Global pressure sensors market was valued at USD 6.53 billion in 2014, growing at a CAGR of 6.2% from 2014 to 2020. Pressure sensors are typically used for measuring pressure of gas or liquids. These sensors usually act as a transducer and generate electrical signals as a function of the pressure imposed on them.
Albany, NY -- (SBWIRE) -- 12/07/2016 -- A recent market study published by Transparency Market Research finds that the global pressure sensors market is poised to display a consistent CAGR of 6.2% from 2014 to 2020. The market's valuation of US$6.53 bn in 2013 will reach US$9.36 bn by 2020. The title of this report is "Pressure Sensors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020" and it is available for sale on the company's website.A pressure sensor is a device which measures pressure, mainly of liquids and gases, and converts it into an analog electric signal. Pressure is a manifestation of force required to stop a fluid from expanding and is usually measured in terms of force per unit area.
The report states that the increasing production of motor vehicles is one of the major factors driving growth of the global pressure sensors market. In addition, the industry has immensely benefitted from the latest regulatory norms for the use of pressure sensors in automobiles to gauge vehicular emissions. The increasing utilization of technologically advanced microelectrochemical systems (MEMS) has played a pivotal role in bolstering demand for pressure sensors. Moreover, rapid urbanization in the Middle East and Asia Pacific is enabling this market to chalk out a strong growth trajectory.
However, the high installation cost of pressure sensors is detrimental to the market's growth. The report identifies this as a critical constraint that manufacturers need to address for sustainable growth. Nevertheless, technological advances will open new growth opportunities in the pressure sensors market in the forthcoming years.
By technology, the report classifies the global pressure sensors market into piezoresistive, optical, electromagnetic, capacitive, and resonant pressure sensors. Amongst these, the piezoresistive segment held the largest share of the market in 2014 with a valuation of US$1.82 bn. This segment is expected to retain its dominance until the end of the forecast period, adds the report.
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On the basis of application, the automotive sector dominated the market in 2014 with a valuation of US$1.69 bn. The increasing production of motor vehicles around the world will result in this segment retaining a leading position until the end of the forecast period. However, as per the report, the consumer electronics segment will display the fastest growth at a CAGR of 6.9% from 2014 to 2020.
Geography-wise, in 2014, Asia Pacific dominated the global pressure sensors market and the region is expected to be the most lucrative market for pressures sensors until the end of 2020. The continuous expansion of the automotive industry in China, India, Japan, and South Korea will favor the growth of the pressure sensors market in APAC. The region will be trailed by North America and Europe, adds the report.
Apart from presenting the drivers, restraints, trends, and opportunities at play in the global pressure sensors market, the report discusses this market from a competitive standpoint. The report mentions top players in this market, namely Freescale Semiconductor Ltd., Schneider Electric SE, Analog Devices Inc., Honeywell International Inc., STMicroelectronics N.V., Emerson Process Management, ABB Ltd., Omron Corporation, Delphi Automotive PLC, and Robert Bosch GmbH.