Pressure sensor are devices that detects, measures, and transmits data pertaining to fluid and gas flow, speed, water level, and altitude. With its sense of pressure it also helps in evaluating human medical conditions, and wearable medical devices market a prominent employer of pressure sensors in healthcare setting is forecast to reach $41 billion by 2020. Performance of devices and components in various sectors including automotive, consumer electronics, oil and gas, healthcare, and industrial are monitored by pressure sensors, thus forewarning any adjustments and avoiding mechanical break-down to curb adverse economic effects and inefficiency in production. Owing to its adjacent sectors experiencing unprecedented demand delivered via global industrialization, pressure sensors market size with ample opportunities is worth $5.11 billion as of 2018.
Pressure Sensors Market Outlook:
Microelectromechanical Systems (MEMS pressure sensors) through its application in the semiconductor industry has added new opportunities in the pressure sensors market and is progressing with an application CAGR of 13% during the forecast period of 2019-2025. In 2017, semiconductors sales witnessed an increment by 13.7% mounting to the figure of $468.8 billion and an unprecedented sales record of shipping 1 trillion units for first time in 2018 as per the Semiconductor Industry Association. Due to its application in the billion dollar semiconductor industry, MEMS pressure sensors is all set to drive the market with abundant demand. Semiconductors are the most vital elements augmenting the trend of electrical and electronics in various sectors such as electric vehicles and healthcare monitoring devices.
A critical analysis of the various application segments and business insights of pressure sensors market identified automotive sector as the subdivision with highest demand. Automotive industry with a production rate of 91 million units (OICA) in 2018 is progressing with an application CAGR of 14.10% during the forecast period of 2019-2025. Automotive sector employs pressure sensors in Tire Pressure Monitoring Systems (TPMS), engine health management systems and engine gas recirculation (EGR) systems. Occupant sensing system market for automotive worth $721.63 million as of 2018 employs a pressure sensor as an imperative tool and has fostered the pressure sensor market growth.
Research on the regional aspects of the pressure sensors market estimates North America to be the leading marketplace encapsulating 34.09% of the global demand as of 2018 with APAC tailgating on the back of rapid industrialization. Several factors such as, heavy consumption of electronic devices such as body-movement detecting intricate gaming consoles and mobile phones, automation in automotive amalgamated with the adaption of smart and autonomous electric vehicles and inculcation of robotics in healthcare are the major drivers of pressure sensors market growth in North America. Some factors supporting the argument-
· Electric vehicle registration skyrocketed in the United States in 2018, observing an increase by 80.81% from 2017. Such alternative-fuel automotive loaded with electrical functionalities employ pressure sensors as an imperative component in engine health management system.
· Augmented and virtual reality in gaming is a major trend in North America. Pressure sensor to detect player’s movement are employed by the VR gaming sets manufacturers which is creating latest revenue trends for the pressure sensors market. North America is reckoned to be dominating the global augmented reality market and virtual reality market with 34% of the global demand as of 2018. And similarly the prevailing healthcare settings in North America equipped with cutting-edge technology is adopting robotic health monitoring tools equipped with pressure sensors.
Pressure Sensors Market Trends and Growth Drivers:
· Evolution of smart watch from a digital time-telling device to a health monitoring equipment loaded with various sensors including pressure sensors is a major trend disrupting the market. Owing to its tremendous scope of application such as heart monitoring and blood pressure monitoring and even intricate diagnosis like electrocardiograms, smart watch market is worth around $10 billion as of 2018. Pressure sensors being an imperative constituent is foreseen to divert some revenue from the downstream sector into its own pocket.
· Pressure sensors have ample opportunities in medical settings. However, today’s sensors are not fully biocompatible and is a major challenge hindering the market growth towards healthcare application. In order to overcome this issue, researches through extensive R&D are developing a new implantable pressure sensors that decays after its operational requirements. This implantable sensor will aid the orthopedic surgery patients to precisely regulate the amount of stress or pressure the repaired parts can withstand during rehab.
Pressure Sensors Market Players Perspective:
Some of the key players in the pressure sensors market are AlphaSense, City Technology Ltd., Dynament Ltd., Figaro Engineering Inc., Membrapor AG, Nemoto & Co., Ltd., Robert Bosch LLC., ABB Ltd., Siemens AG, and GfG Europe Ltd.
Barometric pressure sensors by Robert Bosch LLC., is applied as indoor navigation tool with ground level tracking in shopping malls. The pressure value is also the vital input for many healthcare applications like spirometers in which the lung volume of a person is measured. Considering the electronic application, the barometric pressure sensor is an essential fragment of high-end smartphones.
Pressure Sensors Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the pressure sensors market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various application segment in pressure sensors market, and their specific advantages.
The Pressure Sensors Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia
Pressure Sensors Market - Forecast(2022 - 2027)
