Force Sensor Market
Force Sensor Market (Measurement Type - Tension Force, Compression Force, Both; End Use Industry - Oil and Gas, Automotive, Medical, Industrial, Aerospace and Defense) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018-2026
Press Release :
Global Force Sensor Market - Snapshot
The force sensor market is going through a diverse phase in different regions of the world. North America and Europe are mature regions of the market due to the presence of better healthcare facilities and industrial sectors. On the other hand, developing countries in Asia Pacific and Middle East & Africa that are undergoing modernization and adopting industrial automation to upgrade medical facilities and industrial processes and are seeing an increase in demand for force sensors, are driving the global force sensor market. The force sensor market is projected to expand at a CAGR of 4.2% during the forecast period and reach US$ 2,099.7Mn by 2026.
Increasing demand for force sensors in the healthcare sector is expected to propel the force sensor market during the forecast period. Force sensors help to bring a new level of functionality and reliability to medical devices. The sensor provides quantitative data that enhances the medical tool's capabilities. This data allows surgeons and doctors to eliminate guesswork, improve patient outcomes, and increase consistency. Force sensors can also be integrated into wearable drug-infusion or insulin pumps to detect early signs of occlusion and pump malfunction. The sensor can then help trigger a potentially life-saving alarm that there is a serious problem. Hence, rapid introduction and adoption of force sensor technology in the healthcare sector is expected to boost the force sensor market during the forecast period.
However, the force sensor market faces serious challenges from the slow demand for analog load cells across different industries. Analog load cells are connected to a junction box which is connected to a digital indicator. Analog load cell signals are weaker than digital signals. Also, these signals are susceptible to radio frequencies. Strain gauge signals begin with analog electrical voltages; but in this type of cell they are automatically converted to digital signals. In general, these signals use between two to six volts of energy, meaning the digital signal is quite stronger than analog. Thus, digital devices have more potential compared to analog ones and are thus expected to inhibit the growth of the force sensor market.
Oil & gas sector is expected to be the most preferred end-user, using thousands of force sensors across the world. Automotive is the most important end user industry for force sensors followed by the machinery, and pharmaceutical & biotech industries. Investments will continue in all three industries, but TMR expects to see especially strong investments in automotive during the forecast period. Load cells are used in various applications ranging from component of a simple weighing machine to complex applications such as testing aircraft design and components. Huge demand for force sensors across healthcare, industrial, aerospace, and automotive sectors is expected to propel the market during the forecast period.
Attracted by this expanding market and underlying latent demand, several players are expanding their business through new product development and strategic mergers and acquisitions and partnerships with several industries. In 2017, HITEC Sensor Developments was formed by the merger of Hitec Sensor Solutions and Sensor Developments. The new company will offer a wide range of custom sensor solutions and services for load, force, pressure, torque strain, motion and temperature testing, as well as both in-house and on-site strain gaging and data acquisition and strain gage bonding. Some of the prominent players as identified in the force sensor market include Flintec Group AB, Dytran Instruments, Inc., HITEC Sensor Developments, Inc., Kistler Group, Honeywell International Inc., Futek Advanced Sensor Technologies, TE Connectivity, Tekscan, Inc., Sherborne Sensors Inc, Lorenz Messtechnik GmbH and ME-Meßsysteme GmbH. Companies are focusing on expanding their business through strategic acquisitions and partnerships with several end-use industries.
Innovations in Medical Devices to Trigger Growth of the Force Sensor Market
The global force sensor market is projected to rise significantly over the forecast period, the. Force sensors, also identified as force transducers, are electronic devices that produce electrical output signals from mechanical forces. In an electric circuit, it functions as a force sensing resistor. It comes with a wide range of advantages, including durability and ultra-thin sensor design, which results in minimal intervention during the device's regular operation and exact response. A wide range of force sensors is available on the market, depending on the working and sensing process.
Manufacturing developments, innovation of medical devices using force sensing technology, augmented demand for industrial robots, growing demand for products, low cost of production, and technological developments are predicted to drive market growth. Volatility in demand across multiple end user sectors, on the other hand, is restricting growth of the global force sensor market, as are underdeveloped aftermarket distribution channels.
Extensive Use of these Sensors in Automation and Measurement Systems to Spur Demand
Sensors have become an important component of every automation and measurement system. The global sensor market is likely to observe an increase in robustness, communication capacity, performance, response time, sensor accuracy, and reliability. These characteristics are likely to driving up the demand for sensors in a wide range of applications. In the coming years, significant innovations in key industries such as manufacturing, aerospace & defence, robotics, and medical and pharmaceuticals are expected to boost the global force sensor market. Transportation equipment, manufacturing tools, and microelectronic packaging all make use of force sensors. Such extensive use of the sensor is likely to open up plethora of opportunities for the global force sensor market in the forthcoming years. Force sensors also find use in a wireless inventory management system to avoid inventory stock-out problems and optimize order scheduling.
