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Pressure Sensor Market Size By Product (Differential Pressure Sensors, Absolute Pressure Sensors, and Gauge Pressure Sensors), By Type (Wireless and Wired), By Application (Industrial, Automotive, Medical, Oil & Gas, Consumer Electronics, and Others), Regions, Segmentation, and Projection till 2030

CAGR: 4.6%Current Market Size: USD 18.5 BillionFastest Growing Region: North America

Largest Market: APACProjection Time: 2023-2030Base Year: 2022

Global Pressure Sensor Market- Market Overview:

The global pressure sensor market is expected to grow from USD 18.5 billion in 2022 to USD 26.3 billion by 2030, at a CAGR of 4.6% during the Projection period 2023-2030. The growth of the pressure sensor market is mainly driven by the development of micromechanical sensors.

A pressure sensor is a device that detects pressure and turns it into an electric signal whose magnitude is determined by the force applied. It can detect, measure, and send data that aids in the analysis of a device's performance. The pressure sensor is built with IC manufacturing methods on silicon wafers. It regulates and monitors pressure, specifically that of liquids and gases. It measures pressures such as vacuum, absolute pressure, gauge pressure, and differential pressure. It has found widespread application in manufacturing, vehicle, aircraft, air conditioning, biomedical, and hydraulic measures. According to recent research, new advancements in pressure sensors are expected to fuel significant market expansion. Great efforts have been made to build sophisticated pressure sensors with applications in wearable healthcare devices and artificial intelligence systems. The government laws allowing the use of pressure sensors in autos have also contributed to the increase in demand for pressure sensors. They have had an impact on the global pressure sensor market. The pressure sensor is in high demand, particularly in the automotive industry, which has a wide range of applications such as Engine Gas Recirculation, Tire Pressure Monitoring Systems, and others, all of which have a significant impact on the pressure sensor market share internationally. Several factors have influenced the market for pressure sensors since the onset of covid-19. This market's manufacturing process is having difficulties at the moment.

Sample Request: - Global Pressure Sensor Market

Market Dynamics:

Drivers:                          

  • Development of Micromechanical Sensors

The development of micromechanical sensors, or MEMs, is a critical market driver. MEM is a system for producing small electrical devices. MEMs are commonly used in the automotive industry. The automobile industry's change is having a favorable impact on the pressure sensor market. Furthermore, the MEM is used in a broader range of industries to improve efficiency. the pressure gauges In automotive, can be used to analyze fluid pressure, engine pressure, pipe pressure, and break pressure. Pressure sensors improve the efficiency of the automotive industry. Even the medical business employs integrated ADC in blood pressure systems, reducing manufacturing acts. MEMs provide numerous advantages in the industry.

Restraints:                                             

  • Price Pressure

The price pressure in the market is limiting demand for pressure sensors. Pressure sensors in automated devices and medical wearables are boosting market demand. As a result, there is an abundance of pressure sensors on the market. However, market sales are being hampered by pricing constraints. The market is experiencing price challenges as a result of intense competition. Because of innovation, IoT applications, and affordability, pressure sensor manufacturers face competition. Many manufacturers are increasing their research investments in order to maintain pricing competitiveness. Key market participants are taking cost-cutting measures.

Opportunities:

  • Expansion of NEMs

The expansion of NEMs, or nanoelectromechanical systems, will generate new prospects for growth. Nanotechnology allows for the creation of nanoscale electronic devices. The introduction of NEM pressure sensors will alter market dynamics. It will result in increased demand from new end users and a rapid expansion rate for the market. The medical sector, in particular, is likely to use medical blood pressure equipment. Furthermore, new technical improvements are projected to expand this market's prospects. Most industries, in particular, are experiencing tremendous improvements. The automotive industry is introducing hybrid engines. As a result, the requirement to analyse pressure is growing. Pressure sensors for hybrid vehicles will be in high demand in the automotive industry.

Challenges:

  • Rising Regulatory Standards

The primary market problem is increased regulatory standards for pressure senate. Due to tight trading policies, imports and exports of pressure sensors are hampered. The regulatory requirements cause a lag in the demand and availability of these pressure sensors. The product's high tariffs are deterring several significant firms from importing and exporting pressure sensors. The stringent regulatory regulations necessitate adherence to numerous trade standards. Pressure sensors are widely manufactured in countries such as the United States and China. However, these localities are under the most pressure to meet regulatory standards.

Segmentation Analysis:

The global pressure sensor market has been segmented based on product, type, application, and region.

