The global pressure sensor market size is expected to be worth USD 17.53 Billion in 2023. It is expected to grow at a CAGR of 9.26% during the forecast period and reach a value of USD 27.30 Billion by 2028.
Pressure sensors are also increasingly important in automotive manufacturing for reducing emissions, fuel consumption, and air pollution. Pressure sensors are deployed in tire pressure monitoring systems, advanced driver assistance systems, and manifold absolute pressure sensors, assisting in airbag deployment and passenger sensing.
Global Pressure Sensor Market Drivers:
The major drivers for the growth of the target market during the forecast period include the growing demand for consumer electronic applications like cellular phones, portable computers, Personal Digital Assistants (PDAs), and laptops. Further, these sensors are also employed in the automotive industry equipment like engine health management systems, Tire Pressure Monitoring Systems (TPMS), and exhaust gas recirculation systems. This says that the organic production of vehicles worldwide is positively impacting the demand for automotive pressure monitoring devices. Vital medical devices utilize these pressure sensors like respirators, oxygen concentrators, ventilators, spirometers, & oxygen tanks, which is a major booster for the demand for these sensors, coupled with the availability of low-cost MEMS pressure sensors owing to the growing demand for portable healthcare monitoring products are the principal drivers for the growth of the Global Pressure Sensors Market.
The rising demand for pressure sensors in consumer electronics and the automotive industry, as well as supportive government laws, are the key factors driving the growth of the global pressure sensor market. The proliferation of smart cities and the developing trend towards the Internet of Things are expected to present profitable avenues for the expansion of the pressure sensor market. A significant advancement in the pressure sensor market is the miniaturization of pressure sensors. The benefits of small sizes include increased portability, reduced space requirements, and a wider range of installation options. Moreover, by employing sophisticated calibration procedures to boost accuracy, small pressure sensors provide precise and trustworthy results in multiple applications. The introduction of wireless connection and the Internet of Things has revolutionized the world of pressure sensors. Wireless pressure sensors enable real-time data analysis, predictive maintenance, and automation in various industries like manufacturing, healthcare, agriculture, and environmental monitoring, providing powerful and economical monitoring of pressure-related factors.
Technological advancements such as miniaturization & improved accuracy, wireless & IoT-based P.S., MEMS-based P.S., etc., are expected to create enormous opportunities in the pressure sensor market. Pressure sensors can be utilized by respiratory equipment to monitor and ensure enough airflow. The development of implantable pressure sensors due to technological advancement allows for continuous monitoring of vital physiological data. Pressure sensors play an essential role in the aerospace and aviation industries. Two emerging trends in this field are the integration of pressure sensors with advanced flight tenancy systems and the use of smart materials for enhanced performance. Furthermore, seabed monitoring is predicted to provide more opportunities with the development of a new technique that makes it possible to detect seabed pressure precisely over an extended period.
Global Pressure Sensor Market Restraints:
The high cost of the gadgets is significantly limiting the expansion of the pressure sensor market. This rise is due to increasing competition among manufacturers, which is leading to rapid innovations in developing new portable, consumer, and IoT applications. Companies are focusing on developing cost-effective pressure sensors like MEMS-based, IO-link compatible, and wireless sensors. Therefore, manufacturers are forced to cut prices due to high volume pressure and sensor pricing pressure, which hinder revenue development and reduce vendor profits in a highly competitive industry. High vibrations in air compressors are restricting the growth of the pressure sensor market. This can cause vibrations in a pressure sensor that is mounted directly onto the compressor casing. Furthermore, weak bonding between the thin film sensor element and the port material can result in an early component breakdown during endurance pressure cycling, which is one distinct issue with thin-film metal sensing element design.
Impact of COVID-19 on the pressure sensor market:
The COVID-19 pandemic caused a minor decline in the pressure sensor market. Pressure sensor usage has surged in consumer electronics and healthcare, but it has decreased in some areas like automotive and industrial as a result of production reductions and supply chain disruptions. A lack of semiconductors in 2021 affected the manufacturing of automobiles, the launch of new smartphones, and other industries. There was also a fuel scarcity in the U.S. Southeast due to the Colonial pipeline hack. The recent COVID-19 outbreak in India has drawn attention from around the world because of reports of over 300,000 infections each day for 22 days running. However, what is not so widely known is how the situation resulted in a shortage of oxygen concentrators.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
|
Market Size Available |
2022 to 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 to 2028 |
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CAGR |
9.26% |
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Segments Covered |
By Application, Technology, Product, End User & Region |
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Various Analyses Covered |
Global, Regional, and country-level analysis; Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global pressure sensor market has been segmented and sub-segmented based on the application, technology, product, end-user and region.
Global Pressure Sensors Market – By Product:
The absolute pressure sensor has the maximum share of this category and is expected to grow further during the forecast period. In many industrial and scientific applications and some manufacturing processes where it is crucial to know the overall pressure, absolute pressure transmitters are frequently utilized. Digital technology and miniaturization of electronic components have made absolute pressure transmitters more compact and suitable for various applications, including automotive, aerospace, and industrial processes. Even more affordable and compact pressure sensors are made practical by advancements in microelectromechanical systems (MEMS).
