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Global pressure sensors market: $11 billion industry by 2018
Pressure Sensors: A Global Strategic Business Report - a new market research report on 2014-03-14 08:03:03
The global Pressure Sensors market is projected to reach US$11.2 billion by 2018, primarily driven by the growing use of the technology in a wide range of industries, particularly automobile.
Automotive industry represents one of the most prolific end-use markets for pressure sensors. Pressure sensors are commonly used in light vehicles for smooth engine functioning and for ensuring cleaner air and enhancing safety while driving. In passenger cars, such sensors are used for monitoring oil and coolant pressure, and for achieving maximum engine performance by determining barometric air pressure (BAP) and manifold intake air pressure (MAP) for the engine control unit. As automotive manufacturers focus on achieving better emission control, pressure sensors, which serve as a critical element of evaporative control system that safeguards the environment from harmful hydrocarbon emissions from fuel tank, are growing in prominence. Apart from this, growing government focus on curbing vehicular emissions, and rising consumer demand for value added technologies that feature multiple inputs/outputs, is also spurring demand for pressure sensors in automotive sector.
Introduction of new systems in traditional internal combustion engine vehicles and even hybrid vehicles, which demands highly complex control systems, is driving increased adoption of pressure sensors in the automotive space. In particular, MEMS pressure sensors are expected to experience strong growth opportunities in this sector, particularly with high-end vehicles requiring a significant number of MEMS pressure sensors. The healthy increase in automobile production is expected to lead to increased demand for pressure sensors, as higher number of cars produced translates into increased OEM use of these measuring tools. In addition, the rising average age of cars on road will also benefit demand, as it helps expand opportunities for these sensors in the replacement/aftermarket.
Asia-Pacific constitutes the largest regional market worldwide. The region also represents the fastest growing market with sales poised to grow at a CAGR of about 8.5% over the analysis period. Increasing investments in the manufacturing sector in terms of new plant establishment, expansion, upgrade of industrial equipment, and increase automobile ownership rates, in this region are expected to positively benefit both industrial and automotive pressure sensors. Process control markets in China, India and other Asia-Pacific countries continue to grow at an encouraging pace and the yet untapped potential encourages an optimistic outlook for pressure sensors in this region.
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