MEMS Pressure Sensors Market Estimated To Witness High Growth |...

MEMS Pressure Sensors Market Estimated To Witness High Growth

Posted 2023-12-27 13:31:00

Market Dynamics:

One of the major drivers for the growth of the MEMS Pressure Sensors Market is the rising demand from the automotive industry. Automotive MEMS pressure sensors are mainly used in tire-pressure monitoring systems to detect under-inflated tires. They alert drivers in case of low tire pressure, which helps to avoid accidents. According to the statistics by NHTSA, under-inflated tires can reduce fuel economy by upto 3% and shorten tire life. Thus, MEMS pressure sensors play a critical role in improving vehicle safety as well as fuel efficiency.

Furthermore, the increasing use of MEMS pressure sensors in various industrial processes is also fueling the market growth. They are used for measuring and monitoring pressure in applications such as HVAC systems, oil & gas pipelines, steam generators, and medical equipment. MEMS pressure sensors offer superior accuracy, fast response, and ability to withstand extreme environmental conditions. The development of miniature sensors with low power consumption is enhancing their adoption across industries. The market is expected to witness lucrative growth over the forecast period owing to the rising demand from the automotive and industrial sectors.

Key Takeaways

The Global MEMS Pressure Sensors Market Size is expected to witness high growth. The automotive sector accounts for over 30% share, driven by increasing vehicle production and adoption of sensor-based systems. The global MEMS Pressure Sensors Market is estimated to be valued at US$ 2,363.64 million in 2023 and is expected to exhibit a CAGR of 6.14 %over the forecast period 2023 to 2030.

Asia Pacific dominates with over 45% share led by China, Japan, and South Korea. Rising electronics and automotive manufacturing in the region has boosted the MEMS pressure sensor market.

Key players operating in the MEMS Pressure Sensors market are Ball Corporation,,Crown Holdings, Inc.,,Trivium Packaging B.V.,,Mauser Packaging Solutions,,CCL Containers. These players are focusing on new product development and geographic expansion to gain leadership positions. Mergers and acquisitions remain a key strategy to diversify product portfolios and strengthen supply chains. However, the threat from regional players persists due to their low cost structures.

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