Global Capacitive Pressure Sensor Market - Segmented by Material (Silicon, Ceramic), End User, and Region - Growth, Trends, and Forecast (2018 - 2023)
The capacitive pressure sensor market was valued at USD 2.187 billion in 2017 and is expected to reach a market value of USD 3.6 billion by 2023, registering a CAGR of 8.63% during the forecast period (2018 - 2023). The report discusses the various types materials used in the sensor. The regions considered in the scope of the report include North America, Europe, and others. The study also emphasizes on how the growing number of applications in the automotive and industrial sectors is changing the market scenario.
Currently, pressure sensors are undergoing a transition from the traditional approach of production to a more pragmatic, technologically-advanced approach that ensures miniaturization and enhanced capabilities. Shocks and vibrations cause a wide range of problems, such as disconnected wires, broken circuit boards, faulty signals, intermittent problems, and shortening of the life of the equipment. Capacitive pressure sensors have gained a prominence compared to the resistive sensing technology due to their high accuracy, sensitivity, and absence of wear & tear problem. These sensors are continuously replacing the resistive sensors in several applications because of their various distinguished features. Moreover, the advancements in sensor technology have led to the development as well as a shift towards miniaturization of sensors, thereby, offering several opportunities to the key industry participants.
Emphasis on Miniaturization and Integration of Advanced Technology in Products to Drive the Market
Despite the advancements in technology, the demand for handheld electronic devices with a small form factor has had a huge influence in various sectors, such as automotive, consumer electronics, aerospace, media, and retail. Industries, such as aerospace and bio-medical, are being comparatively more stringent regarding size and weight requirements. Major players in these sectors do not hesitate to continue their research on further miniaturization of the equipment. Additionally, surface micromachining is providing a better trade-off between miniaturization and high performance.
The consumer electronics devices sector is another major sector generating a huge demand for miniaturization. The growing demand for wearable technology is a major driver for market growth in the consumer electronics sector. The low power consumption and the lowest possible sizes are the major factors that give a competitive edge to industry players. This has resulted in more emphasis on miniaturization of the devices.
Growing Demand from Automotive Sector to Augment the Growth
Basic requirements in the design and manufacturing of pressure sensors for automotive applications include optimal performance in a range of temperatures, vibration, media, shock, and electromagnetic conditions, i.e. the sensor must be durable enough to perform vital functions. The rapid evolution of automotive applications and growing emphasis on miniaturization of equipment for applications are the major driving factors for market growth. The robust nature of ceramics, which enhances the application performance in rugged environments, is further helping the market to grow.
Rising Demand from Europe to Augment the Market Growth
Presently, the European economy is experiencing a period of uncertainty, which can be seen by the fluctuations in the GDP. However, government regulations to support safer motor vehicles and the increasing applications of pressure sensors across other end-user verticals in the region are significantly driving the growth of the capacitive pressure sensors market. Recently, several countries, like Russia, became advanced industrialized regions, thereby, making them the preferred manufacturing hubs for several industries.
According to the International Council of Clean Transportation, the total number of passenger vehicles on roads in Europe is expected to reach 258 million by 2030. The increase in the overall vehicle registrations of both autonomous and normal vehicles coupled with the increased focus on safety will result in the growth of capacitive pressure sensors market in the region.
Key Developments in the Market