By Product

The product segment is differential pressure sensors, absolute pressure sensors, and gauge pressure sensors. The absolute pressure sensors segment led the largest share of the pressure sensor market with a market share of around 38.76% in 2022. The increasing demand for error-free engine functionality in the manufacture of safe and secure automobiles is a crucial element driving the segment's growth. Furthermore, the growing demand for these absolute pressure sensors for vacuum packing of medical products in a clean environment propels the segment forward. An absolute pressure sensor is a closed system that generates pressure readings that are unaffected by ambient pressure by reference a perfect vacuum. Absolute pressure sensors are employed in applications where industrial, high-performance vacuum pumps must be monitored.

By Type

The type segment is wireless and wired. The wired segment led the largest share of the pressure sensor market with a market share of around 58.3% in 2022. Wired pressure sensors are available in a variety of technologies, including photoelectric, capacitive, and inductive. The rising demand for wired pressure sensors in industrial, automotive, and other sectors is expected to drive the growth of the wired pressure sensors segment during the Projection period due to their lower radio frequency interference, smaller size, compatibility between manufacturers, and lower cost installation properties. A wired pressure sensor's lower power consumption contributes to the segment's growth.

By Application

The application segment is industrial, automotive, medical, oil & gas, consumer electronics, and others. The automotive segment led the largest share of the pressure sensor market with a market share of around 35.3% in 2022. In electric vehicles, pressure sensors are employed to prevent doors from trapping fingers. Furthermore, several pressure sensor businesses across the world are developing and introducing novel pressure sensors and systems to detect the dynamic pressure system in moving vehicles. For example, Luna, a pressure sensor provider, unveiled an innovative new pressure sensor and system in May 2020 that uses Luna interrogators and fibre optics to monitor dynamic pressure across the surface of a moving vehicle and capture the data.

Global Pressure Sensor Market - Sales Analysis.

The sale of the pressure sensor market expanded at a CAGR of 3.2% from 2016 to 2022.

The increased need for energy-efficient pressure sensors for consumer electronics, automotive, and portable healthcare wearables is driving market expansion. Pressure sensors are becoming increasingly used in a variety of industries, including alarm systems, water purifiers, medical breathing appliances, refrigeration systems, and off-road structures. Furthermore, as consumers shift toward more automation-based solutions and services, there is a greater emphasis on IoT-based devices due to their innovative and advanced uses. Pressure sensors are in high demand due to their increasing application in domestic appliances such as refrigerators and washing machines. Numerous pressure sensor manufacturers are likewise concentrating on developing unique solutions that will improve the consumer experience.

For example, in March 2021, Bosch Sensortec, a pressure sensor vendor, introduced the BMP384, a durable barometric pressure sensor. BMP384 is a high-performance, low-power sensor that is suited for household appliances, wearables, and harsh-environment industrial applications. Pressure sensors for IoT systems are being developed by a number of companies across the world. Pressure sensors are utilised in IoT systems to monitor pressure-driven equipment and systems. For example, Yokogawa Electric Corporation, an electrical engineering and software firm, announced the release of new temperature and pressure sensors for the Sushi Sensor wireless industrial IoT solutions in North America, Europe, and select Southeast Asian areas in July 2020.

Thus, owing to the aforementioned factors, the global pressure sensor market is expected to grow at a CAGR of 4.6% during the Projection period from 2023 to 2030.

By Regional Analysis:

The regions analyzed for the pressure sensor market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific region dominated the pressure sensor market and held a 39% share of the market revenue in 2022.

  • The Asia Pacific region witnessed a major share. The segment's expansion can be ascribed to large-scale manufacture of electronic components as well as increased R&D investments. Consumer electronics like as tablets, wearable gadgets, and smartphones are driving demand for pressure sensors in this region. India and China account for a sizable portion of the regional pressure sensor market. China is a mature market with numerous commercial options. The Danfoss Group, a market leader in software and engineering technologies, has made significant investments in the pressure sensor market, which is projected to boost China's pressure sensor market growth.
  • North America is anticipated to experience significant growth during the Projection period. Because of the strong demand for pressure sensors in TPMS and EGR system applications in the automotive industry. One of the major factors fueling market expansion is the presence of prominent players in the region. Simultaneously, rising demand for pressure sensors in industries such as oil and gas, petrochemical, and medical is propelling market expansion in this area.

