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The global pressure sensors market is poised to display a consistent CAGR of 6.2% from 2014 to 2020, according to a recent market study published by Transparency Market Research. The market’s valuation of $6.53 billion in 2013 will reach $9.36 billion by 2020.
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. Among these, the piezoresistive segment held the largest share of the market in 2014 with a valuation of $1.82 billion. This segment is expected to retain its dominance until the end of the forecast period, adds the report.
On the basis of application, the automotive sector dominated the market in 2014 with a valuation of $1.69 billion. 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.