Force Sensor Market Size Worth Around $2.09 Billio
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LOS ANGELES, Feb. 11, 2019 (GLOBE NEWSWIRE) -- The global force sensor market is expected to reach the market value of around $2.09 billion by 2026 and is expected to grow at a CAGR of around 4.2% in terms of revenue during the period 2019 - 2026.
A force sensor is a sensing device that measures the amount of force applied. The different ways are available to measure force which may be mechanical or electrical by nature and also working principle of force measurement devices are extensively varying.
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There are different factors which are supposed to be considered by engineers while designing a force measurement such as accuracy, proper output range, price, and the ease of project integration provided by the signal conditioning electronics of the sensor. To measure force the major and most common means is the load cell. In the load cell, the elastic element is present to which force is applied and when the elastic element changes the shapes it indicates the force applied to the load cell.
The major key factors thriving the market is due to low manufacturing cost, growing implementation and demand in the medical devices, technological development, increase in demand for reliable products for various industrial purposes, and high growth of industrial robots. On the other hand, the factors hindering the market growth is underdeveloped aftermarket sales channels and instability in demand across various end users. Furthermore, high demand attributing the growth to low-cost surgeries offered among developing countries which lead to the increasing growth of industry in near future. The factors which drive the market growth showcase the positive impact on demand for force sensor industry by growing promotional activities initiatives by various governments, and hence driving the business growth during the projected time.
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Segment Analysis
The force sensor market is segmented into type, end-use industry, and region. Segmented by type has been classified into tension force, compression force, and both. The tension and compression force segments are expected to hold the largest share during the forecast period. Force sensors measure tension and compression forces by transducers. Generally, they prefer miniature design for limited space or to measure small forces. These are of three types such as S-type force sensors, load cells with internal or external threads, and flat-sized force transducers. Furthermore, applications for these sensor types are for rope or elastic force measurement, material testing machines, etc. Moreover, tension and compression force sensors segment is driven by the factors such as an increase in adoption of sensors in the medical sector and adoption of force sensor in material testing fields. Based on end-use industry, medical and automotive industry which are crucial end-user industries for force sensors followed by machinery, and pharmaceutical & biotech industries.
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Regional Outlook
Asia Pacific region is the dominating force sensor market and held a major value share during the forecast period. In this region, the manufacturing industry is contributing factor to significant growth. In terms of revenue, Asia Pacific is followed by North America and Europe. These regions are also contributing the major key factors to grow the force sensor market. The new innovation of force sensing technologies has robust growing the market in North America. Addition to this, Europe, automotive sector has foothold which drives the market of force sensor by increasing implementation of force sensing technologies. This region flourishes the quality and consistency in the automotive industry. Moreover, Japan is likely to fuel the market growth due to development in automated production capabilities. However, the developing countries such as China and India are gaining strong traction for the force sensor market during the forecast period. Latin America is expected to increase the force sensor manufacturers at a significant CAGR in terms of value.
Key Players
Attracted by this expanding force sensor market and essential latent demand, several players are expanding their business through new product development and strategic mergers and acquisitions and partnerships with several vendors. Some of the key players operating in the global force sensor market, profiled in the report include Kistler Group, Dytran Instruments, Inc., Flintec Group AB, HITEC Sensor Developments, Inc., FUTEK Advanced Sensor Technology, Inc., Honeywell International Inc., Tekscan, Inc., Sherborne Sensors Ltd., TE Connectivity Ltd., Lorenz Messtechnik GmbH, ME-Meßsysteme GmbH, and among others.
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