The global piezoresistive pressure sensor market is expected to experience substantial growth due to the introduction of varied products. Absolute & differential pressure, vacuum and gauge are several parameters measured by piezoresistive pressure sensor technology. Automotive and medical are expected to emerge as key application areas, owing to the advancements in piezoresistive pressure sensor technology. Development of miniature-sized Micro-Electro-Mechanical Systems (MEMS) technology-based pressure sensors is also expected to spur the piezoresistive Pressure Sensor market growth over the forecast period.
Growing vehicle demand in developing economies along with favorable government initiatives encouraging increased adoption rate for piezoresistive pressure sensor are expected to favorably impact market growth over the next few years. However, the sensors require excess power during operation, and may pose to be a challenge to market growth. Furthermore, the sensor’s fundamental noise limits are high than their capacitive counterparts, which may also hinder the market piezoresistive pressure sensor market growth over the next few years. Technological proliferation and advancements in nanotechnology applications offer avenues for market growth.
Piezoresistive pressure sensors are mainly used in the automotive, aircraft, and industrial sectors. The aforementioned segment is expected to witness high growth over the forecast period owing to extensive usage in airbags and other automotive applications. In industrial applications, piezoresistive pressure sensors are primarily utilized for preventive maintenance, particularly in the petrochemical, food & beverage, oil & gas and mining industries
Key industry players emphasize on developing sensors to be used in hazardous areas. For instance, Kistler Instruments offers pressure sensors to be used in non-incendive areas as well as intrinsically safer areas. Advancement in the sensor technology has led to a shift towards the miniaturization of sensors, which offers several opportunities to the industry participants. Other key players in the piezoresistive pressure sensor market include Measurement Specialities Inc., Orman, AVL, and General Electric.
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The recent COVID-19 pandemic that has been ravaging numerous countries across the globe has adversely affected the overall sensor, control, and automation industry. While the capital investments in the automation sector have been lethargic before the pandemic, they are expected to be put on hold or postponed for at least a year. However, the recent standstill in industrial manufacturing and production is anticipated to act as a wake-up call for the manufacturing sector on its reliance on human labor. This, in turn, is expected to highlight the advantages of robotics and automation helping a greater adoption in the post-pandemic period. As IoT, industrial automation, and digitalization are expected to become increasingly relevant to post-pandemic Tier 1 manufacturers, it may eventually turn into an opportunity especially in evolving supply chains. The report will account for Covid19 as a key market contributor.