The global pressure sensors market is expected to reach USD 9,434.1 million by 2020, according to a new study by Grand View Research, Inc. Favorable regulations including the U.S. government’s directive aimed at mandatory installation of Tire Pressure Monitoring Systems (TPMS) in vehicles are expected to be critical for market development
Proliferation of smartphones and tablets is expected to increase the demand for pressure sensors which are used in Global Positioning System (GPS) lock applications, wherein the GPS chipset determines altitude of the smartphone by locking on to a satellite signal and calculating positions. MEMS sensors, which were predominantly used in HVAC and industrial applications, are now being incorporated into consumer electronics equipment, which is further expected to boost market growth. End-use segments are drifting towards maturity which is expected to be a challenge market growth over the next six years.
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Further key findings from the study suggest:
- Piezoresistive pressure sensors dominated the market in 2013, accounting for over 25% of the overall revenue owing to their extensive usage in automotive, medical, and consumer electronics applications. Optical and resonant solid-state pressure sensors are expected to witness high growth over the forecast period.
- Automotive was the largest application market for pressure sensors in 2013, accounting for over 25% of the total demand, which can be attributed to the usage of pressure sensors in monitoring the pressure of crucial parameters such as oil, fuel, transmission, and brake. Consumer electronics is expected to be the fastest growing application segment on account of the use of pressure sensors in GPS applications.
- Asia Pacific was the largest regional market in 2013, contributing to over 30% of the global revenue, which is primarily due to growth in end-use sectors and increased demand from India and China.
- Companies operating in the market include ABB Ltd., Emerson Electric, GE, Honeywell International, and STMicroelectronics N.V. The industry is fragmented in nature, with participants entering in mergers and acquisitions in order to gain market share.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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