Force Sensor Market Research Report- Forecast till 2023
Market Research Future (MRFR), in its latest report on the global force sensor market 2020, states that the increase in the adoption of force sensor by top notch companies, such as TE Connectivity and Honeywell International among other is expected to cause the market to boom in the assessment period. As per MRFR data, the force sensor market is likely to rise at 6% CAGR in the review period 2017 and 2023. By 2023, the force sensor market value can touch about USD 2.95 Billion.
A complete study on the influence of COVID 19 pandemic on the force sensor market is offered with the report. Major tech companies are invested in development of innovations for force sensors, which can boost the expansion of the market in the review period. The increase in demand for force sensor in different industry verticals, such as consumer electronics, retail, automotive, and medical among others can underpin the expansion of the market across the review period. The high adoption of force sensors in the automotive industry can fuel the expansion of the force sensor market in the near future. The growing popularity of Force sensors, along with the rise in their applications in the consumer electronics field, especially in touch interface devices, can boost the expansion of the force sensor market through the analysis period.
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The segment analysis of the Force sensor market is done by type, vertical, and application. The type based segments of the force sensor market are electrochemical force sensor, capacitive force sensor, optical force sensor, magnetic force sensor, piezo-resistive force sensor, strain gauges, ultrasonic force sensor, and load cell sensor. The piezo resistive force sensor type can win high profits for the market in the assessment period.
The vertical based segments of the Force sensor market are manufacturing, aerospace & defense, agriculture, medical & pharmaceuticals, industrial, automotive, printing & packaging, and others. The automotive segment is expected to generate the highest revenue for the global market in the review period. The gradual increase in the demand for sensors per vehicle and fuel efficient cars as per standards are other factors that are responsible to fuel the rise of the force sensor market in the near future, reveals MRFR data.
In North America, the Force sensor market is expected to secure the largest share for the analysis period. The Torque Converter Market in Europe is expected to generate considerable revenue for the global market in the study period. The Torque Converter Market in Asia Pacific is expected to thrive in the years to come. In North America, the Torque Converter Market is likely to be headed by the U.S., following Canada. The rise of the Torque Converter Market in Europe can be attributed to the growing need for cloud computing applications by major companies in the region. In APAC, the Torque Converter Market expansion can be credited to the presence of well-established infrastructure that allows the implementation of advanced technologies. In addition, the increase in the adoption of internet of things enabled solutions can boost the expansion of APAC Torque Converter Market in the years to come.
Sensata Technologies Inc. (U.S.), Freescale Semiconductor Inc. (U.S.), TE Connectivity Ltd. (Switzerland), General Electric (U.S.), Infineon Technologies AG (Germany) ATI Industrial Automation Inc. (U.S.), Innovative Sensor Technology IST AG (Germany), Tekscan Inc. (U.S.), Honeywell International Inc. (U.S), and Spectris PLC (U.K.), among others are some reputed players in the force sensor global market as listed by MRFR.
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Force Sensor Market, By Type (Piezo Electric Force Sensor, Piezo Resistive Force Sensor, Capacitive Force Sensor, Optical Force Sensor, Magnetic Force Sensor), By Application (Process Monitoring, Control Monitoring), By Vertical – Forecast 2023
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