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Pressure Sensor Market report defines the top strategies adopted by key leading players to acquire major shares & adopt novel strategies to improve manufacturing techniques, and widen their product portfolio to gain a competitive edge over the other marke
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Increase in use of pressure sensors in automotive industry, advancements in MEMS & NEMS technologies for various applications, increase in demand of pressure sensors in consumer electronics, and favorable legislations for use of pressure sensors are the factors that drive the market growth. However, high cost incurred during R&D activities, resulting in high development costs, acts as a growth restraining factor.
Piezoresistive sensor is anticipated to drive the market significantly, maintaining its dominance during the forecast period. The segment is projected to constitute around 25% of the global pressure sensor market revenue over 2014 2022. From a growth perspective, optical sensors would exhibit the highest CAGR of around 7% during the forecast period.
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Pressure sensors are used across a wide range of application areas such as automotive, oil & gas, consumer electronics, medical, and industrial. In 2015, automotive sector constituted the highest revenue, accounting for around 28% of the overall pressure senor market revenue.
The consumer electronics segment is expected to grow at a fastest rate, registering a CAGR of 7.28%, due to incorporation of pressure sensors into different types of consumer electronic devices such as smartphones, wearable devices, and tablets for performing different operations more precisely.
Asia-Pacific market would continue to lead the pressure sensor market, with an anticipated market share of market share of over 30% throughout the analysis period. The market in the region is driven by the booming automotive and consumer electronics industry.
Key findings of the study
In 2015, piezoresistive sensors generated the largest revenue, with a market share of 25.4% in the overall pressure sensor market revenue
The automotive segment held the highest revenue share of 27.6% in 2017, while consumer electronics segment is expected to witness the fastest growth, registering a CAGR of 7.28% from 2016 - 2022
Asia- Pacific leads the pressure sensor market, followed by North America and Europe
Several prominent players operating in the pressure sensor market have adopted partnership and product launch as their key strategies. Leading market players are focused on launching innovative products to cater to the consumer requirements and strengthen their market share.
The company makes use of primary corporate research and secondary inputs from trusted sources to build its own reference base. It maintains consistency in quality as it keeps itself updated with changes in market dynamics and gauging its net effect on global business trends.
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