Capacitive Tactile Sensor Market to Reach $10.68 Billion, Globally, By 2031 at 10.7% CAGR: Allied Market Research
PORTLAND, Ore., Aug. 3, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Capacitive Tactile Sensor Market By Type (Projected Capacitive Tactile Sensor, Surface Capacitive Tactile Sensor), Application (Consumer Electronics, Automotive, Industrial, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global capacitive tactile sensor industry generated $3.87 billion in 2021, and is anticipated to generate $10.68 billion by 2031, witnessing a CAGR of 10.7% from 2022 to 2031.
Prime Determinants of Growth
Surge in adoption of touch-based display solutions, increase in demand for consumer electronics applications, and rise in government initiatives for digitalization drive the growth of the global capacitive tactile sensor market. However, the short supply of indium tin oxide and the lack of availability of skilled workforce are some of the prime factors that restrain the market growth. Contrarily, the surge in industrial applications of touch-based panels and equipment is expected to provide lucrative opportunities for the growth of the market in the coming years.
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- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the capacitive tactile sensor solutions, especially during the initial period. This is due to a significant impact on key market players operating in the supply chain.
- However, rise in demand for internet of things (IoT) solutions across prime sectors is one of the major factors that propel the capacitive tactile sensor market growth during the COVID-19 pandemic.
- On the contrary, the market was principally hit by several obstacles such as lack of skilled labor force and delay or cancelation of projects, due to partial or complete lockdown globally.
- Furthermore, the surge in demand for IoT-based touch solutions across industrial and automotive sectors is expected to strengthen the market opportunity post-COVID pandemic.
The projected capacitive tactile sensors segment to maintain its leadership status throughout the forecast period
Based on type, the projected capacitive tactile sensors segment held the highest market share in 2021, accounting for more than three-fifths of the global capacitive tactile sensor market, and is estimated to maintain its leadership status throughout the forecast period, owing to a user-friendly multi-touch experience and a very light touch through a highly durable glass surface in smartphones and tablets. However, the surface capacitive tactile sensor segment is projected to manifest the highest CAGR of 12.8% from 2022 to 2031. In this era of rapid digitalization, surface capacitive tactile sensors solutions are used in various applications such as ATMs, ticketing machines, kiosks, POS, office automation, factory automation, and arcade games. This, in turn, is estimated to led the segment to become the fastest growing segment of the market.
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The consumer electronics segment to maintain its lead position during the forecast period
Based on application, the consumer electronics segment accounted for the largest share in 2021, contributing to more than three-fifths of the global capacitive tactile sensor market, and is projected to maintain its lead position during the forecast period. This is attributed to a wide range of consumer applications to enable sensitivity and reliability in sensing circuits to increase thickness durability. However, the automotive segment is expected to portray the largest CAGR of 12.4% from 2022 to 2031. The automotive industry is increasingly shifting its design from tactile switches in the control panels to digital surface technology that meets the ever-increasing consumer demand for touch operation. These factors play a crucial role for making this segment the fastest growing segment.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue 2021, accounting for more than one-third of the global capacitive tactile sensor market. Moreover, the same region is expected to witness the fastest CAGR of 11.6% from 2022 to 2031. Deployment of touch-based smart display solutions across residential, commercial, and industrial sectors has increased rapidly in this region, owing to a significant rise in demand for digital infrastructure solutions. The research also analyzes regions including North America, Europe, and LAMEA.
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Leading Market Players
- Analog Devices, Inc.
- Cypress Semiconductor Corporation
- Infineon Technologies AG
- Microchip Technology, Inc.
- NXP Semiconductors N.V.
- OMRON Corporation
- Renesas Electronics Corporation
- Schneider Electric
- Texas Instruments Incorporated
- ON Semiconductor
- atmel corporation
- ROHM Semiconductor
- Semtech Corp.
The report provides a detailed analysis of these key players of the market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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