The global pressure sensor market is anticipated to reach USD 11,911.2 million by 2025
The demand for high-performance, cost-efficient, and reliable sensors has increased, leading to a higher spending in R&D activities by market vendors.
LONDON, August 27, 2018 /PRNewswire/ -- Pressure Sensor Market Size, Share, & Trends Analysis Report By Product, By Type, Technology (Piezoresistive, Electromagnetic, Capacitive, Resonant Solid-state, Optical), By Application, By Region, And Segment Forecasts, 2018 - 2025
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The global pressure sensor market is anticipated to reach USD 11,911.2 million by 2025, according to a new report by Grand View Research, Inc. Factors such as the increased demand for smart and wireless pressure sensors and regulatory initiatives in the developed markets of North America and Europe have propelled the adoption of pressure sensors. Pressure sensors are widely used for control and monitoring applications. The demand for high-performance, cost-efficient, and reliable sensors has increased, leading to a higher spending in R&D activities by market vendors. Technological proliferation and advancements in nanotechnology and micro-technology are expected to propel the market growth over the forecast period.
Numerous sensors are used to monitor pressure levels of liquids and gases in the automotive industry.Moreover, the accelerated use of wireless technologies and semiconductor-based sensors in consumer products, industrial automation, and air compressor monitoring is expected to drive the market growth over the forecast period.
The optical technology segment is predicted to gain traction owing to several advantages such as high resistance to chemical corrosion and high sensitivity. Moreover, the proliferation and increased adoption of optical fiber technology are also major market growth drivers.
The increasing adoption of pressure sensors in consumer goods and wearable devices, such as watches, tablets, and smartphones, is substantially contributing to the market expansion.The use of MEMS pressure sensors in industrial control applications and processes, HVAC applications, and level measurement is instrumental in driving market growth.
Government regulations or laws to ensure passenger safety in automobiles are also expected to be a major growth driver. For instance, the U.S. government passed the TREAD Act to mandate the installation of the Tire Pressure Monitoring System (TPMS) in all types of automobiles so as to alert the driver about the under-inflation of automobiles within 20 minutes of its detection.
Further key findings from the report suggest:
• The demand for pressure sensors has increased over the years since they offer reliability in performance, real-time monitoring, and cost-effectiveness.
• The U.S. government is investing a considerable amount of monetary and non-monetary resources to encourage the adoption of sensors across various sectors. Pressure sensors are also an important component of smart city projects.
• The growing need for more tightly controlled processes with their associated quality control requirements is anticipated to drive the demand for MEMS devices in the manufacturing segment.
• Government regulations mandating the installation of pressure sensors in several applications, including automotive and industrial sectors, are also driving the demand worldwide.
• Key players in the market include ABB Ltd., Emerson Electric Co., and Omron Corporation, among others.
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