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

0
592

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.

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.

SHARE YOUR THOUGHTS & COMMENTS

Please enter your comment!
Please enter your name here

Are you human? *