According to a new market research report published by Credence Research“Pressure Sensors Market (Technology – Piezoresistive, Electromagnetic, Resonant Solid State, Capacitive, Optical and Others) – Growth, Share, Opportunities, Competitive Analysis and Forecast 2016 – 2023”,the global pressure sensorsmarket was valued at US$ 6.88 Bn in 2015 and is projected to expand with a CAGR of 5.4% through the forecast period 2016 to 2023.
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Pressure sensor refers to a device that senses/measures pressure, typically of fluids and gases, and converts it into an equivalent analog electrical signal.Some of the most popular pressure sensing technologies are piezoresistive, electromagnetic, resonant solid state, capacitive and opticalamong others.Pressure sensors are typically used for applications such as pressure sensing, altitude measurement, depth measurement and flow sensing. Over the period of time, pressure sensors have found immense applications across different sectors such as automotive, industrial manufacturing and processing, healthcare, oil and gas and others. Another major promising application of pressure sensors is increasing use in the consumer electronics segment.
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Automotive and industrial manufacturing and processing are the most popular and largest consumers of pressure sensors. Thus, the most significant factor fueling the pressure sensors market growth is the steadily rising automotive and industrial manufacturing/processing industry worldwide. Another major factor propelling the market growth, in terms of volume and revenue, is the mandatory installation pressure sensors in automotive vehicles. In various countries such as the U.S., South Korea, Japan, China, Israel and many other European countries have mandated the use of tire pressure monitoring system (TPMS) for better safety. This is estimated to generate substantial demand for pressure sensors across the segment. Nevertheless, one of the major challenges for the market is high installation and replacement costs of these sensors.
Pressure sensors market comprises large number of players worldwide and hence has emerged highly competitive in nature, over the period of time. One of the most significant challenges for the market players is to develop high accuracy sensing devices with compact design. Thus, majority of the companies operating in the market strive to develop miniaturized products with sustained accuracy of the sensors. Another major area of focus for the pressure sensor manufacturers is targeting major applications segments such as automotive, healthcare, industrial manufacturing and processing, consumer electronics and others.
Development of more advanced pressure sensors having small size and high sensitivity
Pressure sensors based on microelectromechanical system (MEMS)
Strengthening of sales channel worldwide
Acquisition of other sensing solutions providers in the market
Focus on specific promising applications such as automotive, consumer electronics, healthcare and others
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