2012-11-02 12:29:32 - Global pressure sensor market driven by the large amount of usage within the automotive sector
The pressure sensors market was valued at a $5.11 billion in 2011 and has been forecast to increase at a compound annual growth rate (CAGR) of 6.3% over the next five years, to reach a market value of $7.34 billion by 2017.Key factors acting as drivers for the pressure sensor market include vehicle production in the emerging markets, government regulations, gradual reduction in size, and the fast growth of various Asian economies.In the modern world, the need for pressure sensors is evolving and continuously growing. Today´s pressure sensors mainly utilise digital technology; which means they are better in efficiency and sensing performance. Pressure sensors have a significant place in different industry verticals. A pressure sensor measures pressure, typically of gases
or liquids. Pressure is an expression of the force required to stop a fluid from expanding, and is usually stated in terms of force per unit area.Pressure sensors can vary drastically in technology, design, performance, application suitability and cost. A conservative estimate would be that there may be over 50 technologies and at least 300 companies making pressure sensors worldwide.The major applications of pressure sensors are within the petrochemical industry, automotive industry, consumer electronics industry, process industries, and healthcare. The largest application segment for pressure sensors is the automotive segment due to their use in tyre pressure monitoring systems, engine management, and automatic transmission.In terms of volume the unit shipment for pressure sensors was 8.7 billion units in the year 2011 and is expected to reach 16.37 billion units by 2017, at an estimated CAGR of 11.3% over the five year period.The demand for reliable, high performance and low cost pressure sensors is constantly increasing, leading to the development of new technologies like the Micro Technology and Nano Technology offering opportunities like miniaturisation, low power consumption, and mass production.For more information on the global pressure sensor market, see the latest research: Global Pressure Sensor MarketFollow us on Twitter @CandMResearch
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