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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