The global non-optical pressure sensor market is estimated to be valued at US$2.445 billion in 2019 and is projected to grow at a healthy CAGR during the forecast period. Pressure sensors are referred to as devices that are equipped with pressure-sensing elements for the measurement of pressure and finally covert the value into an electronic signal in the form of output. The market is projected to hold strong prospects for growth in the forecast period due to the immense applications of pressure sensors across varied end-use industries. For example, in HVAC systems, pressure systems are utilized for monitoring the condition of air filters.
As filters clog with particulates, the differential pressure across the filter rises and this can be detected. The improved GPS location is offered by the use of pressure sensors. An attitude can be measured through the detection of barometric pressure due to an association between the barometric pressure and altitude in the atmosphere. Furthermore, pressure sensors are utilized in wearables for the monitoring of patients and the elderly in assisted living environments. In the case of an event, like a fall, the sensors bring it to the notice of medical staff or a family member. The mechanism lies in the measurement of small changes in air pressure by the pressure sensor.
In the present COVID-19 scenario, the use of pressure sensors in medical ventilators is fueling the market demand in 2020 owing to the surging demand for ventilators for the treatment of patients suffering from the deadly disease. However, in other industries, the market is projected to experience a slight decline in 2020 owing to the shutting down of manufacturing operations due to labor shortages, work-from-home, and lockdown initiatives. Also, with the advent of optical pressure sensors and their better performance compared to the traditional pressure sensors, the market growth is projected to hamper in the forecast period.
By Geography, the market is segmented into North America, South America, Europe, Middle East and Africa, and the Asia Pacific regions. Out of them, Asia Pacific region is predicted to hold a significant market share in the global non-optical pressure sensor market owing to the growth of industrial manufacturing companies in the region along with the growing industrialization.
The growing utilization of automated drug delivery systems is fueling the market growth during the course of the forecast period.
It has been observed that pressure sensors are placed in automated drug delivery systems to deliver proper dosage to the patients. Hence, the market is projected to grow at a significant pace over the next five years. The major factors supporting the growth of the utilization of drug delivery systems include a growing number of chronic diseases like diabetes and respiratory diseases. In addition, the growing geriatric population suffering from age-associated diseases is further propelling the market demand. It has been predicted by the National Institutes of Health that the diabetes prevalence in America is predicted to rise by 54% affecting over 54.9 million Americans between 2015-2030. Also, annual deaths due to diabetes are predicted to surge by 38% to 385,800. The total annual medical and societal costs linked to diabetes are predicted to rise around 53% to over USD622 billion by the end of 2030. Significant efforts are being made towards effective diabetes management. The emergence of advanced insulin delivery systems with automated dispensing systems is providing relief for many patients suffering from this disease. According to the USFDA news release in December 2019, the organization announced the authorization of the first interoperable automated glycemic controller device that is capable of automatically adjusting the insulin delivery to a diabetic patient. The automated insulin dosing (AID) system consists of a pump, a continuous glucose monitor (CGM), and software for controlling the system of compatible devices. With automated dispensing devices increasingly present in varied healthcare organizations, the market is propelled to grow during the forecast period. In addition, the shift to direct patient care, changes in healthcare systems, and cost-reduction pressures is further offering high growth prospects for automated drug delivery systems to proliferate, further contributing to surging the market growth during the course of the forecast period. The American Society of Health-System Pharmacists approved the use of automated drug dispensing system distribution as this has contributed to releasing the pharmacists from labor-intensive drug distribution functions.
Companies offering pressure sensors that fulfill the requirements of the various end-user industries are driving the market growth during the forecast period.
STS Sensor Technik Sirnach AG offers pressure sensors for a range of industries. For machine and plant construction, the company offers pressure transmitters and transducers for a variety of applications in machines and plant construction. Examples include the installation of pressure sensors on the harbor doors of Rotterdam Port that protect the city from storm tides. The company has robust experience in process automation of hydraulic monitoring and plant construction. For the shipbuilding and marine industry, the company offers level sensors for the monitoring of water, wastewater, and fuel tanks, in particular, ballast tanks. The company is also one of the main suppliers of this sector owing to the high reliability of its sensors, in addition, the company has the ability to manufacture them from titanium. For the aviation industry, the company manufactures pressure transducers and transmitters to fulfill the most demanding test and measurement specifications in aviation. The product portfolio includes absolute, gauge, and miniature pressure sensors. For the mining industry, the company produces pressure sensors that are robust, reliable, and accurate. These can be utilized for hydraulic monitoring, pressure, and temperature measurements in explosion endangered zones, and groundwater monitoring applications. For oil and subsea applications, the company manufactures a wide variety of pressure transducers and transmitters for oil and gas applications. These include onshore and offshore and subsea applications. The sensors are explosion-proof and have intrinsically safe certifications. The products are designed to offer the required precision and long-term stability in challenging situations.
|Market size value in 2019||US$2.445 billion|
|Growth Rate||CAGR of during the forecast period|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Sensor Technology, End-User Industry, And Geography|
|Companies covered||Emerson Electric Co., Honeywell International Inc., Rotork, Pentair, Parker Hannifin Corp., ABB, SMC Corporation, Eaton Corporation plc, Festo Group|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)