The pressure sensor market size will reach $11.30 billion by 2023 from $8.30 billion in 2017 at a CAGR of 5.27% during (2017-2023) driven by advancements in MEMS technology and its rapid adoption in connected devices, growing demand from automotive and medical device industries, increasing adoption of pressure sensors in consumer goods and wearables, and stringent government regulations.
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The key players operating in the pressure sensor market include Honeywell (US), ABB (Switzerland), NXP Semiconductors (Netherland), Infineon Technologies (Germany), Emerson Electric (US), General Electric (US), Siemens (Germany), STMicroelectronics (Switzerland), Robert Bosch (Germany), TE Connectivity (Switzerland), Schneider Electric (France), Denso (Japan), Continental (Germany), Endress+Hauser (Switzerland), SSI Technologies (US), and Delphi (UK).
Target Audience of the Report:
- Raw material and manufacturing equipment suppliers
- Electronic design automation (EDA) and design tool vendors
- Component manufacturers
- Original equipment manufacturers (OEMs)
- Integrated device manufacturers (IDMs)
- Original design manufacturers (ODMs)
- Technology, service, and solution providers
- Suppliers and distributors
- System integrators
- Governments and other regulatory bodies
- Technology investors
- Research institutes and organizations
- Market research and consulting firms
The pressure sensor market in Asia Pacific (APAC) is expected to grow at the highest CAGR between 2017 and 2023. The pressure sensor market in countries such as China, India, Japan, and South Korea is expected to grow at the highest CAGR due to the increasing deployment of automated storage and retrieval systems (ASRS) and growing awareness about the benefits of automated systems.
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Automotive industry expected to hold the largest share of the overall pressure sensor market in 2017. The largest share of the pressure sensor for the automotive application can be attributed to the increased use of pressure sensors in the oil pressure monitoring, fuel pressure monitoring, nitrous pressure monitoring, transmission pressure monitoring, and tire pressure monitoring.
The absolute pressure sensor is expected to hold a large share of the overall pressure sensor market owing to the increased use of pressure sensors in the automotive, medical, industrial, and utilities industries for oil pressure monitoring, fuel pressure monitoring, nitrous pressure monitoring, and transmission pressure monitoring.
The pressure sensor market is driven by advancements in MEMS technology and its rapid adoption in connected devices, growing demand from automotive and medical device industries, increasing adoption of pressure sensors in consumer goods and wearables, and stringent government regulations. Moreover, the development strategies implemented by the players operating in the pressure sensor market, such as agreements, product launches and developments, partnerships, collaborations, mergers and acquisitions, further help boost the market growth.
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The differential pressure sensor market is expected to grow at the highest CAGR during the forecast period. The pressure sensor market is segmented on the basis of product type, technology, application, and geography.
The market has been segmented on the basis of product type into differential, absolute, gauge, vacuum, and sealed.
The pressure sensor market for optical technology is expected to grow at the highest CAGR during the forecast period. The break-up of the profiles of primary participants for the report has been given below.
- By Company: Tier 1 - 45%, Tier 2 - 30%, and Tier 3 - 25%
- By Designation: C-Level Executives - 40%, and Managers Level - 60%
- By Region: Americas - 30%, APAC - 35%, Europe - 20%, and RoW - 15%
Based on technology, the pressure sensor market has been classified into piezo resistive, capacitive, electromagnetic, resonant, optical, and others. The market has been segmented by application into automotive, oil & gas, consumer electronics, medical, industrial, utilities, aviation, marine, and others.
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