The global Pressure Sensor Market size was valued at USD 7,096.7 million in 2015 and is anticipated to reach USD 11,396.3 million by 2024. The global pressure sensors market is expected to grow at a significant pace over the forecast period owing 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 widely 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 up huge opportunities for miniaturization, low power consumption, and mass production. These sensors are increasingly being merged with tablets and smartphones driving the growth of the global pressure sensors market. 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 base 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 forecasted to be the fastest growing segment over the next eight years. Piezoresistive sensors find application in the biomedical field, household appliances, and automotive industry. Optical sensors are utilized in risky distant environments having high radioactive emissions and high temperature zones, which is projected to increase the demand for pressure sensors in the global market.
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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. The growing attractiveness of amusing events of racing including LeMans, NASCAR, and Formula One is anticipated to fuel the pressure sensors market.
Consumer Electronics is expected to witness a significant gain over the forecast period. The smartphones have sensors to have the features of altitude measurements, indoor navigation, and global positioning system (GPS). These features have increased the demand of smartphones. The medical sector of the global pressure sensors market is forecasted to be fueled by gadgets for monitoring health which include anesthetic control, catheters, implanted cardiac measurement, sleep apnea detection, air concentration, blood pressure monitoring devices, gastrointestinal pressure sequencing, and spirometers.
Asia Pacific accounted to be the market leader in the global pressure sensors market due to the high growth in its application sectors. The majority of the revenue was generated from India and China on account of 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.