According to the researchers at Million Insights, the global Pressure Sensor Market size was valued at $7,096.7 million in 2015 and is anticipated to reach $11,396.3 million by 2024 due to their application in numerous industries. The integration of Micro-Electro-Mechanical (MEMS) technology with the pressure sensors helped in diversifying the scope of their application. MEMS technology is mostly used in industrial processes, level measurements, control applications, and HVAC applications.
The nanotechnology and micro technology has witnessed significant development owing to the high demand for high performance, reliable and low in cost sensors. This has opened huge opportunities for miniaturization, low power consumption, and mass production.
The regulation of installation of Tire Pressure Monitoring Systems (TPMS) mandatorily in the U.S. has also led to the growth of the overall market. The growth in the number of vehicles being purchased all over world is forecasted to increase the global pressure sensors market demand.
The global pressure sensors market has seen a major shift from analog technology to digital technology in the recent past. This shift has led to an increase in their efficiency and sensing performance. The market is characterized based on technology into electromagnetic, piezoresistive, resonant, capacitive, and optical solid-state sensors. In 2013, the global pressure sensors market was largely dominated by electromagnetic and piezoresistive sensors and are also forecast to be the fastest growing segment over the next eight years.
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Pressure sensors are used in consumer electronics, medical, oil & gas, automotive, industrial businesses. In the automobiles industry, pressure sensors are utilized for calculating the pressures of important components such as fuel, brake, transmission, oil, and brake. These are also used in tire pressure monitoring systems, barometric pressure measurement, gasoline direct injection systems, side airbags, and exhaust gas recirculation pressure measurement.
Consumer Electronics is expected to witness a significant gain over the forecast period. The medical sector of the global pressure sensors market is forecasted to be fueled by gadgets for monitoring health.
Asia Pacific accounted to be the market leader in the global pressure sensors market due to the high growth in its application sectors. Most of the revenue was generated from India and China because the huge demand in those countries. Asia Pacific is also forecasted to generate the highest revenue over the next eight years. North America also contributed largely for generating revenue of the pressure sensors market. Continuous demand from the various manufacturing industries is anticipated to be a driving force for the growth of the market. Quick industrialization is also one of the factor driving the demand for the global pressure sensors market.
The new entrants in the pressure sensors market need to possess innovative strategies and huge capital investments for the production services to carve themselves a niche amidst the strong competition. The major industry participants are capitalizing largely on research & development initiatives for new product development covering various regional markets. The potential players of the market include Siemens AG, General Electric, Emerson Electric Company, Bosch, ABB Ltd., STMicroelectronics N.V., Infineon, Freescale Semiconductor Ltd., Delphi Corporation, and Analog Devices.
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