The
global pressure sensor market size is expected to reach USD 11,396.3 million by
2024 according to a new study by Grand View Research, Inc. The global Pressure
Sensor Market was valued at USD 7,096.7 million in 2015. The market is
anticipated to experience surges in growth owing to the utility of pressure
sensors in diverse industry verticals. The emergence of pressure sensors in
corporate in the Microelectromechanical Systems (MEMS) technology is further
impelling growth in the industry andis substantially increasing the application
scope of such sensors.
The
demand for high-performance, cost-efficient, and reliable sensors has
increased, leading to a higher spending by industry vendors in R&D
activities.
Technological proliferation and advancements in the nanotechnology and micro-technology present several opportunities, such as miniaturization, low power consumption, and mass production of such sensors.
Technological proliferation and advancements in the nanotechnology and micro-technology present several opportunities, such as miniaturization, low power consumption, and mass production of such sensors.
The
increasing adoption of pressure sensors in consumer goods and wearable devices,
such as watches, tablets, and smartphones, are substantially contributing to
the industry expansion. The use of MEMS pressure sensors in the industrial
control applications and processes, HVAC applications, and level measurements
is instrumental in energizing the industry prospects.
In depth research report on Pressure Sensor Market
Further key findings from the study suggest:
·
The automotive sector emerged
as the largest application segment for pressure sensors, accounting for 27.2%
of the global market. Pressure sensors are widely used in the automotive
industry for monitoring the pressure of crucial parameters such asbrake,
transmission,fuel, andoil. Such sensors are used inequipment or systems for
monitoring the tire pressure, gasoline direct-injection systems,barometric
pressure measurement, pressure measurement of exhaust gas recirculation, and
side airbags
·
Pressure sensors in the
consumer electronic application segment accounted for 16.3% of the overall
market share. The increasing popularity of the wearable technology is expected
to boost the demand for such sensors inthe consumer electronic industry. The
small size and low-power consumption may give a competitive edge to the
industry players. The increasing use in touch displays for smartphones and
tablets is further estimated to drive growth in the consumer electronics
application segment
·
The Asia Pacific regional
market is anticipated to witness a remarkable growth over the forecast period.
The regional market accounted for 33.84% of the global market share, owing to
the increasing demand from developing countries such as India, China, and South
Korea
·
Optical pressure sensors are
immune to electromagnetic interference and are steadily replacing the
electromagnetic pressure sensors. The high reliability and compact design
enable optical pressure sensors to be used in miniaturized applications. The
optical sensors technology segment generated about 13.1% of the total market
revenue in 2015
·
The key vendors in the industry
are undertaking several competitive strategies such as mergers &
acquisitions to gain market share. The key players dominating the industry
includeABB Ltd., Analog Devices, Bosch, Delphi Corporation, Emerson Electric Company,General
Electric, Infineon,NXP Semiconductors, Siemens AG,andSTMicroelectronics N.V.
Grand
View Research has segmented the global Pressure Sensor Market on the basis
oftechnology, application, and region:
Pressure Sensors Technology Outlook (Revenue, USD
Million, 2014 - 2024)
·
Piezoresistive
·
Electromagnetic
·
Capacitive
·
Resonant solid-state
·
Optical
·
Others
Pressure Sensors Application Outlook (Revenue, USD
Million, 2014 - 2024)
·
Automotive
·
Oil & gas
·
Consumer electronics
·
Medical
·
Industrial
·
Others
Pressure Sensors Regional Outlook (Revenue, USD
Million, 2014 - 2024)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
MEA
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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