CHICAGO, June 14, 2019 /PRNewswire/ -- The report "Pressure Sensor Market by Product (Absolute, Differential, Gauge, Vacuum, and Sealed), Technology (Piezoresistive, Capacitive, Electromagnetic, Resonant), Application (Automotive, Medical, Industrial, Utilities) and Geography - Global Forecast to 2023", published by MarketsandMarkets™, was valued at USD 7.88 billion in 2016 and is expected to reach at USD 11.30 billion in 2023 with a growing CAGR of 5.27% during the forecast period.
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Pressure Sensor: A sensor is a device that measures the changes in the physical quantity or environmental characteristics of any material and converts them into signals, which, in turn, serve as inputs for controlling the device. A pressure sensor typically measures the pressure of a variety of gases and liquids. It usually acts as a transducer that generates an electric signal due to applied pressure.
The objectives of the report includes forecast of the pressure sensor market size in terms of Product (Absolute, Differential, Gauge, Vacuum, and Sealed), Technology (Piezoresistive, Capacitive, Electromagnetic, Resonant), Application (Automotive, Medical, Industrial, Utilities) and Geography
The market for differential pressure sensors to grow at the highest CAGR during 2017–2023
Differential pressure sensors measure the difference between the pressures of two process connected to each side of the sensor. These sensors have two pressure ports with tubes or threaded connections to measure the difference. Differential pressure sensors are used to measure properties such as pressure drops across oil filters or air filters, fluid levels, or flow rates. The market for differential pressure sensors is expected to grow at the highest CAGR during the forecast period.
The piezoresistive technology based pressure sensors to grow at the highest rate during forecast period.
Piezoresistive pressure sensors are also known as strain gauge pressure sensors as they detect the strain applied on a strain gauge or piezoresistive material. The piezoresistive material changes its resistance to the current when compressed or when force is applied to it. Piezoresistive sensors use semiconductor substrate to provide accurate sensing value of the resistance. The piezoresistive pressure sensing technology is suitable for measuring absolute, gauge, vacuum, and differential pressures. Among all the major technologies of pressure sensors market, piezoresistive technology is expected to grow with the highest CAGR during forecast period.
Asia-Pacific to hold a major share of the presssure sensor market in 2017
Asia-Pacific is expected to dominate the pressure sensor market during the forecast period. This high growth is mainly attributed to the rising production of motor vehicles in India, China, Japan, and South Korea, which is expected to significantly contribute to the market growth in Asia Pacific. This region is currently witnessing significantly growing consumption of pressure sensors for various applications. The main industries in APAC include automotive, process industries, healthcare, petrochemical, oil & gas, and consumer electronics, which are expected to show high growth in the future.
Browse and in-depth TOC on "Pressure Sensor Market"
67 – Tables
68 – Figures
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Honeywell (US), ABB (Switzerland), NXP Semiconductors (Netherland), Infineon Technologies (Germany), Emerson Electric (US), General Electric (US), Siemens (Germany), STMicroelectronics (Switzerland), and Robert Bosch (Germany) are some of the major companies dominating the pressure sensors market.
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