CHICAGO, IL -- The report "Pressure Sensor Market by Technology (Piezoresistive, Capacitive, Electromagnetic, Others), Application (Automotive, Medical, Consumer Electronics, Others), & Geography (North America, South America, Europe, APAC, RoW) - Global Forecast to 2020", published by MarketsandMarkets, was valued at USD 6.7 Billion in 2014 and is expected to reach USD 9.48 Billion by 2020, at a CAGR of 5.9% during the forecast period, 2015 to 2020.
Globally, pressure sensor market is expected to witness steady growth owing to increased utility of pressure sensors in various industries. The major applications of pressure sensors are in the automotive industry, medical sector, industrial segment, utility, consumer electronics, and oil & gas industry. Of these, the automotive segment is one of the prominent segments, which holds a promising future for pressure sensors with growth rates higher than that of the overall parent market. The demand for pressure sensors is expected to increase in the automotive industry owing to their growing usage in oil pressure monitoring, fuel pressure monitoring, nitrous pressure monitoring, transmission pressure monitoring, and tire pressure monitoring. Additionally, pressure sensors are also used in the airbag systems of vehicles.
Another major factor driving the global Pressure Sensor Market is the stringent implementation of various government regulations to ensure safety of the passengers in the vehicles. Governments all over the world are mandating various acts to ensure safety of passengers in the automobiles. For instance, the TREAD Act in the U.S. has made installation of TPMS (Tire Pressure Monitoring System) mandatory in all types of vehicles so as to warn the driver about the under inflation of vehicle, within 20 minutes of its detection. Similarly, on November 1, 2012, the European Union issued instructions that all new passenger car models (M1) released, must be equipped with a TPMS. These safety regulations have provided an impetus to the growth of the global pressure sensor market. Currently, the global pressure sensor market is dominated by various market players, such as Honeywell International, Inc. (U.S.), Freescale Semiconductor, Inc. (U.S.) and Measurement Specialties, Inc. (U.S.).
The global pressure sensor market is expected to witness substantial growth in the coming years. There is increasing adoption of pressure sensors in various sectors, such as automotive, medical, industrial segment, utility, consumer electronics, oil & gas, military & defense, and aviation. The automotive and medical segments are the leading application segments, which together held more than 45%, share in the global pressure sensor market in 2014.
The research study is aimed at identifying emerging trends and opportunities in the global pressure sensor market along with detailed classifications, in terms of revenue and volume. The report provides comprehensive competitive landscapes and identifies the key players with respect to market size and market share. The research study also includes a detailed segmentation of the global pressure sensor market, on the basis of application, technology, and geography.
Apart from the market segmentation, this report also makes use of the Porter's Five Forces Analysis, which provides an in-depth analysis of the market providing a detailed process flow diagram and market dynamics, such as drivers, restraints, and opportunities in the global pressure sensor market.
The major players operational in the global pressure sensor market are Honeywell International, Inc. (U.S.), Measurement Specialties, Inc. (U.S.), Freescale Semiconductor, Inc. (U.S.), Robert Bosch GmbH (Germany), The Emerson Electric Company (U.S.), ABB Ltd. (Switzerland), Denso Corporation (Japan), General Electric (U.S.), OMRON Corporation (Japan), and STMicroelectronics N.V. (Switzerland).These companies have adopted various strategies, such as mergers & acquisitions and partnerships to achieve growth in the global pressure sensor market.
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