Global Pressure Sensor Market - Country Analysis:

  • Germany

Germany's pressure sensor market size was valued at USD 1.32 billion in 2022 and is expected to reach USD 1.90 billion by 2030, at a CAGR of 4.7% from 2023 to 2030. The sensors market in Germany is expected to grow rapidly owing to the region's increased demand for sensors in aerospace and defence. Regional technical improvement is propelling the market forward. High-frequency RF-MEMS pressure sensors are used in a variety of consumer electronics devices, including smartphones, wearable technology, and tablets, to perform precise tasks.

  • China

China’s pressure sensor market size was valued at USD 1.8 billion in 2022 and is expected to reach USD 2.6 billion by 2030, at a CAGR of 4.9% from 2023 to 2030. Smart electronic equipment use in the residential, commercial, and industrial sectors, as well as increased smartphone penetration in the region, are expected to fuel the market for smart sensors.

  • India

India's pressure sensor market size was valued at USD 1.4 billion in 2022 and is expected to reach USD 2.03 billion by 2030, at a CAGR of 4.8% from 2023 to 2030. The Asia Pacific region has experienced the highest growth in this industry. In India, key companies in this industry have several opportunities. These countries' economic growth is aided by an increase in disposable income and the number of health-conscious consumers.

Key Industry Players Analysis:

To increase their market position in the global pressure sensor market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.       

  • Eaton
  • Nxp Semiconductor
  • Honeywell International Inc.
  • Renesas Electronics
  • Infineon Technologies Ag
  • Microchip Technology Inc
  • Qualcomm Technologies Inc.
  • Siemens Ag
  • STMicroelectronics

Latest Development:

  • In August 2022, Positek introduced a new subsea pressure transmitter for maritime, offshore, and underwater applications. Positek Limited has developed a unique pressure transmitter for measuring gas and liquid pressure in submerged instruments and equipment used in marine and offshore applications.
  • In August 2022, NewTek Modern LVDTs are replacing historical displacement sensors since they are sometimes too large for limited space applications and have heavy electrical requirements that waste energy and result in high power consumption.

Report Metrics

Report Attribute 

Details

Study Period

2022-2030

Base year

2022

CAGR (%)

4.6%

Market Size

18.5 billion in 2022

Projection period

2023-2030

Projection unit

Value (USD)

Segments covered

By Product, By Type, By Application, and By Region.

Report Scope

Revenue Projection, competitive landscape, company ranking, growth factors, and trends

Companies covered

Eaton, Nxp Semiconductor, Honeywell International Inc., Renesas Electronics, Infineon Technologies Ag, Microchip Technology Inc, Qualcomm Technologies Inc., Siemens Ag, and STMicroelectronics.

By Product

  • Differential Pressure Sensors
  • Absolute Pressure Sensors
  • Gauge Pressure Sensors     

By Type

  • Wireless
  • Wired    

By Application

  • Industrial
  • Automotive
  • Medical
  • Oil & Gas
  • Consumer Electronics
  • Others 

Regional scope

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East and Africa

Scope of the Report

Global Pressure Sensor Market By Product:

  • Differential Pressure Sensors
  • Absolute Pressure Sensors
  • Gauge Pressure Sensors

Global Pressure Sensor Market By Type:

  • Wireless
  • Wired

Global Pressure Sensor Market By Application:

  • Industrial
  • Automotive
  • Medical
  • Oil & Gas
  • Consumer Electronics
  • Others

Global Pressure Sensor Market By Region:

  • North America
    • USA
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Russia
  • Asia-Pacific
    • Japan
    • China
    • India
    • Korea
    • Southeast Asia
  • South America
    • Brazil
    • Peru
  • Middle East and Africa
    • UAE
    • South Africa
    • Saudi Arabia

Frequently Asked Questions

What will be the expected market size of the pressure sensor market in 2030?

Global pressure sensor market is expected to reach USD 26.3 billion by 2030.

Which are the leading market players active in the pressure sensor market?

Leading market players active in the global pressure sensor market are ABB Ltd, Honeywell International Inc., Delphi Automotive Plc, Analog Devices, Inc., Emerson Electric Co., Robert Bosch Gmbh, Denso Corporation, NXP Semiconductors, N.V., Damco Corporation among others.

What is the CAGR of the pressure sensor market?

The pressure sensor market is projected to have a CAGR of 4.6%.

What are the key factors for the growth of the pressure sensor market?

The development of micromechanical sensors, or MEMs, is a critical market driver. MEM is a system for producing small electrical devices. MEMs are commonly used in the automotive industry. The automobile industry's change is having a favorable impact on the pressure sensor market.

What is the product segment of the pressure sensor market?

Based on the product, the pressure sensor market is segmented into differential pressure sensors, absolute pressure sensors, and gauge pressure sensors.