for vehicle automation, the fierce competition in the automotive industry, the surge in demand for electric vehicles to reduce pollution, and the growing trend of driverless cars.
The locomotive segment is the second largest. The global locomotive industry is increasing the safety standard, and several sensors are used in their wagon to make them more secure. Moreover, the demand for public transport to control pollution and the trend of using automated digital sensors are some factors fueling the demand for sensors in the global locomotive industry.
The third-largest market is aerospace and defense. The increase in demand for sensors in aviation is mainly attributable to the need for sensors in numerous applications that use a variety of sensors, including load pins, flange mount, tail stock/control rod, and pancake sensors. Furthermore, the increase in the number of connected devices is driving the need for a more significant number of satellites to facilitate internet connection systems. These trends ultimately boost product demand in the force sensor market.
Top Key Players
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.
Others
