|Status : Upcoming||Report Code : VRSME9036||Industry : Semiconductor & Electronics||Available Format :|
Industry Insights by Technology Type (Piezoelectric, Piezoresistive, Strain Gauge, Capacitive, and Others), by End User (Packaging, Healthcare, Aerospace and Defense, Industrial Manufacturing, Consumer Electronics, Automotive, and Others)
Force sensors witness extensive applicability in devices used for medical purposes and these sensors play a vital role in several other applications such as infusion pump. Moreover, it has been observed that the aggressive growth of medical devices such as infusion pump and insulin pump moves in the same direction and proportion as that of force sensor market. This means that the demand of force sensor is attributed towards the demand obtained for these medical devices across the globe. Furthermore, due to the occurrence of chronic diseases among a large number of people is thus driving the growth of the force sensor market globally at an extensive rate.
Insight by Technology Type
Based upon technology type, the force sensor market is categorized into piezoelectric, piezoresistive, strain gauge, capacitive and others. Among all these segments, strain gauge occupies the largest share in force sensor market, globally. It has been observed that the strain gauges provide enhanced stability to its users for longer time duration along with ensuring a high level of linearity.
Insight by End User
On the basis of the end user, the force sensor market is segmented into packaging, healthcare, aerospace and defense, industrial manufacturing, consumer electronics, automotive and others. Among all these segments, consumer electronics is anticipated to witness the fastest growth during the forecast period due to increasing acceptance of force sensors in consumer electronic devices such as smart watches, smartphone products, and laptops. Moreover, force sensors provide extensive applicability in home appliances such as laundry, kitchen and heating controllers.
The low cost of manufacturing, increasing improvements and advancements of medical devices and increasing demand for robotics are some of the factors that are pertaining to the growth of the force sensor market globally. Low cost of manufacturing makes it easy for the target customers to use the device and improve their expectancy rate. Furthermore, due to a positive relation between the demand of medical devices and force sensor technology is further providing immense opportunities for force sensor market to grow extensively across the globe.
The underdeveloped after-market service and volatility in the demand of the force sensors are the key hurdles observed by force sensor market players, globally. The after-market service for the force sensors needs to be channelized through proper marketing strategies that can help key players in improving their corporate image.
Globally industry players are leveraging market growth through the development of innovative solutions and by providing advanced solutions to users with improved performance that can help them performing efficient business operations. Furthermore, key players are undertaking research and development activities in order to enhance its offering and expand its consumer base.
Geographically, Europe holds the largest share in the force sensor market since the positioning of large automobile companies is well versed in this region. Moreover, extensive industrialization and urbanization and widespread application of force sensor in the utility sector are the key factors that are driving the growth of the force sensor market in this region.
Moreover, the force sensor market in Asia-Pacific is anticipated to witness significant growth during the forecast period because of the expansion in medical infrastructure in this region and increasing urbanization. Furthermore, there are several initiatives undertaken by the government authorities such as policy for industrial safety that is bolstering the growth of the force sensor market exponentially.
Key players in the force sensor market are strengthening their position in the market by improving the quality of their prevailing offerings and developing latest technologies. Moreover, it has been observed that local players are depending upon new technology to develop cost efficiencies, thus increasing the rivalry in the market to some extent. The prominent players in the force sensor market include Honeywell International Inc., Futek Advanced Sensor Technologies, TE Connectivity, Tekscan, Inc., Sherborne Sensors Inc, Measurement & Control Solutions, Infineon Technologies AG and Siemens AG.