Pressure Sensor Manufacturing in the US Industry Market Research Report from IBISWorld Has Been Updated
New York, NY (PRWEB) March 08, 2015 -- The Pressure Sensor Manufacturing industry is highly globalized and serves a broad range of downstream industrial and consumer product manufacturing industries. Technological advancements that have improved pressure sensor performance, reliability and cost effectiveness have broadened the application of pressure sensors in new markets and supported industry growth over the past five years. In particular, the application of microelectromechanical (MEMS) pressure sensors, which have advanced microprocessor and electrical components that allow for greater functionality and efficiency in a smaller, cost-effective design, have been a key driver of growth in the automotive and medical device manufacturing markets. From 2010 to 2015, IBISWorld estimates that industry revenue will grow at a 3.9% average annual rate, including an expected increase in 2015, due to strengthening industrial production and improving consumer spending.
"Exports were also a key driver of industry revenue growth, as foreign industrial and consumer product manufacturers incorporated pressure sensors in their setup and production processes," IBISWorld Economic Analyst Darryle Ulama says in the updated report. However, stronger international competition and the appreciation of the US dollar supported import penetration and prevented higher export growth during the period. Less-expensive and mass-produced pressure sensors imported from Mexico and China increased over the past five years and outperformed domestic manufacturers at the lower-end of the market. As a result of intensifying competition, the industry's operational footprint has shrunk.
Rising demand for pressure sensors in new and existing manufacturing markets is expected to underpin industry growth over the next five years. In the five years to 2020, industry revenue is forecast to rise. "Domestically, increased industrial production activity will drive demand, while rising consumption and car ownership in the Asia Pacific region will further boost demand for industry exports abroad," Ulama says. However, further appreciation of the US dollar and competition from foreign manufacturers will cause import penetration to rise further, limiting higher growth.
For more information, visit IBISWorld’s Pressure Sensor Manufacturing in the US industry report page.
Follow IBISWorld on Twitter: https://twitter.com/#!/IBISWorld
Friend IBISWorld on Facebook: http://www.facebook.com/pages/IBISWorld/121347533189
IBISWorld industry Report Key Topics
Operators in this industry manufacture devices that measure fluid, gas and mechanical pressure in a broad range of industrial process control applications in downstream manufacturing industries. Key markets include automotive and medical device manufacturing, oil and gas, consumer electronics, HVAC, military and aerospace industries.
Industry Performance
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
Products & Markets
Supply Chain
Products & Services
Major Markets
Globalization & Trade
Business Locations
Competitive Landscape
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
Major Companies
Operating Conditions
Capital Intensity
Key Statistics
Industry Data
Annual Change
Key Ratios
About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.
Gavin Smith, IBISWorld, +1 (310) 866-5042, [email protected]
Share this article