Market Highlights
A sensor used for the measurement of pressure of gases or liquids is known as a pressure sensor. These sensors make use of IC fabrication technology which is made on silicon wafers. These wafers help in the monitoring and controlling of the pressure of gases and liquids. Such sensors have the capability of measuring different types of pressures like absolute, vacuum, gauge, and differential pressure.
The global pressure sensors market is expected to witness fast-paced ascension over the forecast period, as per the MRFR analysis recently published. This report has stated that the global pressure sensors market is expected to garner a revenue of USD 12 billion, registering a 6% CAGR by 2023. Several factors that are contributing to the upscaling of the global pressure sensors market are studied in the report. Rising demand for pressure sensors in the medical and automotive applications is one of the primary drivers of the market. Mounting applications of pressure sensors in consumer electronics, coupled with various advancements noted in the micro-electromechanical systems (MEMS) are expected to fuel the growth of the market.
Within the automotive industry, pressure sensors aid in the measurement of pressure for various media and aid support engine management and safety systems. In diesel engines, pressure sensors are used to monitor air volume and exhaust gas pressure in exhaust gas recirculation (EGR) systems. Consequently, this has led to increased efficiency of the engine.
Use of high accuracy pressure engines in automobiles for altitude correction when driving at high altitudes has led to a surge in the market. Moreover, favorable government regulations such as the TREAD Act of the US defining the use of pressure sensors in tire monitoring systems is propelling market growth. Growth in the application opportunity in the medical industry has led the market to accrue larger benefits over the conjecture period. Various devices integrated with pressure sensors include respiration & sleep apnea, as well as equipment used for the measurement of ventilators and monitoring of blood pressure.
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Segmentation:
Several market segments are studied by the experts at MRFR. Such segmentation of the pressure sensors market is carried out by product type, technology, industry vertical, and region. Based on product type, the global pressure sensors market is segmented into absolute pressure sensors, gauge pressure sensors, differential pressure sensors, and vacuum pressure sensors. Based on technology, the market segmented into capacitive pressure sensors, piezoresistive pressure sensors, optical pressure sensors, and electromagnetic pressure sensors. Based on industry vertical, the global pressure sensors market is studied for the segments of automotive, aviation, marine, medical, oil & gas, medical, and consumer electronics.
Detailed Regional Analysis
The pressure sensors market is examined for the regional segments of North America, Europe, Asia Pacific and Rest of the World. Among these regions, Asia Pacific is expected to spearhead the global pressure sensors market through the forecast period. Mounting deployment of pressure sensors for automated storage and the retrieval system, along with raising awareness towards the advantages of automated systems is driving the regional pressure sensors market.
North America is expected to show momentous growth in the market, along with Europe. Advancements in the microelectromechanical systems (MEMS) technology and the adoption of the same across connected devices is expected to fuel market growth.
Key Players
Some of the profiled key players in the market include Honeywell International Inc. (U.S.), ABB (Switzerland), NXP Semiconductors (the Netherlands), Infineon Technologies (Germany), Emerson Electric (U.S.), General Electric (U.S.), Siemens AG (Germany), STMicroelectronics (Switzerland), Robert Bosch GmbH (Germany), Texas Instruments (U.S.), MRON Corporation (Japan).
Some of the leading innovators, as mentioned in the report, include Denso Corporation (Japan), TE Connectivity (Switzerland), Continental AG (Germany), Aptiv PLC (U.K), Sensata Technologies Holding PLC (U.K), Pricol Ltd (India), Taiwan Semiconductors (Taiwan), Renesas Corporation (Japan), Samsung Electronics (South Korea), Sony Corporation (Japan), Toshiba Corporation (Japan).
Industry Update
August 2019: Heilind Electronics has recently entered into a distribution agreement which will enable the company to offer a larger selection of pressure sensors for industrial and medical applications. Its Amphenol Franchise will include all sensors provided by Amphenol.
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