Pressure Sensor Market by Type and by Application – Global Opportunity Analysis and Industry Forecast, 2014-2022
The Global Pressure Sensor Market was valued at $6,636 million in 2015, and is expected to reach $10,446 million by 2022, growing at a CAGR of 6.5% from 2016 to 2022. Automotive segment is anticipated to lead the market throughout the analysis period, in terms of revenue generation. Asia-Pacific held the leading position in the global market in 2015, and is expected to maintain its lead ahead as well.
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Increase in use of pressure sensors in automotive industry, advancements in MEMS & NEMS technologies for various applications, increase in demand of pressure sensors in consumer electronics, and favorable legislations for use of pressure sensors are the factors that drive the market growth. However, high cost incurred during R&D activities, resulting in high development costs, acts as a growth restraining factor.
Pressure Sensor Market Key Segmentation:
The market is segmented based on type, application, and geography.
By Type
- Piezoresistive
- Capacitive
- Resonant Solid State
- Optical
- Electromagnetic
- Others
By Application
- Automotive
- Consumer Electronics
- Oil & Gas
- Medical
- Industrial Applications
- Others
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Pressure sensors are the key components in reducing emissions and fuel consumption, so as to decrease the air pollution. In addition, they are deployed for various safety concerns of passengers, such as Tire Pressure Monitoring Systems (TPMS), Advanced Driver Assistance Systems (ADAS), and Manifold Absolute Pressure Sensors (MAP). It also helps in deployment of air bags, throttle position, weight, and sensing of passengers. In addition, the global market is dominated by the automotive applications segment, which hold more than half of the total share.
Pressure sensors market is anticipated to showcase potential growth over the coming 4 – 5 years, driven by the growing adoption of these sensors by different end use verticals such as automotive, consumer electronics, and healthcare among others.
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Increase in demand of smart programs such as trip optimizers used in trucks, which utilize various sensors (including position sensors), is expected to increase, especially in the U.S. and Europe during the forecast period. Technologies such as prognostics are projected to help the consumers to monitor real-time data through online connectivity. However, high development cost restrains the market growth.
Key findings of the study
- In 2015, piezoresistive sensors generated the largest revenue, with a market share of 25.4% in the overall pressure sensor market revenue
- The automotive segment held the highest revenue share of 27.6% in 2017, while consumer electronics segment is expected to witness the fastest growth, registering a CAGR of 7.28% from 2016 - 2022
- Asia- Pacific leads the pressure sensor market, followed by North America and Europe
Several prominent players operating in the pressure sensor market have adopted partnership and product launch as their key strategies. Leading market players are focused on launching innovative products to cater to the consumer requirements and strengthen their market share.
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on Friday September 28 2018, 4:32 PM EST.
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