Summary: The Global Pressure Sensor Market was valued at $6,636 million in 2015, and is expected to reach $10,446 million by 2022, growing at a CAGR of 6.5% from 2016 to 2022.
Increase in use of pressure sensors in automotive industry, advancements in MEMS & NEMS technologies for various applications, increase in demand of pressure sensors in consumer electronics, and favorable legislations for use of pressure sensors are the factors that drive the market growth. However, high cost incurred during R&D activities, resulting in high development costs, acts as a growth restraining factor.
Piezoresistive sensor is anticipated to drive the market significantly, maintaining its dominance during the forecast period. The segment is projected to constitute around 25% of the global pressure sensor market revenue over 2014 2022.
From a growth perspective, optical sensors would exhibit the highest CAGR of around 7% during the forecast period.
Pressure sensors are used across a wide range of application areas such as automotive, oil & gas, consumer electronics, medical, and industrial. In 2015, automotive sector constituted the highest revenue, accounting for around 28% of the overall pressure senor market revenue.
The consumer electronics segment is expected to grow at a fastest rate, registering a CAGR of 7.28%, due to 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 market would continue to lead the pressure sensor market, with an anticipated market share of market share of over 30% throughout the analysis period. The market in the region is driven by the booming automotive and consumer electronics industry.
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