Pressure sensors, which are also termed as pressure transducers, are typically sensors which measure the pressure of gases or liquids. The term pressure is used to express the force which is required to arrest a fluid from expanding, and is stated in terms of force per unit area. These sensors are used in several systems to measure other components such as water level, gas/fluid flow, speed and altitude. There are numerous applications of pressure sensors in various industries, for instance healthcare, automotive, and electronics. In automotive industry, the pressure sensors are generally used to keep a tab on the pressure of critical parameters such as fuel, oil, and transmission. Furthermore, these sensors also monitor barometric pressure measurement, measure the pressure of the exhaust gas circulation, gasoline direct-injection systems, and tyre pressure. The sensors typically play a transducer and give out electrical signals, and with enhanced technologies in many industries, the functionalities and applications of pressure sensors are constantly and steadily evolving. In today’s world, pressure sensors make use of digital technology for rendering improved sensory performance and efficiency.
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The global pressure sensors market was valued at US $6.53 billion in 2014, and it is anticipated to garner lucrative growth and ascend to grow at a higher CAGR during the forecast period. Major end-user industries for pressure sensors contain petrochemical, automotive, chemical, electronics and healthcare. In the forecast period, the significant growth of this market will be majorly driven by enhancement in the technological front in Microelectromechanical Systems (MEMS) based pressure sensors and sturdy demand from the emerging markets. A few of the key factors which are fuelling the pressure sensors market on a global level are cost-effectiveness, compact size, and prominent reliability. Moreover, this growth is propelled by rigorous regulations by the government on mandating the use of pressure sensors in vehicles in order to assure the safety of the driver. Technological propagation is predicted to escalate the pressure market growth during the forecast period. The increasing demand in the consumer electronic applications, like PDAs, cellular phones, laptops, portable computers, are contributing outstandingly in generating revenue for the pressure sensors market on a global level. Also, rise in the production of vehicles across the globe, is fuelling the growth of automotive pressure sensors. Pressure sensors acquire substantial growth in medical instruments and consumer electronics applications, which directly encourages the growth of this industry’s market on a global level. Nevertheless, reduced sensitivity to vibration and shock is one of the crucial restraints that hinder the growth of the market. Regardless the mentioned challenges, with the new pressure sensors technologies evolving is predicted to render abundant opportunities to the market.
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Region-wise, Asia Pacific market of pressure sensors dominated the rest of the regions in 2014 and this region is predicted to continue the dominance even during the forecast period. Asia Pacific credits the growth to the escalating number of motor vehicles in countries such as South Korea, China, India, and Japan. Additionally, swift industrialization levels is said to have been contributing the growth of pressure sensors market. Europe and North America follows Asia Pacific in the global pressure sensors market and is together accountable for more than 50% of the market revenue share. A few of the key market players of the global pressure sensors industry are Schneider Electric, NXP, GE, Panasonic, Omron, ABB, Bosch, TE Connectivity, STMicroelectronics, Murata, Rockwell, Honeywell, Red Lion Controls, and Emerson.
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