ALBANY, N.Y.--(BUSINESS WIRE)--Transparency Market Research announces the release of a report titled “Pressure Sensors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020.” The global pressure sensors market was valued at US$6.53 billion in 2013 and is expected to reach US$9.36 billion in 2020, growing at a CAGR of 6.2% from 2014 to 2020.
Key Growth Drivers
Global pressure sensors market is driven by the ever-growing demand from automotive sector. As production of vehicles has increased, the automotive industry has been in need for automotive pressure sensors more than ever. As this demand continues, the growth of global pressure sensors market will also be sustained in the coming years. Additionally, strict government regulations making pressure sensors for automobiles rather compulsory is fueling the growth of global pressure sensors market.
Technology such as Microelectromechanical systems (MEMS) has also encouraged the use and adoption of pressure sensors to a great extent. In addition, as smart cities are being built in regions such as Asia Pacific and Middle East the overall growth of pressure sensors market is being influenced quite positively.
Segmentation and Leading Companies
The global pressure sensors market has been segmented on the basis of technology, application, and geography. The technology segment is inclusive of piezoresistive pressure sensor, electromagnetic pressure sensor, capacitive pressure sensors, resonant solid state pressure sensors, optical pressure sensors, and others. The application segment includes automotive, consumer electronics, oil and gas, industrial, and others. The geography segment includes North America, Europe, Asia Pacific and Rest of the World.
Some of the key players in the global pressure sensors market are Freescale Semiconductor Ltd., ABB Ltd, Delphi Automotive PLC, Honeywell International Inc., STmicroelectronics N.V., Omron Corporation, Schneider Electric SE, and Robert Bosch GmbH.
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