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Pressure sensor market to log 5.9% CAGR from 2015-2020

Posted: 14 Aug 2015 ?? ?Print Version ?Bookmark and Share

Keywords:MarketsandMarkets? pressure sensor? automotive? TPMS? medical?

MarketsandMarkets has released a report titled "Pressure Sensor Market by Technology (piezoresistive, capacitive, electromagnetic, others), Application (automotive, medical, consumer electronics, others), & Geography (North America, South America, Europe, APAC, RoW): Global Forecast to 2020." According to the market research company, the market valued at $6.7 billion in 2014 is expected to hit $9.48 billion by 2020, at a CAGR of 5.9 per cent during the forecast period, 2015 to 2020.

Globally, pressure sensor market is expected to witness steady growth owing to increased utility of pressure sensors in various industries. The major applications of pressure sensors are in the automotive industry, medical sector, industrial segment, utility, consumer electronics, and oil & gas industry. Of these, the automotive segment is one of the prominent segments, which holds a promising future for pressure sensors with growth rates higher than that of the overall parent market. The demand for pressure sensors is expected to increase in the automotive industry owing to their growing usage in oil pressure monitoring, fuel pressure monitoring, nitrous pressure monitoring, transmission pressure monitoring and tire pressure monitoring. Additionally, pressure sensors are also used in the airbag systems of vehicles.

Another major factor driving the global pressure sensor market is the stringent implementation of various government regulations to ensure safety of the passengers in the vehicles. Governments all over the world are mandating various acts to ensure safety of passengers in the automobiles. For instance, the TREAD Act in the U.S. has made installation of tire pressure monitoring system (TPMS) mandatory in all types of vehicles so as to warn the driver about the under inflation of vehicle, within 20 minutes of its detection. Similarly, on November 1, 2012, the European Union issued instructions that all new passenger car models (M1) released, must be equipped with a TPMS. These safety regulations have provided an impetus to the growth of the global pressure sensor market. Currently, the global pressure sensor market is dominated by various market players, such as Honeywell International Inc. (U.S.), Freescale Semiconductor Inc. (U.S.) and Measurement Specialties Inc. (U.S.).

The global pressure sensor market is expected to witness substantial growth in the coming years. There is increasing adoption of pressure sensors in various sectors, such as automotive, medical, industrial segment, utility, consumer electronics, oil & gas, military & defence, and aviation. The automotive and medical segments are the leading application segments, which together held more than 45 per cent, share in the global pressure sensor market in 2014.

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