PORTLAND, Oregon and PUNE, India, February 2, 2017 /PRNewswire/ --
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.
Summary of the Pressure Sensor Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/pressure-sensor-market
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.
"Demand for smart programs such as trip optimizers used in trucks which utilize various sensors (including pressure sensors) is expected to increase, especially in the U.S and Europe, over the next 4-5 years. Application of Emission Control Sensor (ECS) is also expected to increase, so as to prevent the vehicles from emitting harmful gases. These factors are expected to foster the adoption of pressure sensors in the automotive sector", states Komal Sharma, Research Analyst at Allied Market Research.
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 similar reports can be viewed at: https://www.alliedmarketresearch.com/semiconductor-and-electronics-market-report
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research