Piezoresistive Pressure Sensors Market Size to grow at 5.7% CAGR through 2027

According to the research report titled ‘Global Piezoresistive Pressure Sensors Market Size study, by Type, by Application and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global piezoresistive pressure sensors market generated revenues worth USD 1.03 billion in the year 2019 and is predicted to expand with a CAGR of 5.7% during 2020-2027.

For those unaware, piezoresistive effect is the change of electrical resistivity of a semiconductor or a metal when mechanical pressure is applied. Piezoresistive pressure sensors are primarily used for monitoring and maintaining the applications by MEMS (microelectromechanical systems) technology.

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Rising adoption of piezoresistive pressure sensors in biomedical and automotive applications coupled with increasing production of medical device and automobiles are prime factors driving the growth of the market.

According to OICA (International Organization of Motor Vehicle Manufacturers), number of passenger cars manufactured was 67.1 million in 2019, which was 65.7 million units in the year 2013. Likewise, a study by AAPC (America Automotive Policy Council) stated that the automotive production in the U.S. was 5.6 million units in 2009 and reached 12.2 million vehicles in the year 2016.

Favorable regulatory scenario which promotes the use of piezoresistive pressure sensors is also aiding the market expansion. However, the emergence of COVID-19 pandemic has resulted in decreased capital investments in the sensor industry which in turn may act as a restraining factor to the overall market growth. Additionally, rising concerns regarding the extensive noise limit of sensors and use of smaller components may hinder the expansion of global piezoresistive pressure sensors industry.

Keller Group plc, Melexis NV, TE Connectivity, STMicroelectronics, NXP Semiconductors N.V., Sensata Technologies, Robert Bosch GmbH, Merit Sensor Systems Inc., Kistler Group, and Amphenol Advanced Sensors LLC are the key participants in global piezoresistive pressure sensors industry.

Considering the geographical landscape, North America currently accounts for a significant market share and is expected to register consistent growth in the forthcoming years, primarily driven by rising demand for lightweight automobiles and high concentration of biomedical manufacturers.

Meanwhile, Asia-Pacific piezoresistive pressure sensors market size is poised to generate notable returns during the forecast period. Rising adoption of piezoresistive pressure sensors and rapid expansion of automotive industry are facilitating the business scenario in Asia-Pacific.

For More Details on Piezoresistive Pressure Sensors Market Report at: https://www.marketstudyreport.com/reports/global-piezoresistive-pressure-sensors-market-size-research?utm_source=gmr.com/&utm_medium=SP

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