Market Synopsis
The data experts at Market Research Future Reports have carried out a thorough research on the global force sensor market is projected to value approximately USD 2.95 billion, growing at a CAGR of 6% during the assessment period from 2017 to 2023. The growing adoption of force sensors in the automotive sector is anticipated to be an important element driving the worldwide force sensor market 2020. There has been an immense rise in the demand from several sectors such as automotive, retail, consumer electronics, medical, and retail, which is driving investment from various established giants. Besides, the increasing standard of fuel efficiency is projected to be another significant market strengthening the market.
Moreover, the increasing demand for sensors per vehicle is further likely to fuel the market size. In addition, along with being ultra-thing, they are also highly durable, which increases their demand, and augments the market size.
Key Players
The established market competitors of the global force sensor market are Infineon Technologies AG (Germany), T.E.Connectivity Ltd. (Switzerland), ATI Industrial Automation Inc. (U.S.), Innovative Sensor Technology IST AG (Germany), General Electric (U.S.), Freescale Semiconductor Inc. (U.S.), Tekscan Inc. (U.S.), Spectris PLC (U.K.), Sensata Technologies Inc. (U.S.), Honeywell International Inc. (U.S), and a few others.
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Market Segmentation
The worldwide force sensor market can be classified on the basis of technology, application, vertical, and region.
Regional Analysis
A thorough evaluation of North America, Europe, Asia Pacific and Rest of the World (RoW) has been performed. As per the evaluation, North America is anticipated to be the largest market shareholder. The second and third position is attained by Europe and Asia Pacific region, respectively. The U.S. and Canada are estimated to make the most significant contribution during the review period. The region has been experiencing a rise in the usage of cloud computing which is estimated to make a considerable contribution in expanding the market. Besides, the region consists of a developed infrastructure which facilitates a smooth penetration of advanced technologies.
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