A new report published by Allied Market Research, titled, "Pressure Sensor Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2014-2022," projects that 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.
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.
Piezoresistive sensor is anticipated to drive the market significantly, maintaining its dominance during the forecast period. The segment is projected to constitute around 25% of the global pressure sensor market revenue over 2014 - 2022. From a growth perspective, optical sensors would exhibit the highest CAGR of around 7% during the forecast period.
Pressure sensors are used across a wide range of application areas such as automotive, oil & gas, consumer electronics, medical, and industrial. In 2015, automotive sector constituted the highest revenue, accounting for around 28% of the overall pressure senor market revenue.
The consumer electronics segment is expected to grow at a fastest rate, registering a CAGR of 7.28%, due to incorporation of pressure sensors into different types of consumer electronic devices such as smartphones, wearable devices, and tablets for performing different operations more precisely.
Asia-Pacific market would continue to lead the pressure sensor market, with an anticipated market share of market share of over 30% throughout the analysis period. The market in the region is driven by the booming automotive and consumer electronics industry.
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.
Summary of the Pressure Sensor Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/pressure-sensor-market