LONDON, Oct. 3, 2016 /PRNewswire/ -- 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.
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.
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