The
global pressure sensors market which had a market value of US$6.53
billion in 2014, is expected to grow at a CAGR of 6.2% between the
years 2014 and 2020, thereby hitting a market value of US$9.36
billion by 2020. Pressure sensors basically refer to devices that are
used for measuring the pressure of liquids or gases. These mostly act
as transducers and generate electrical signals due to the pressure
that is levied on them. When used indirectly, pressure sensors help
in measuring other variables like the level of water, altitude,
fluid/gas flow, and speed.
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The
pressure sensors that are used these days, mostly utilize digital
technology that ensures improved sensing performance and greater
efficiency. The global pressure sensors market is mainly fueled by
rising demand from the automotive sector. There has been a
substantial rise in the demand for pressure sensors owing to an
increase in the overall production of motor vehicles all across the
globe. The growth of the global pressure sensors market can also be
attributed to government regulations in most countries with regard to
greater use of pressure sensors in automobiles.
Consumer
Electronics Segment to Witness Robust Growth in Global Market for
Pressure Sensors during the Forecast Period 2014-2020
The
global pressure sensors market is segmented based on technology,
application, and geography. Based on technology, the global pressure
sensors market is categorized into resonant solid state pressure
sensors, piezoresistive pressure sensors, capacitative pressure
sensors, electromagnetic pressure sensors, and optical pressure
sensors. In 2014, the piezoresistive pressure sensors segment held
the highest share in the industry with a market share worth US$1.82
billion. The market for piezoresistive pressure sensors is primarily
fueled by the medical sector, and the automotives sector. This
segment is expected to retain its leading position under the
application segment in the forthcoming years as well.
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Rising
demand for pressure sensors can mostly be observed in areas like
consumer electronics, oil and gas, automotive, and healthcare which
are mainly driven by technological advancements. Automotive holds the
largest share in within the application segment of the global
pressure sensors market. The segment for consumer electronics has
been witnessing robust growth and is anticipated to witness the same
during the forecast period as well. Also, this segment is anticipated
to grow at 6.9% CAGR between the years 2014 and 2020. At present, the
overall demand in the global pressure sensors market is supported by
widespread adoption of the Microelectromechanical systems (MEMS)
technology.
Asia
Pacific: Dominant Regional Player in the Global Pressure Sensors
Market
Geographically,
the global pressure sensors market has been segmented into the Asia
Pacific, North America, Europe, and Rest of the World. As per
industry estimates, the global pressure sensors market is expected to
witness significant growth in the years to come owing to rapid
industrialization and increasing automobile production in the
developing economies of the Asia Pacific. Geographically speaking,
the global pressure sensors market is led by the Asia Pacific region.
The dominance of this region in the overall pressure sensors market
can be owed to rising production of motor vehicles in countries such
as China, India, Japan, and South Korea.
The
pressure sensors markets of the Asia Pacific and the Middle East are
propelled by the ongoing development of smart city infrastructures in
these regions.
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The
key companies operating in the global pressure sensor market include
Freescale Semiconductor, Inc., Honeywell International Inc.,
Schneider Electric S.E., Robert Bosch GmbH, STMicroelectronics, Omron
Corp, Emerson Process Management, Delphi Automotive PLC, Analog
Devices, Inc., and ABB Ltd.
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