Global Piezoresistive Pressure Sensors Market - Segmented by Type (Ceramic, Silicon, Metal), End-user Industry (Automotive, Healthcare, Consumer Electronics, Industrial, Oil and Gas), and Region - Growth, Trends, and Forecast (2018 - 2023
The global piezoresistive pressure sensors market was valued at USD 0.857 billion in 2017, and is expected to reach a value of USD 1.265 billion by 2023 at a CAGR of 5.36%, during the forecast period (2018-2023). The scope of the report is limited to automotive, healthcare, consumer electronics, industrial, and oil & gas. While the regions considered in the scope of the report include North America, Europe, Asia pacific, and the rest of the world.
Emphasis on Miniaturization of Equipment
Despite the advancements in the technologies, the demand for handheld electronic devices with small form factor have a huge influence in various sectors, such as automotive, consumer electronics, aerospace, media, and retail. Industries such as aerospace and bio-medical are comparatively more stringent in terms of size and weight requirements. They are gaining more traction in the aviation sector, stimulated by the benefits offered by miniaturization, which provide fine sensitivity, as well as better linearity. Since, it is very important to measure certain quantities, such as flow velocity, dynamic wall pressure, wall shear stress on different surfaces (curved/flat) without interfering the flow, and others, the devices, which offer the measurements with more precision will be preferred. These stringent requirements are being satisfied by the miniaturized piezoresistive pressure sensors. The consumer electronics devices sector is another major sector, which has a huge demand for miniaturization. The growing demand for wearable sensors is the major driver for the market growth in the consumer electronics sector. The low power consumption and the lowest possible sizes are the major factors, which give competitive edge over the industry players. This has resulted in more emphasis on miniaturization of the devices.
Automotive Industry is Expected to be One of the Most Primary Elements Driving the Growth of the Market
Due to the increasing purchasing power of the millennial population, there is a continuous demand for passenger cars. For an average consumer, trucks are reliable options, as they have better fuel efficiency and safety features. These factors drive the growth of heavy weight vehicles. Premium vehicles and utilities continue to drive the sales of light vehicles, which cumulatively contribute to an increase in the demand for pressure sensors during the forecast period.
The industry occupies a significant share of the overall market, on account of the increasing adoption of pressure sensors in the oil level, air pressure detection systems, among other vital functions in automobiles. Piezoresistive sensors have a rather wide range of sensitivity, which essentially expands the application areas of pressure sensors in the automotive industry. The use of ceramic-based sensors in the industry has been instigated by the fact that the automotive pressure sensors need to operate under extreme temperatures from -40 degrees to over 150 degrees Celsius. Ceramic has a certain higher level of robustness compared to the conventional silicon alternatives. The use of ceramic further enhances the performance of piezoresistive pressures to increase the accuracy of detection. Ceramic has an inert nature to the majority of liquids in the automotive environment, such as to fuels, oil, brake fluids, cleaners, and water, among others. A strong design of sensors will enhance the reliability and long operational life of pressure sensors in the conditions, to provide formidable results. This huge growth for the automotive industry is expected to drive the growth of the adoption of pressure sensors for different applications in the automotive industry. Ceramic sensors have been the favorite for manufacturers, as they provide an ideal solution to the cost conscious automotive industry in the long run as effective packaging ensures the longevity and reliability of piezoresistive pressure sensors in usage.
North America Accounted For the Highest Market Share
North America accounted for the highest market share in the global market with a market share, followed by Europe and Asia-Pacific. North American region has a very active industrial sector and is influencing a robust growth in the automotive, as well as the healthcare industry and hence, has the potential to remain one of the strong markets in the piezoresistive pressure sensors market. The United States contributes to majority of the market share in the region, followed by Canada, as per our research. The United States is expected to occupy more than three quarters of the entire North American market share in the global market.
Key Developments in the Market