Pressure Sensor Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Product (Absolute Pressure Sensor, Differential Pressure Sensor, Gauge Pressure Sensor), By Technology (Piezoresistive Pressure Sensor, Electromagnetic Pressure Sensor, Optical Pressure Sensor, Resonant Solid State Pressure Sensor, Capacitive Pressure Sensor, Others), By Application (Automotive, Food And Beverage, Aerospace And Defence, Consumer Electronics, Medical, Industrial, Others), And By Geography - Forecasts From 2023 To 2028

The pressure sensors market is anticipated to grow at a CAGR of 7.66% to reach from US$3.248 billion in 2021 to US$5.443 billion by 2028.

Pressure sensors are devices having pressure-sensitive components that are used to translate physical quantities including length, force, temperature, and pressure into electrical or optical signals. Such devices find common usage in process applications such as hydraulics and pneumatics to measure relative system pressure. Owing to its large consumer base and the existence of well-diversified international, local, and regional companies, the pressure sensor market is intensely competitive. The growing demand for existing technology, as well as increased investment in technological upgrades, act as market drivers which further entice additional companies into the pressure sensor market. Also, with the intense rivalry in the pressure sensor industry, techniques such as mergers and acquisitions and others are being used to increase market share.

The growing automotive production is expected to boost the pressure sensor market growth.

Pressure sensors owing to their great precision, dependability, resilience, and low cost are employed in various automotive applications including monitoring EGR, EMS, collision avoidance systems, advanced braking systems, and tire pressure monitoring systems. Absolute pressure sensors and differential pressure sensors are the most common types of sensors used in automotive applications and with the growing automotive production and sales, the demand for such pressure sensors is also expected to increase. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA) data, global motor vehicle production has increased from 77,650,152 units in 2020 to 85, 016,728 in 2022 which represented an increase of 10% in the production rate. Furthermore, as per the same source, global motor vehicle sales have increased from 78,774,320 units in 2020 to 82,684,788 in 2021 which has shown a rise of 5% in sales.

Growing consumer electronics application is anticipated to propel the pressure of market growth.

Increased demand for pressure sensors in consumer electronics coupled with favorable government rules concerning pressure sensor applications is propelling the pressure sensor market forward. The increase in the Internet of Things (IoT) trend and the rising need for pressure sensors in the construction of smart cities are predicted to boost the pressure sensor market. In addition, government measures to boost the adoption of IoT and AI technologies in the consumer electronics sector are expected to fuel market growth. For instance, India's Ministry of Electronics and IT announced in January 2021 that it will build a Standard Operating Procedure (SOP) as well as a Product Liability Insurance (PLI) policy to promote the manufacture of IoT devices, wearables, and VR gadgets in the country. Also, pressure sensors find used in washing machines to manage the amount of water required for washing garments, reducing water waste dramatically. The growing usage of domestic appliances such as refrigerators, washing machines, and televisions is expected to propel the market demand for pressure sensors for consumer electronics applications, thereby boosting the overall market growth.

During the forecast period, North America is expected to dominate the pressure sensors market.

The North American region is dominating the pressure sensor market owing to its high pace of automation with rising strict government requirements related to passenger safety as well as rapidly expanding production in the automotive and aerospace sectors. According to data from the International Organization of Motor Vehicle Manufacturers (OICA), the North American region saw a 10% increase in motor vehicle production from 13,467,065 units in 2021 to 14,798,146 in 2022. Also, as per the same source, USA automotive production increased from 8,821,026 in 2020 to 10,060,33 in 2022, showing an increase of 14%. According to the International Trade Administration report issued in August 2022, Canada’s total local aerospace production will increase from 15,621 in 2021 to 21, 913 in 2022. This growing production in the automotive and aerospace industry in the North American region will boost the pressure sensor market demand in such a region, thereby boosting the regional market growth.

Market Key Developments.

• In January 2020, Honeywell announced the official launch of a new line of high-performance, value-priced Media Isolated stainless steel pressure sensors (MIP) for the industrial and HVAC markets. The sensors were built to endure high temperatures and corrosion.

Pressure Sensor Market Scope:

Segmentation

• By Product
  • Absolute Pressure Sensor
  • Differential Pressure Sensor
  • Gauge Pressure Sensor
• By Technology
  • Piezoresistive Pressure Sensor
  • Electromagnetic Pressure Sensor
  • Optical Pressure Sensor
  • Resonant Solid State Pressure Sensor
  • Capacitive Pressure Sensor
  • Others
• By Application
  • Automotive
  • Food & Beverage
  • Aerospace & Defense
  • Consumer Electronics
  • Medical
  • Industrial
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    •  Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • South Africa
    • Others
  • Asia Pacific
    • China
    • Japan
    • Australia
    • India
    • Others