Piezoresistive sensors find application in the biomedical field, household appliances, and automotive industry. Optical sensors are utilized in risky distant environments having high radioactive emissions and high temperature zones, which is projected to increase the demand for pressure sensors in the global market. Pressure sensors are used in consumer electronics, medical, oil & gas, automotive, industrial businesses. In the automobiles industry, pressure sensors are utilized for calculating the pressures of important components such as fuel, brake, transmission, oil, and brake. These are also used in tire pressure monitoring systems, barometric pressure measurement, gasoline direct injection systems, side airbags, and exhaust gas recirculation pressure measurement. The growing attractiveness of amusing events of racing including LeMans, NASCAR, and Formula One is anticipated to fuel the pressure sensors market.
Consumer Electronics is expected to witness a significant gain over the forecast period. The smartphones have sensors to have the features of altitude measurements, indoor navigation, and global positioning system( GPS). These features have increased the demand of smartphones. The medical sector of the global pressure sensors market is forecasted to be fueled by gadgets for monitoring health which include anesthetic control, catheters, implanted cardiac measurement, sleep apnea detection, air concentration, blood pressure monitoring devices, gastrointestinal pressure sequencing, and spirometers.
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Asia Pacific accounted to be the market leader in the global pressure sensors market due to the high growth in its application sectors. The majority of the revenue was generated from India and China on account of the huge demand in those countries. Asia Pacific is also forecasted to generate the highest revenue over the next eight years. North America also contributed largely for generating revenue of the pressure sensors market. Continuous demand from the various manufacturing industries is anticipated to be a driving force for the growth of the market. Quick industrialization is also one of the factor driving the demand for the global pressure sensors market.
The new entrants in the pressure sensors market need to possess innovative strategies and huge capital investments for the production services to carve themselves a niche amidst the strong competition. The major industry participants are capitalizing largely on research & development initiatives for new product development covering various regional markets. The potential players of the market include Siemens AG, General Electric, Emerson Electric Company, Bosch, ABB Ltd., STMicroelectronics N. V., Infineon, Freescale Semiconductor Ltd., Delphi Corporation, and Analog Devices.