The global pressure sensors market was valued at USD 7,995 million in 2017 and is anticipated to grow at a CAGR of 5.9% during the forecast period.
Pressure sensors are devices developed for sensing pressure and converting it into an analog electric signal. Pressure sensors are used in varied applications such as automobiles, touch screen devices, aviation, bio-medical instruments, marine, and industrial. The healthcare industry uses pressure sensors for devices such as digital blood pressure monitors and ventilators to optimize them according to patient’s health and requirements. Pressure sensors are used for different types of pressure measurements such as absolute pressure measurement, differential pressure measurement, and gauge pressure measurement.
The growing demand of pressure sensors from automotive and healthcare sectors, and rising adoption of MEMS technology primarily drive the pressure sensors market during the forecast period. The growing modernization of vehicles, and increasing demand for luxury and technologically advanced vehicles has accelerated the adoption of pressure sensors in the recent past. Also, the increasing applications of pressure sensors in consumer goods and wearables, and use of pressure sensors in connected devices boosts the growth of pressure sensors market worldwide. The introduction of favorable government regulations regarding pressure sensors, and wide scale adoption of IoT and remote connectivity are factors expected to provide growth opportunities during the forecast period. The growing technological advancements, and development of smart cities would drive the market growth during the forecast period.
The global pressure sensors market is segmented on the basis of type, technology, end-user, and geography. Based on the type, the market is segmented into absolute pressure sensors, differential pressure sensors, gauge pressure sensors, and others. The differential pressures sensors is expected to grow at a significant rate during the forecast period owing to ability of these sensors to measure the difference between two pressure sources through two ports with greater flexibility.
The technology segment is categorized into optical pressure sensors, piezoresistive pressure sensors, electromagnetic pressure sensors, capacitive pressure sensors, resonant solid state pressure sensors, and other pressure sensors. The piezoresistive pressure sensors accounted for the highest share in the pressure sensors market owing to increasing demand from consumer electronics. Piezoresistive pressure sensors are widely used in household appliances, biomedical devices, and automobiles. The dominance of piezoresistive pressure sensors in the market is owing to advantages such as low cost, mature processing, different pressure levels customized for varies applications, and different sensitivities.
The end-users in the global pressure sensors market include automotive, healthcare, aviation, consumer electronics, oil and gas, industrial, and others. The automotive sector dominated the global pressure sensors market in 2017 owing to rising demand for luxury vehicles, and modernization of vehicles. The increasing demand for ADAS further increases the demand from the automotive industry.
Geographically, the pressure sensors market across North America, Europe, Asia-Pacific, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. Asia-Pacific dominated the global pressure sensors market in 2017 owing to the established automotive industry, and growing demand for consumer electronics. The rising need for automation, and growing demand from emerging countries of China, Japan, India, and South Korea support the market growth in this region.
The vendors in the market are launching new products to meet the growing customer needs. In addition, the leaders in the market are acquiring and collaborating with top companies in the market to enhance their offerings in the market and expand their customer base. The pressure sensors market is highly competitive with the presence of a large number of small and large vendors.
The leading players in the market include General Electric, Infineon Technologies, ABB Ltd., Emerson Electric Company, NXP Semiconductors N.V., Robert Bosch GmbH, Siemens AG, Omron Corporation, Schneider Electric, and Honeywell International among others.