The global pressure sensors market is expected to grow at a CAGR of above 7% during the period 2018-2022, according to a new market research study by Technavio.
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Technavio has published a new market research report on the global pressure sensors market 2018-2022 under their hardware and semiconductor library. (Graphic: Business Wire)
The report categorizes the global pressure sensors market by application, including automotive, bio medical, consumer electronics, oil and gas, and industrial. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: growing adoption of smartphones and tablets
Pressure sensors such as capacitive sensors are in high demand in smartphones and tablets as they almost eliminate the problem of wear and tear in devices compared with mechanical input devices, providing customers with the great user experience. Shipments of smartphones have grown rapidly worldwide during 2009-2016. Unit shipments increased from 174 million in 2009 to 1.41 billion in 2016. Samsung, a major smartphone manufacturer, shipped close to 397 million units in 2016. In terms of shipment volumes, the tablet market has also experienced significant growth.
According to a senior analyst at Technavio for sensors research, “Companies such as Samsung embedded capacitive touch sensors in touch screens as an input mechanism in their devices. A major driver for the growth in the global capacitive pressure sensors market for consumer applications is the rising adoption of smartphones and tablets. Therefore, the smartphones market is expected to grow further and hence will drive the pressure sensors market during the forecast period.”
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Market trend: growing acceptance of smart sensors and sensor fusion technology
An electrical signal with a varying voltage that is proportional to the pressure recorded in traditional pressure sensors. However, the signal may not provide any compensation for the temperature. A hybrid fusion sensor is created, which can generate an electrical signal without any temperature loss is used to overcome the issue. These sensors are being adopted by researchers for wireless smart sensor network (WSSN) and are being tested in the automobile industries. The demand for these sensors is expected to grow during the forecast period.
Market challenge: rising demand for EVs to affect automotive pressure sensors market
Owing to increased safety features like driver assistance system (DAS) and regulatory mandates stipulating mandatory installation of on-board diagnostics (OBD2) to reduce greenhouse gas (GHG) emissions, automobiles have an electronic component content going as high as 50% of the total cost of the automobile. The electronic content can go as high as 70% due to the electrification of terrain and advanced safety features in EVs. Due to push from OEMs and growing concern of buyers regarding environmental pollution, automobile manufacturers have moved towards the powertrain electrification which has resulted in increased sales volume of EVs and hybrids in the market.
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Some of the major companies in the global pressure sensors market:
- Bosch
- Continental AG
- DENSO
- Infineon Technologies
- Sensata Technologies
The global pressure sensors market is highly fragmented with leading vendors looking at capturing the market share. Through innovation, quality, and price, players are trying to compete in the market. The competition is expected to intensify with players investing heavily in R&D activities. The market players are expected to increase their global footprint with mergers and acquisitions and collaboration with various regional or local players in the market.
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