Increasing Industrial Automation is major factor for growing of Force Sensors market
In recent times automation and robotics are one of the primary factors that is reviving and transforming the industrial sector. Industry 4.0 is enhancing and driving the adoption of automation and robotics solutions at large extent across various industrial verticals. Force and torque sensing enables robotic processes such as grinding, deburring, sanding and polishing. A force torque sensor in machine tending can help a robot locate jig stops when putting a part in a vice on a CNC machine. Force sensing also helps in applications for product inspection, packaging, and robotic assembly. With the drive toward Industry 4.0 trends, the use on the factory floor of robotic, automation and control systems has become commonplace for increasing performance, productivity and profitability. Moreover, force sensors enable robots to have proper balance by ensuring that robots properly shift their weight and do not fall. It also improves the weight handling capacity of the robot by ensuring appropriate grip force. Force sensors in robotics to control the force and velocity when objects are aligned, fitted, buffed or assembled; thereby improving the product quality. As stated by the International Federation of Robotics (IFR), from 2020 to 2022, around 2 million units of industrial robots are anticipated to be installed in factories around the world. These factors are set to boost the demand for force sensors owing to their high deployment in robots and industrial automation.
Covid Impact on Force Sensors Market
The market is slightly impacted globally due to pandemic which resulted in decline of sales due to lockdown. Manufacturing of equipment, automobiles, aircrafts, consumer electronics, etc. halted for weeks and weak customer buying preferences also hinders unlock period sales. Most of the sensors witnessed a decline in sales. Weak production and sales was witnessed between April to June 2020, though the demand increased in July and August and skyrocketed in September 2020. In 2020, the demand would be lower than 2019, although it will increase in 2021
Pricing dynamics amid Covid-19
The prices were constant during the lockdown period and only few manufacturers reduced the price to loose their inventory and create room for new demand. Most of the manufacturers kept the prices constant which resulted in no shift in weighted average price of the product
The demand reduced globally due to lockdown only but as soon as the countries unlocked the movement, industries started sourcing force sensors and even there was an additional upward shift in September 2020. Hence, the rising demand can minimize the demand-supply gap till the end of 2020, although trade war of United States and India with China can deepen the issues
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