Global market for pressure sensors projected to reach US$11.2 billion by 2018

A new report says growth in the pressure sensors market over the next few years will be primarily driven by expanding applications in a range of industries from automotive, oil & gas, petrochemical, food & beverage, to pharmaceutical and pulp & paper.

 Technology advancements, particularly the success of MEMS based pressure sensors and robust demand from developing markets also augurs well for the market, according to the research report, “Pressure Sensors: A Global Strategic Business Report,” by Global Industry Analysts Inc.

The most noticeable innovations in product technology over the years include introduction of micro electromechanical systems (MEMS) and micromachined ultra-low-pressure sensor. With the advent of digital technology, today’s pressure sensors are more efficient, which makes them successful in a range of industry segments. Also, given the use of micro and nanotechnology, the sensors are now more compact and relatively inexpensive, and are high on performance and reliability parameters. These advanced technologies also help them consume lesser power and enable mass production. MEMS pressure sensors especially are expected to register phenomenal growth, according to the report.

The report also found that 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 per cent 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.

The research report also provides a comprehensive review of market trends, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections in US$ for all major geographic markets including the U.S., Canada, Japan, Europe (France, Germany, Italy, UK and Rest of Europe), Asia-Pacific, Latin America and the rest of the world.

For more details about this comprehensive market research report, please visit
http://www.strategyr.com/Pressure_Sensors_Market_Report.asp.