The Pressure Sensors Market is estimated to hit $14.230 billion by 2023
Pressure Sensors Market: By Application (Leak Testing, Pressure, Altitude, others); By Product Type (Gauge, Vacuum, Differential, others); By Technology (Piezoresistive, Electromagnetic, Others); By Verticals (F&B, Automotive, Chemical, Others); By Geography - Forecast (2018-2023)”, the market is driven by advancements in pressure sensors that are compatible with wide range of liquids and gases, which broadens their application scope.
Pressure Sensors Market (2018 - 2023)”
Asia-pacific continues to lead the market share during 2018-2023.
Asia-pacific is one of the most potential and fastest growing markets for pressure sensors, mainly driven by increasing factory automation, continuing growth of investments in manufacturing sector and booming automobile manufacturing. APAC pressure sensors market was valued at $2.425 billion in 2017, and is forecast to reach $5.351 billion by 2023 at a CAGR of 14.1% CAGR. China is the dominant market for pressure sensors in APAC, and is projected to contribute 44% of the APAC market growth in the coming five years. APAC region is driven by the growing level of industrialization; the emerging economies of Asia like China and India have become largest investment destinations for electronics and semiconductors industry. Currently, the global manufacturing sector is mainly driven by developing and emerging economies, particularly Asian countries, which witnessed high growth rates. On the other hand, Americas is projected to register highest growth rate of 14.7% throughout the forecast period.
Excerpts on Market Growth Factors Mentioned in the Full Report:
- Emergence of advanced pressure sensors that serve at high temperature, harsh and hazardous environments is the major factor that is driving significant growth for the pressure sensors market.
- The market is set to register significant growth from automotive pressure sensors segment due to the growing demand for automobiles across the globe, especially in the APAC.
- Boom in natural gas and green energy production spurs the demand for pressure sensors. This factor is projected to drive the market growth in the coming years.
- Growing adoption of home automation in developed nations propels the use of smart pressure sensors. This trend is set to drive the demand for the pressure sensors market.
Key Players of the Pressure Sensors Market:
Bosch Sensortec and Sensata emerged to be the dominant players in the pressure sensor market for automotive solutions, followed by Continental AG and Denso Corp. General Electric and Honeywell International emerged as the dominant players in the pressure sensor market for aerospace and defense solutions. ABB Ltd. emerged to be the dominant player in the pressure sensor market for industrial automation solutions. NXP Semiconductors and Infineon Technologies emerged to be the dominant players in the pressure sensor market for consumer electronics MEMS solutions. BOSCH SENSORTEC has introduced an environmental sensor, BME680, which integrates a gas sensor for air quality measurement, personalized weather stations, indoor navigation and other functions.
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