According to a new market research report published by Credence Research, The global pressure sensor market was valued at US$ 6.88 billion in 2015 and is projected to expand with CAGR by 5.4 per cent in 2015.
Pressure sensor refers to a device that senses / measures pressure, typically fluids and gases, and converts it into an equivalent analog electrical signal. Some of the most popular pressure sensing technologies are piezo-resistive, electromagnetic, resonant solid state, capacitive and optical, among others. Pressure sensors are typically used for applications such as pressure sensing, altitude measurement. Over time, pressure sensors have been used extensively across sectors such as automotive, industrial manufacturing and processing, healthcare, oil and gas, and others. Increased use in the consumer electronics segment is another major promising application of pressure sensors.
Automotive and industrial manufacturing and processing are the most popular and the largest consumer of pressure sensors. As a result, the fastest-growing automotive and industrial manufacturing / processing industry worldwide is the most important factor fueling the market for pressure sensors. Another major driver of market growth, in terms of volume and revenue, is the compulsory installation of pressure sensors in automotive vehicles.
In various countries, such as the United States, South Korea, Japan, China, Israel and many other European countries, the use of a tire pressure monitoring system (TPMS) has been mandated to improve safety. This is estimated to generate significant demand for pressure sensors across the segment. One of the major market challenges, however, is the high installation and replacement costs of these sensors.
The market for pressure sensors is made up of a large number of players worldwide and has therefore become highly competitive over time. One of the most significant challenges for market players is the development of compact, high-precision sensing devices. As a result, the majority of companies operating on the market are committed to developing miniaturized products with sustained sensor accuracy. Another key area of focus for pressure sensor manufacturers is the focus of major applications such as automotive, healthcare, industrial manufacturing and processing, consumer electronics and others.
[Browse full report: “Pressure Sensors Market”]
Key research study highlights comprise:
- Exhaustive research and analysis of the global PRESSURE SENSORS industry
- The key market segments along have been explained in the report thoroughly along with their existing and estimated market size
- Major elements of market dynamics such as drivers, challenges and opportunities and their effect on PRESSURE SENSORS market is also covered in the report
- Key players operating in the market are profiled and accompanied with the competitive landscape evaluated on the basis of product offering & business strength
- Cross sectional analysis of each region covering individual segments for the forecast period 2016 – 2018 in terms of value (US$Mn)
Research methodology applied for this study:
Methodology of this research study includes primary and secondary research for defining the market size, shares and forecast for global PRESSURE SENSORS market specific to key segments, and regional segmentation.
- Secondary Research
Secondary research was initiated with data collected through sources such as press releases, company annual reports, and relevant documents focusing on the current developments in the global PRESSURE SENSORS market. Authentic sources such as university research papers, scientific journals, and government websites were similarly screened for identifying business opportunities in several geographical markets and penetration of various products/services in these geographies. Paid databases were excavated to assemble information beneficial for broad commercial study of the key players operating in PRESSURE SENSORS market. In case lack of data availability on the public domain, we used estimation models to arrive at comprehensive data sets. Secondary research helped to create a firm base to build market size, analyze trends, and understand the dynamics of PRESSURE SENSORS market study.
- Primary Research
The exhaustive secondary research practiced was supported & validated by extensive primary research. Primary research was carried out with the help of e-mail interactions, telephonic interviews, as well as face-to-face interviews with the leading industry stakeholders.
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