The force sensor market is going through a diverse phase in different regions of the world. North America and Europe are mature regions of the market due to the presence of better healthcare facilities and industrial sectors. On the other hand, developing countries in Asia Pacific and Middle East & Africa that are undergoing modernization and adopting industrial automation to upgrade medical facilities and industrial processes and are seeing an increase in demand for force sensors, are driving the global force sensor market. The force sensor market is projected to expand at a CAGR of 4.2% during the forecast period and reach US$ 2,099.7Mn by 2026.
Increasing demand for force sensors in the healthcare sector is expected to propel the force sensor market during the forecast period. Force sensors help to bring a new level of functionality and reliability to medical devices. The sensor provides quantitative data that enhances the medical tool’s capabilities. This data allows surgeons and doctors to eliminate guesswork, improve patient outcomes, and increase consistency. Force sensors can also be integrated into wearable drug-infusion or insulin pumps to detect early signs of occlusion and pump malfunction. The sensor can then help trigger a potentially life-saving alarm that there is a serious problem. Hence, rapid introduction and adoption of force sensor technology in the healthcare sector is expected to boost the force sensor market during the forecast period.
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However, the force sensor market faces serious challenges from the slow demand for analog load cells across different industries. Analog load cells are connected to a junction box which is connected to a digital indicator. Analog load cell signals are weaker than digital signals. Also, these signals are susceptible to radio frequencies. Strain gauge signals begin with analog electrical voltages; but in this type of cell they are automatically converted to digital signals. In general, these signals use between two to six volts of energy, meaning the digital signal is quite stronger than analog. Thus, digital devices have more potential compared to analog ones and are thus expected to inhibit the growth of the force sensor market.
Oil & gas sector is expected to be the most preferred end-user, using thousands of force sensors across the world. Automotive is the most important end user industry for force sensors followed by the machinery, and pharmaceutical & biotech industries. Investments will continue in all three industries, but TMR expects to see especially strong investments in automotive during the forecast period. Load cells are used in various applications ranging from component of a simple weighing machine to complex applications such as testing aircraft design and components. Huge demand for force sensors across healthcare, industrial, aerospace, and automotive sectors is expected to propel the market during the forecast period.
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Attracted by this expanding market and underlying latent demand, several players are expanding their business through new product development and strategic mergers and acquisitions and partnerships with several industries. In 2017, HITEC Sensor Developments was formed by the merger of Hitec Sensor Solutions and Sensor Developments. The new company will offer a wide range of custom sensor solutions and services for load, force, pressure, torque strain, motion and temperature testing, as well as both in-house and on-site strain gaging and data acquisition and strain gage bonding. Some of the prominent players as identified in the force sensor market include Flintec Group AB, Dytran Instruments, Inc., HITEC Sensor Developments, Inc., Kistler Group, Honeywell International Inc., Futek Advanced Sensor Technologies, TE Connectivity, Tekscan, Inc., Sherborne Sensors Inc, Lorenz Messtechnik GmbH and ME-Meßsysteme GmbH. Companies are focusing on expanding their business through strategic acquisitions and partnerships with several end-use industries.
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