A drastic increment in the usage of pressure sensors in automotive industry, improvisations in MEMS & NEMS technologies and demand of pressure sensors in consumer electronics has boosted the growth of pressure sensor market all over the globe. The use of pressure sensors in the medical field can act as a growth opportunity for the market.
As per the report “Pressure Sensor Market by Type (Piezo-resistive, Electromagnetic, Capacitive, Resonant, solid state, Optical), Industry trends, Estimation & Forecast, 2016 - 2024", the global pressure sensor market was valued at $7.2 billion in 2016, and is projected to reach $12.07 billion by 2024, growing at a CAGR of 6.7% from 2017 to 2024. In 2016, the Piezoresistive sensor market generated the highest revenue share in the global pressure sensor market.
Among major regions, North American pressure sensor market was the highest revenue generating market valued at $2 billion in 2016.
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Piezoresistive sensors lead the sensor market in 2016 growing at a CAGR of 6.5% during forecast
The piezoresistive sensors lead the global pressure sensor market garnering a revenue of $2.01 billion in 2016.
This is because piezoelectric pressure sensors can detect the strain and pressure that is applied on the strain gauge. By the help of piezoresistive pressure sensors one can measure, vacuum, absolute & differential pressure.
Piezoresistive pressure sensors find diverse application areas, which are biomedical sector, automotive, and household gadgets. However, optical sensor market is expected to grow with the highest CAGR of 7.5% during the forecast period.
Automotive industry generated highest revenue in terms of pressure sensors, in 2016, and is expected to grow with a CAGR of 6.9% during the forecast period
Automotive industry generated a revenue of approx. $1.87 billion in 2016, holding nearly 26% of the global pressure sensor market. It is expected to grow with a CAGR of 6.9% during the forecast period.
However, consumer electronics segment is expected to grow with the highest CAGR of 7.4% during the forecast period owing to the highly improvised technology and 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 held a share of nearly 35.61% of the global pressure sensor market in 2016
Asia pacific generated the highest revenue of $2.6 billion in 2016 and is expected to grow with the highest CAGR of 7.3% during the entire forecast period.
Increasing automotive light vehicle production is a major factor for driving the pressure sensor market in Asia-Pacific. Rapidly growing automotive market in emerging economies, such as China and India has shown a considerable increase in the demand for pressure sensors.
Pressure Sensor Market Key Findings
- Piezoresistive sensors lead the global pressure sensor market in 2016 growing with a CAGR of 6.5% during the forecast period.
- Automotive industry generated highest revenue in terms of pressure sensors, in 2016, and is expected to grow with a CAGR of 6.9% during the forecast period.
- Asia pacific generated the highest revenue of $2.6 billion in 2016 and is expected to grow with the highest CAGR of 7.3% during the entire forecast period.
- Optical and resonant solid-state sensors are projected to exhibit high growth over the forecast period due to their applications in hazardous environments
The report features a competitive scenario of the global pressure sensor market, and provides comprehensive analysis of key growth strategies adopted by major players. Some of the key market players operating in the industry are ABB Ltd., Analog Devices, Eaton Corp, Emerson Process Management, Infineon Technologies AG, NXP Semiconductors N.V., Renesas Electronics, Siemens AG, STMicroelectronics N.V and Yokogawa Electric Corp.
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