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.
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.
View summary of this report @ http://www.grandviewresearch.com/industry-analysis/pressure-sensors-industry
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.
Browse
more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/automotive-and-transportation
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
For press release of this report - http://www.grandviewresearch.com/press-release/global-pressure-sensors-market
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.
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