The global pressure sensors market was valued at $6.53 billion USD in 2013, growing at a CAGR of 6.2% from 2014 to 2020 to account for $9.36 billion USDÂ in 2020, according to a new market report published by Transparency Market Research “Pressure Sensors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020.”
The pressure sensors market is primarily driven by growing demand from the automotive sector. With the increase in production of motor vehicles across the globe, the demand for automotive pressure sensors has grown substantially. In addition, government regulations mandating the use of pressure sensors in automobiles have contributed to the growth in demand for pressure sensors worldwide. With the adoption of technologies, such as Microelectromechanical systems (MEMS), the demand for pressure sensor has augmented to a large extent. The development of smart city infrastructures in the Middle East and Asia Pacific region is also influencing the overall growth of pressure sensors market.
Piezoresistive pressure sensors held the largest market revenue share accounting to $1.82 billion in 2014 and are expected to remain so during the forecast period. Demand for piezoresistive pressure sensors is attributed to their wide range of applications in automotive and medical sectors. Growing automobile production and rapid industrialization in the emerging economies of Asia-Pacific is also expected to drive the growth in pressure sensors market over the forecast period from 2014 to 2020.
The automotive segment led the pressure sensors market in 2014 accounting for $1.69 billion. The dominance of this segment is due to the rise in production of motor vehicles across the globe which has increased by 3.7% in 2013 as compared to the previous year. Consumer electronics is analyzed to be the fastest growing application segment for pressure sensors and is expected to attain a significant growth in the recent future. Consumer electronics segment is expected to grow at a CAGR of 6.9% over the forecast period from 2014 to 2020.
Geographically, Asia Pacific led the pressure sensors market in 2014 and the region is expected to continue its dominance over the forecast period. The regionâ€™s dominance is due to increasing production of motor vehicles in countries such as Japan, South Korea, China, and India. Moreover, rapid level of industrialization in this region is also contributing to the growth of pressure sensors market. North America and Europe followed Asia Pacific in the global pressure sensors market and collectively accounted for more than half of the global market revenue share.