Pressure sensors are typically used for measuring pressure of gas or liquids. These sensors usually act as a transducer and generate electrical signals as a function of the pressure imposed on them. Pressure sensors are also indirectly used for measuring other variables such as gas/fluid flow, water level, speed and altitude. With technological advancements in several industry verticals such as automotive, healthcare, and oil and gas, the applications and functionalities of pressure sensors is evolving continuously. Modern day pressure sensors utilize digital technology for providing better sensing performance and efficiency.
The global pressure sensors market is expected to witness a substantial growth during the forecast period. This is due to its increasing demand across various application sectors such as automotive, industrial and medical sector. The increase in automobile production worldwide is stimulating the growth in demand for pressure sensors and associated components. In addition, government regulations around the world related to motor vehicle safety are also influencing the growth of this market. Automotive is the largest revenue generating application segment in this market. Consumer electronics segment is analyzed to be the fastest growing application segment in the pressure sensor market.
Adoption of new technologies such as MEMS and NEMS is also contributing to the growth in demand for pressure sensors globally. However, maturity of end user segment is acting as a restraining factor for the growth of pressure sensors market, especially in North America and Europe.
The development of smart city infrastructures in the Middle East and Asia Pacific is also influencing the growth of overall pressure sensors market. Asia Pacific is analyzed to dominate the global pressure sensors market throughout the forecast period. The region’s dominance is attributed to increasing production of motor vehicles in countries such as Japan, South Korea, China, and India. Moreover, rapid level of industrialization in this region is also contributing to growth of pressure sensors market.
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However, consumers continue to remain apprehensive about the purchase of pressure sensors owing to their high installation cost. The report identifies this as a crucial bottleneck that manufacturers need to address to ensure sustainable growth.
Nevertheless, introduction of technological advances will enhance the growth opportunities for the market in the near future.On the basis of sensor technology, the report classifies the global pressure sensor market into electromagnetic, piezoresistive, capacitive, optical, and resonant pressure sensors. Of these, the market for piezoresistive sensors was valued at US$1.82 billion in 2014, which accounted for the lion’s share of the market. The segment will continue to dominate the market over the forecast period as well, according to the report.