A pressure sensor is used for pressure measurement of gases or liquids. The sensors make use of IC fabrication technology made on silicon wafers, which helps in monitoring and controlling the pressure of gases and liquids. These sensors are capable of measuring different types of pressures such as vacuum, absolute, gauge, and differential pressure.
The increasing demand from automotive and medical industries and rising adoption of pressure sensors in consumer electronics are the primary factors driving the market growth. The rising adoption of Internet of Things (IoT) is fueling the market growth. However, the intense pricing pressure is hampering the market growth.
The global pressure sensor market growth is segmented into product type, technology, vertical, and region. On the basis of product type, the market is further classified into absolute pressure sensors, differential pressure sensors, gauge pressure sensors, vacuum pressure sensors, and many others. On the basis of technology, the market is further classified into piezoresistive pressure sensors, capacitive pressure sensors, electromagnetic pressure sensors, optical pressure sensors, and many others. On the basis of vertical, the market is further classified into aviation, automotive, medical, marine, Oil & gas, consumer electronics, medical, and many others.
By geography, the market is studied for North America, Europe, Asia Pacific, and rest of the world. Among these regions, at present, the market is majorly dominated by Asia Pacific due to a higher concentration of key players in countries like China, Japan, and South Korea. The rising demand from automobile and medical industries in these regions are fueling the market growth.
On the other hand, Europe is expected to show a decent market growth concerning the pressure sensor market. The rise in technological advancements and demand for MEMS sensors are fueling the market growth. However, the North America region is expected to show a significant growth throughout the forecast period. Increase in use of smartphones and rising applications in the field of medicine are also driving the market in this region. The demand for consumer electronics across developed countries like the U.S. is driving the market in this region.
Some of the key players in the global pressure sensors market are Honeywell International Inc. (U.S.), ABB (Switzerland), NXP Semiconductors (the Netherlands), Infineon Technologies (Germany), Emerson Electric (U.S.), General Electric (U.S.), Siemens AG (Germany), STMicroelectronics (Switzerland), Robert Bosch GmbH (Germany), Texas Instruments (U.S.), MRON Corporation (Japan) and many others.
Some of the key innovators in this market are Denso Corporation (Japan), TE Connectivity (Switzerland), Continental AG (Germany), Aptiv PLC (U.K), Sensata Technologies Holding PLC (U.K), Pricol Ltd (India), Taiwan Semiconductors (Taiwan), Renesas Corporation (Japan), Samsung Electronics (South Korea), Sony Corporation (Japan), Toshiba Corporation (Japan) and many others
There have been recent mergers and acquisitions among the key players, where the business entities expect to strengthen their reach to their customers.