Pressure sensors market size to grow at a CAGR of 6.0% from 2014 to 2020: Grand View Research

In 2013, the global pressure sensors market was worth USD 6.19 billion. Constructive regulations such as ordinance of the U.S. government which made it obligatory for car owners to install tire pressure monitoring systems (TPMS) are anticipated to boost the overall market demand. Pressure sensors are also used in the global positioning systems (GPS) lock applications. Hence, the increased production of tablets and smartphones is projected to increase the demand of global pressure sensors market.

Over the past few years, the global pressure sensors market has witnessed a shift from analog technology to digital technology, owing to the latter’s superior performance and efficiency. Moreover, an increase in the number of vehicles all over the world is expected to drive the overall market.

In 2013, piezoresistive pressure sensors accounted for over 25% of the total revenue generated. This type of pressure sensors is used widely in medical, consumer electronics and automotive applications which led to the high demand of the segment. Resonant and optical solid-state sensors are expected to witness the highest rate of growth in the global pressure sensors market over the forecast period. This increase is projected owing to their high usage in dangerous, remote environments including areas with high radioactive emissions and high-temperature zones.

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The automotive sector had the largest market share in the applications segment, accounting for over 25% of the global market. In the industry, pressure sensors are used for checking the pressure of vital parameters which include fuel, brake, oil, and transmission. They are used in tire pressure monitoring systems, barometric pressure measurement, gasoline direct-injection systems, side airbags, and exhaust gas recirculation pressure measurement. Consumer electronics is projected to be fastest growing application segment over the next six years on account of its extensive use in smartphones. These devices contain sensors to allow Global Positioning Systems (GPS), indoor navigation and altitude measurement.

In 2013, Asia Pacific accounted for the major regional market, generating over 30% of the total revenue of the global pressure sensors market as a result of the high demand from emerging economies such as China and India and the surge in its application segments. Asia Pacific is likely to witness tremendous gains over the forecast period.

The global pressure sensors market is uneven in nature. Major industry participants are increasingly entering into mergers & acquisitions as a part of their competitive strategies. Key participants in the market include Siemens AG, Emerson Electric Company, Delphi Corporation, General Electric, Analog Devices, ABB Ltd., STMicroelectronics N.V., Infineon, Freescale Semiconductor Ltd., and Bosch

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