Thanks to increasing technological developments and its growing acceptance amongst various end-user applications, North America is likely to come up as one of the leading territories in the global force sensor market.
Global Force Sensor Market - Overview
This comprehensive report by Transparency Market Research analyzes the force sensor market at the global and regional level. The report provides analysis for the period 2016–2026, where2017 is considered to be the base year and 2018 to 2026 is the forecast period. An in-depth and unbiased market assessment has been made to offer readers in-depth and accurate analysis. The report analyzes all the major trends likely to influence the growth of the global force sensor market from 2018 to 2026. It also analyzes drivers, restraints, and opportunities in the market. The study provides a perspective of the force sensor market in terms of value and volume (US$ Mn and Units) across five regions: Asia Pacific, South America, North America, Middle East & Africa, and Europe.
The report includes a detailed value chain analysis, which is focused on providing a widespread view of the global force sensor market. The value chain analysis section includes a list of active market participants, marketing channel analysis, and market positioning. The report also includes force sensor manufacturing cost analysis, which includes raw material analysis, cost structure analysis, and manufacturing process analysis. Porter’s Five Forces analysis is also provided in the report to understand the competitive scenario in the market. The study incorporates market attractiveness analysis, wherein the measurement type, and end user industry segments are benchmarked based on size, growth rate, and attractiveness. The report also includes attractiveness analysis for each region in order to provide the overall competitive scenario in the force sensor market.
The overview section in the report analyzes the market trends and dynamics that include drivers, restraints, and opportunities for the current and future force sensor market. A market outlook analysis has also been provided in the report. Additionally, the report offers analysis of business strategies adopted by the key players in the force sensor market. The introduction chapter provides a snapshot of different trends and services related to force sensors.
Global Force Sensor Market: Scope of the Report
In terms of measurement type, the global force sensor market has been segmented into tension force, compression force, and both. Based on end use industry, the global market has been divided into oil & gas, automotive, medical, industrial, and aerospace & defense sector. The report provides region-wise breakdown of the force sensor market and categorizes it at various levels, thereby providing valuable insights at micro and macro levels.
The report also highlights the competitive scenario in the global force sensor market, ranking the major players according to key developments and geographic presence. The insights for the global market are the result of extensive primary interviews, secondary research, and in-house expert panel reviews. These market estimates have been analyzed by considering the impact of different economic, political, social, legal, and technological factors.
In terms of country, North America has been classified into the U.S., Canada, and Rest of North America. Europe has been analyzed for Germany, France, the U.K. and Rest of Europe. Asia Pacific has also been segmented into China, Japan, India, Australia, and Rest of Asia Pacific. Middle East &Africa covers GCC, South Africa, and Rest of Middle East &Africa. South America comprises Brazil and Rest of South America. This report provides all the strategic information required to understand the force sensor market along with its measurement type, and end user industry. Additionally, the report provides insights related to the components and different applications for the regions mentioned above.
Global Force Sensor Market: Research Methodology
The research methodology is a combination of primary research, secondary research, and expert panel reviews. Secondary sources include annual reports, company websites, SEC filings and investor presentations, national government documents, internal and external proprietary databases, statistical databases, relevant patent and regulatory databases, market reports, government publications, and statistical databases.
Primary research involves telephonic interviews, e-mail interactions, and face-to-face interviews for detailed and unbiased reviews on the force sensor market, across regions. Primary interviews are usually conducted on an ongoing basis with industry experts and participants in order to get latest market insights and validate the existing data and analysis. Primary interviews offer new and fresh information on important factors such as market trends, market size, competitive landscape, and growth trends. These factors help to validate and strengthen secondary research findings. Moreover, the data collected and analyzed from secondary and primary research is discussed and examined by our expert panel.
Global Force Sensor Market: Competitive Dynamics
The research study includes profiles of leading companies operating in the global force sensor market. Market players have been profiled in terms of attributes such as company overview, financial overview, SWOT analysis, business strategies, and recent developments. Key players in the global force sensor market are Dytran Instruments Incorporated, Flintec, Inc., Hitec Sensor Developments Inc., Honeywell International, Inc., Futek Advanced Sensor Technologies, Kistler Group, TE Connectivity, Tekscan, Inc., Lorenz Messtechnik GmbH, ME-Meßsysteme GmbH, and Sherborne Sensors, among others. These companies focus on expanding business through strategic acquisitions and partnerships with several end use industries.
The global force sensor market has been segmented as follows:
Global Force Sensor Market
By Measurement Type
- Tension Force
- Compression Force
By End-use Industry
- Oil & Gas
- Aerospace & Defense
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East &Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America