Global Pressure Sensor Market – By Technology:
The piezoresistive segment holds the largest share of the pressure sensor market. Due to the potential applications in a variety of sectors, such as robotics, electronic skin, and wearable electronics, piezoresistive pressure sensors have garnered a lot of attention. The performance of piezoresistive pressure sensors in pressure testing is influenced by the inside structure and components. User-friendliness and longevity have caused the widespread adoption of this technology in various industries. Also, because piezoresistive pressure sensors don't drift too much, they are the preferred option for measuring static pressures.
Global Pressure Sensor Market – By Application:
The automotive on-vehicle segment is the dominant segment under this category of the pressure sensor market. Government safety regulations have raised the demand for pressure sensors in the automotive sector. Furthermore, many global businesses are building and releasing novel pressure sensor technologies and systems to gauge the dynamic pressure components in mobile automobiles. For example, Infineon unveiled the SP49 MEMS sensor in October 2023. This sensor allows car designers to have more options when designing controllers because it interfaces with a microcontroller and peripherals for tire pressure monitoring systems.
Global Pressure Sensors Market – By End User:
The automotive segment is anticipated to witness substantial growth in its market share during the forecast period. The increasing adoption of pressure sensors in the engine and vehicle safety systems is fuelling the market growth. The growing consumer desire for convenience, security, and cutting-edge technologies is anticipated to have a favorable trend for pressure sensor market expansion.
Global Pressure Sensors Market – By Region:
The North American pressure sensor market is leading with a dominant share. The increasing need for pressure sensors in tire pressure monitoring systems and EGR system applications in the automobile industry is fuelling growth in the region. Because of its strong emphasis on advancement and research, universities, research centers, and enterprises in Canada and the USA are at the forefront of pressure sensor technology. Furthermore, the aerospace sector is greatly influenced by North America's robust manufacturing industry capacity and expertise in sensor technology advancements.
The European pressure sensor market is expected to achieve a higher growth rate during the forecast period. The main drivers expanding the market are rising government initiatives and regulations supporting I.T., medical services, and automobile components and gadgets, as well as increasing investments in study and development centers. In addition, all new trucks, trailers, buses, and coaches in Europe are now required to have tire pressure monitoring systems with amended legislation emphasizing new type certifications. Furthermore, pressure sensor sales in Europe are propelled by connected and electric car production, which is also boosting Germany's automotive sector.
The Asia Pacific pressure sensor market is projected to have the biggest market share in the industry. The growing application of pressure sensors in engines and automotive safety systems is fuelling the market growth. The rising consumer desire for convenience, security, and modern technology is anticipated to further register a favorable trend in market expansion. Moreover, the regional pressure sensor market is mainly driven by China and India.
The Latin American pressure sensor market is anticipated to grow further during the forecast period. The growing worries about safety and security are driving the demand for pressure sensors in automation. Brazil's pressure sensor industry has bright futures in consumer electronics, healthcare, industrial, and automotive industries. Strict safety laws for the automotive sector, growing consumer electronics, and the rising need for MEMS technology are the main factors propelling the market's expansion.
The Middle East and Africa pressure sensor market will grow at a faster growth rate during the forecast period. The market for pressure sensors is currently propelled by the region's oil and gas industry's utilization of automation, which has been pushed by digitization. The market for affordable healthcare products is moving forward due to fluctuating African economic conditions, which has created a major potential for pressure sensor vendors in the area.
KEY MARKET PLAYERS:
The key players of the Global Pressure Sensors Market include Honeywell (US), ABB (Switzerland), Amphenol (US), BD Sensors (Germany), Emerson Electric (US), First Sensor (Germany), Micro Sensor (China), Quartzdyne (US), Sensata Technologies (US), Crane (US), Analog Microelectronics (Germany), ADZ NAGANO (Germany), Siemens (Germany), General Electric (US), TT Electronics (UK), Ifm electronic (Germany), Endress+Hauser (Switzerland), JUMO (Germany), Melexis (Belgium), Acuity Incorporated (US), Kita Sensor (Taiwan), Cynergy3 (UK), Phoenix Sensors (US), Trafag (Switzerland), and Nidec Copal Electronics (Japan).
RECENT HAPPENINGS IN THE MARKET:
Frequently Asked Questions
Key features include measurement range, accuracy, response time, durability, temperature sensitivity, and compatibility with the specific application requirements.
Emerging technologies include MEMS (Micro-Electro-Mechanical Systems) pressure sensors, IoT (Internet of Things) integration, and advancements in wireless communication for remote monitoring.
Factors driving growth include the increasing demand for smart and connected devices, advancements in sensor technologies, and the expansion of industries such as healthcare and automotive.
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