Pressure Sensor Market revenue will reach $12.07 billion by 2024, says Esticast Research and Consulting
As per the report “Pressure Sensor Market by Type (Piezo-resistive, Electromagnetic, Capacitive, Resonant, solid state, Optical), Industry trends, Estimation & Forecast, 2016 - 2024", the global pressure sensor market was valued at $7.2 billion in 2016, and is projected to reach $12.07 billion by 2024, growing at a CAGR of 6.7% from 2017 to 2024. In 2016, the Piezoresistive sensor market generated the highest revenue share in the global pressure sensor market. Among major regions, North American pressure sensor market was the highest revenue generating market valued at $2 billion in 2016.
“A drastic increment in the usage of pressure sensors in automotive industry, improvisations in MEMS & NEMS technologies and demand of pressure sensors in consumer electronics has boosted the growth of pressure sensor market all over the globe. The use of pressure sensors in the medical field can act as a growth opportunity for the market.”
To know more about the report, visit at https://www.esticastresearch.com/market-reports/pressure-sensor-market
The piezoresistive sensors lead the global pressure sensor market garnering a revenue of $2.01 billion in 2016. This is because piezoelectric pressure sensors can detect the strain and pressure that is applied on the strain gauge. By the help of piezoresistive pressure sensors one can measure, vacuum, absolute & differential pressure. Piezoresistive pressure sensors find diverse application areas, which are biomedical sector, automotive, and household gadgets. However, optical sensor market is expected to grow with the highest CAGR of 7.5% during the forecast period.
Automotive industry generated highest revenue in terms of pressure sensors, in 2016, and is expected to grow with a CAGR of 6.9% during the forecast period
Automotive industry generated a revenue of approx. $1.87 billion in 2016, holding nearly 26% of the global pressure sensor market. It is expected to grow with a CAGR of 6.9% during the forecast period. However, consumer electronics segment is expected to grow with the highest CAGR of 7.4% during the forecast period owing to the highly improvised technology and 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 held a share of nearly 35.61% of the global pressure sensor market in 2016
Asia pacific generated the highest revenue of $2.6 billion in 2016 and is expected to grow with the highest CAGR of 7.3% during the entire forecast period.
Pressure Sensor Market Revenue By Geography, 2016 ($ Million)
Increasing automotive light vehicle production is a major factor for driving the pressure sensor market in Asia-Pacific. Rapidly growing automotive market in emerging economies, such as China and India has shown a considerable increase in the demand for pressure sensors.
The report features a competitive scenario of the global pressure sensor market, and provides comprehensive analysis of key growth strategies adopted by major players. Some of the key market players operating in the industry are ABB Ltd., Analog Devices, Eaton Corp, Emerson Process Management, Infineon Technologies AG, NXP Semiconductors N.V., Renesas Electronics, Siemens AG, STMicroelectronics N.V and Yokogawa Electric Corp.
Esticast Research & Consulting is a research firm providing research reports on various industries with a unique combination of authenticity, extensive research, and infallibility. We provide syndicated market research reports, customization services, and consulting services to help businesses across the world in achieving their goals and overcoming complex challenges. We specialize in providing 360 degree view of the markets to assist clients in determining new opportunities and develop business strategies for the future with data and statistics on changing market dynamics. Esticast Research & Consulting Market Research has expert analysts and consultants with an ability to work in collaboration with clients to meet their business needs and give opportunities to thrive in a competitive world. A comprehensive analysis of industries ranging from healthcare to consumer goods and ICT to BFSI is provided by covering hundreds of industry segments. The research reports offering market forecasts, market entry strategies, and customer intelligence will help clients across the world in harnessing maximum value on their investment and realize their optimum potential.
To schedule a free analyst call, please complete the form below.