Global Pressure Sensor Market by Type (Piezo-resistive, Electromagnetic, Capacitive, Resonant, solid state, Optical, Others) and By Application (Automotive, Oil & Gas, Consumer electronics, Medical, Industrial, Others), Industry trends, Estimation & Forecast, 2016 - 2024
The Pressure Sensor Market generated a revenue of $7.21 billion in 2016 and is expected to reach $12.07 billion by 2024, growing with a CAGR of 6.7% during the forecast period of 2017-2024. The Piezoresistive sensor market garnered the highest revenue share in the global pressure sensor market.
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Pressure sensors are those devices which are used for sensing the pressure and converting it into analog signals. Pressure sensing devices have a wide application in industries such as automotive, health, oil & gas, medical and consumer electronics.
Some major technologies used in the pressure sensors are piezoresistive, electromagnetic, resonant solid state and optical.
The need of pressure sensors has constantly increasing for the last few years and is expected to grow with a considerable rate in the near future. A constant increase in the requirement of pressure sensing devices in emerging automotive and manufacturing industries is driving the market growth.
Pressure sensors play a major role in reducing the undesired emissions in various industries and in reducing air pollution. In the vehicles, pressure sensors are installed in order to comply with varied passenger safety concerns such as tire pressure observation and monitoring engine oil, coolant pressure, engine power while acceleration and braking.
A rising trend of cost effective, reliable and high performance sensor in devices such as smart phones and watches is pushing the pressure sensor market growth. However, high costs of replacement, maintenance and installation might resist the market growth.
The global pressure sensor market is segmented on the basis of type, application and geography. By type, the market is segmented into piezoresistive sensors, electromagnetic sensors, capacitive sensors, resonant solid state sensors, optical sensors and other sensors.
By application, the market is categorized as automotive, Oil & Gas, consumer electronics, medical, industrial and others. Geographically, the market is bifurcated as North America, Europe, Asia-Pacific and Rest of World.
Piezoresistive sensors dominated the global pressure sensor market in 2016, however the fastest growing market segment is expected to be of optical sensors. By geography, Asia-Pacific region lead the pressure sensor market in 2016.
Some major market players of the pressure sensor market are Emerson Electric Co., ABB Ltd, Robert Bosch Gmbh, Analog Devices, Inc., Denso Corporation, Delph Automotive Plc, Honeywell International Inc., Schneider Electric, NXP Semiconductors N.V., Damco Corporation.
GLOBAL PRESSURE SENSOR MARKET SEGMENTATION
- Piezo-resistive sensors
- Electromagnetic sensors
- Capacitive sensors
- Resonant solid state sensors
- Optical sensors
- Oil & Gas
- Consumer electronics
- North America
- Rest of World.
KEY MARKET PLAYERS
- Emerson Electric Co.
- ABB Ltd.
- Robert Bosch GmbH
- Analog Devices Inc.
- Denso Corporation
- Delphi Automotive Plc.
- Honeywell International Inc.
- Schneider Electric
- NXP Semiconductors N.V.
- Damco Corporation
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