Asia-Pacific Held Largest Share of Force Sensors Market in 2019: Report

- Advertisement -
- Advertisement -

The analog segment contributed to the highest market share, accounting for more than half of the global force sensor market in 2019

The global force sensor industry generated $2.16 billion in 2019. It is projected to garner $3.30 billion by 2027, witnessing a CAGR of 5.30 per cent from 2020 to 2027.

“Rise in safety regulations and rapid increase in adoption of advanced driver assistance systems (ADAS) drive the global force sensor market. In addition, the growing AI and IoT technology and high demand from APAC region further fuel the growth of the market. However, instability in the demand across various end-user industry hinders the market growth. On the other hand, increase in automotive sales and rise in production of vehicles across the world create new opportunities in the coming years,” read a report by Allied Market Research.

- Advertisement -

Asia-Pacific, followed by North America, to dominate the market

Asia-Pacific, followed by North America held the largest share in terms of revenue in 2019, accounting for nearly half of the global force sensor market, and will maintain its dominance in terms of revenue by 2027. In addition, the region is projected to witness the fastest CAGR of 6.3 per cent during the forecast period.

This is attributed to increase in the technological advancements and rise in the automotive standards in developing countries such as India, China, and Indonesia. Based on technology, the load cell segment accounted for the largest share in 2019, holding nearly one-third of the global force sensor market, and is projected to maintain its lead position during the forecast period.

In addition, the same segment is expected to witness the fastest CAGR of 6.7 per cent from 2020 to 2027. This is attributed to rising demand of load cells type force sensor in manufacturing & industrial application. The analog segment contributed to the highest market share, accounting for more than half of the global force sensor market in 2019, and will continue its leadership status throughout the forecast period.

This is due to high demand of analog force sensors from automobiles, robotics, and industrial fabrications. However, the digital segment is expected to manifest the fastest CAGR of 5.3 per cent from 2020 to 2027, owing to the significant growth of manufacturing, automotive, food & beverages, consumer electronics, & bulk material handling industries in developing economies.

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

“Our Goal is to Offer 1000 To 1500 Varieties, With Volumes Ranging From 10000...

0
During a chat with Nitisha Dubey from EFY, Mohammed Iqbal, CEO of Technomake Electronics Pvt Ltd, talks about PCB assembly and major customer focus...

India, China Grow Amid First Global Cellular IoT Module Shipments Annual Decline

0
Several companies started local manufacturing in India. 4G Cat 1 bis emerged as the fastest-growing segment. Around 12% of the modules shipped in...

“More Chargers Provide Security And Confidence To Customers, Encouraging EV Adoption”

0
With an agenda to transform the EV industry, EarthtronEV has established 250+ charging stations on major highways across India. The company aims to interconnect...

Buzz

TSMC

SmartSoC To Provide Chip Design Services Through TSMC’s Design Alliance

0
SmartSoC solutions will provide chip design services and system-level solutions, making it easier for customers to adopt TSMC's technology. Chip design services provider SmartSoC Solutions...

Montra Electric Boosts Amritsar’s Green Mobility with RAAHI Project

0
The initiative is a component of the City Investments to Innovate, Integrate, and Sustain (CITIIS) program, which falls under the auspices of the Ministry...

BYD Delays Vietnam EV Factory Plans

0
Vietnam's government announced in May that BYD plans to construct a facility for manufacturing and assembling electric cars in Phu Tho, a northern Vietnamese...

Important Sectors

Microchip Technology Expands TrustFLEX Family With CEC1736 Real-Time Platform Root Of Trust Devices

0
TrustFLEX devices along with the Trust Platform Design Suite tool will simplify the enablement of root of trust from concept to production in wide...
TSMC

SmartSoC To Provide Chip Design Services Through TSMC’s Design Alliance

0
SmartSoC solutions will provide chip design services and system-level solutions, making it easier for customers to adopt TSMC's technology. Chip design services provider SmartSoC Solutions...

India, China Grow Amid First Global Cellular IoT Module Shipments Annual Decline

0
Several companies started local manufacturing in India. 4G Cat 1 bis emerged as the fastest-growing segment. Around 12% of the modules shipped in...

Montra Electric Boosts Amritsar’s Green Mobility with RAAHI Project

0
The initiative is a component of the City Investments to Innovate, Integrate, and Sustain (CITIIS) program, which falls under the auspices of the Ministry...

BYD Delays Vietnam EV Factory Plans

0
Vietnam's government announced in May that BYD plans to construct a facility for manufacturing and assembling electric cars in Phu Tho, a northern Vietnamese...

Manufacturing

BYD Delays Vietnam EV Factory Plans

0
Vietnam's government announced in May that BYD plans to construct a facility for manufacturing and assembling electric cars in Phu Tho, a northern Vietnamese...

JLR To Hire 250 Electrical Technicians For Future EVs

0
These new roles, part of a £15 billion investment, are in addition to 300 positions created last year by the British car maker. Jaguar Land...

Altmin India Partners With WMG To Advance Battery Tech

0
Altmin and WMG will collaborate to strengthen their global battery materials supply chain position by optimizing cathode materials and developing diverse cell designs across...

EVs To Cost Less Than Gas Vehicles by 2027, Says Gartner

0
Gartner predicts a faster decline in production costs compared to battery costs, which represent the most significant expense in an electric vehicle, accounting for...
MG

MG Motor To Set Up Battery Assembly Unit At Halol Facility

0
The company plans to investigate battery cell production in collaboration with external partners. Automaker MG Motor India is actively exploring the possibility of assembling and...