MEMS Pressure Sensor Market to Record an Exponential CAGR by 2024
MEMS or Micro-Electro-Mechanical Systems is a technology in which tiny integrated devices or systems are created that combines mechanical and electrical components. They are fabricated on the micro scale, yet, generate effects on macro scale. A pressure sensor is an instrument to measure pressure, particularly of liquids or gases. A pressure sensor acts as a transducer (convert one form energy into another), and generate electrical signals when pressure is applied. The MEMS pressure sensors are used in monitoring and controlling systems used in various industries such as industrial, automotive, medical, consumer electronics, and high-end devices, among others.
Significant increase in automation and miniaturization of electrical devices are the major drivers for the growth in MEMS Pressure Sensor Market. Increasing use of pressure sensors in consumer electronics and high-end devices is the major driver for the growth of the industry. Pressure sensors also find their application in automotive industry. The growing demand of vehicles, worldwide, has added to the rising demand of pressure sensors. However, due to the factors such as Eurozone crisis and high cost of labor and raw materials, the growth of overall MEMS pressure sensor market is getting affected. Furthermore, high supply cost is adding on to the manufacturing cost, thereby hindering the growth of the industry. Automotive and medical equipment is projected to be the major contributors in the escalation of the overall MEMS pressure sensor market. Advancement in technology such as Tire Pressure Monitoring System (TPMS) and portable healthcare monitoring products is expected to add to the growth of the industry. Asia Pacific is estimated to hold more than half of the global share of MEMS pressure sensor market.
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The MEMS pressure sensor market can be segmented on the basis of technology, application, and region. The industry can be divided based on technology into capacitive, resonant solid state, piezoresistive, electromagnetic, and optical. The piezoresistive sensors are low-cost and highly efficient; hence, the growth in this segment is very evident. However, the capacitive technology segment is expected to show highest growth rate in MEMS pressure sensor market due to its wide application such as touch sensing, position sensing, and motion sensing.
As per application the global MEMS pressure sensor market has been divided into consumer electronics, automotive, industrial, oil & gas, medical, and aeronautics, among others. Among the applications of MEMS pressure sensor, the automotive segment is expected grow at a steady rate owing to advancement in technology, demand of concept cars, and automation, among others. The automotive industry is followed by the consumer electronics segment for the overall growth of the MEMS pressure sensor market.
Geographically, the MEMS pressure sensor market can be subdivided into North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific has been the largest market for MEMS pressure sensor, followed by North America. Brooding automotive sector and consumer electronics industry in countries such as Japan, China, Taiwan, and South Korea has propelled the growth in the Asia Pacific region. In North America, the growth in the MEMS pressure sensor industry is fueled by major semiconductor and pressure sensor manufacturing companies, especially in the U.S. and Canada. In the Rest of the World region, the demand for MEMS pressure sensors is expected to be driven by Brazil due to development in the manufacturing industry.
Globally, the companies are focusing on innovation and expansion strategies such as mergers and acquisitions. The key players in the MEMS pressure sensor market are Robert Bosch GmbH (Germany), General Electric (U.S.), Denso Corporation (Japan), Freescale Semiconductor, Inc. (U.S.) and Sensata Technologies (U.S). Other major players include Honeywell International, Inc. (U.S.), ABB Ltd. (Switzerland), Measurement Specialties, Inc. (U.S.), The Emerson Electric Company (U.S.), STMicroelectronics N.V. (Switzerland), and OMRON Corporation (Japan), among others
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