Global Force Sensor Market to Garner $3.30 Billion by 2027: AMR

According to the report published by Allied Market Research, the global force sensor market was pegged at $2.16 billion in 2019, and is anticipated to reach $3.30 billion by 2027, growing at a CAGR of 5.3% from 2020 to 2027.

Increase in safety regulations and surge in adoption of advanced driver assistance systems have boosted the growth of the global force sensor market. Moreover, growing IoT and AI technology and high demand from Asia-Pacific region supplemented the market growth. However, market instability across various end-user industry hampers the market growth. On the contrary, surge in automotive sales and increase in production sales, and rise in production of vehicles are expected to open new opportunities for the market players in the future.

The prolonged lockdown across several countries hampered the manufacturing activities and led to disruption in supply chain. Moreover, the market witnessed a huge shortage of raw materials and workforce.

However, the governments have released relaxation in lockdown regulations which reinitiated the business.