The pressure sensor market is expected to grow at a CAGR of 6.34% during the forecast period to reach US$4.896 billion by 2026, from US$3.183 billion in 2019. 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. The actual pressure applied to the sensor is determined by the pressure sensor, and some sections transform the value into an electrical signal as output data. The material and application for which the pressure needs to be monitored determine the use of pressure sensors. It is commonly used in process applications such as hydraulics and pneumatics to measure relative system pressure. Because of 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. Due to the intense rivalry in the pressure sensor industry, techniques such as mergers and acquisitions and others are being used to increase market share. During the projection period, however, pricing pressure on enterprises due to fierce competition and large expenditure on research and development activities may constrain demand for pressure sensors.
Pressure sensors are mostly used in the automotive industry. Because of its great precision, dependability, resilience, and low cost, pressure sensors are commonly employed in cars. These sensors are utilized in a variety of automobile 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. These are used to improve the driving experience, ensure vehicle, driver, and passenger safety, and minimize pollution. Moreover, according to National Automobile Dealers Association (NADA), there were new-light vehicle sales of 14.93 million units in 2021, up 3.1 percent from the previous year's total of 14.47 million units in the United States. This increase in automotive vehicles is expected to boost the pressure sensor market. In addition, in July 2021, TWTG and Badotherm entered into a strategic alliance for the LoRaWAN pressure sensor. Such developments by major players are also likely to aid in market expansion during the forecast period.
Increased demand for pressure sensors in consumer electronics coupled with favourable 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. To meet the rising demand in the business, companies are putting more effort into product innovation, giving them a competitive advantage. The need for pressure sensors is being driven by the increasing use of pressure sensors in home appliances such as refrigerators and washing machines. In refrigeration, a pressure sensor is essential because it provides feedback to the pump that lowers the pressure in the compartment. Pressure sensors are also used in washing machines to manage the amount of water required for washing garments, reducing water waste dramatically. As a result, the need for pressure sensors is currently being driven by the increased use of domestic appliances such as refrigerators, washing machines, and televisions.
Furthermore, the growing demand for pressure sensors in the HVAC, medical and industrial applications is also aiding the market growth. In January 2020, Honeywell introduced a new line of Media Isolated stainless steel pressure sensors for the industrial and HVAC markets that are high-performing and cost-effective. Customers will have a single, customized solution for usage in a wider range of harsh media with the new MIP series. Similarly, in June 2021, Superior Sensor Technology and Angst+Pfister Sensors and Power announced a collaboration in the field of highly precise, application-focused pressure sensors. Superior Sensor's pressure sensors for HVAC, medical, and industrial applications will be promoted, distributed, and supported in Europe by Angst+Pfister Sensors and Power.
During the projected period, the Asia Pacific and North America are expected to hold a significant proportion of the pressure sensor market.
The pressure sensor market is divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific based on geography. Because of the high pace of automation, North America controls the majority of the market. In comparison to other regions, the region is a dominant market for smart workplaces and homes, and it has seen the largest adoption of technology in the healthcare business. Furthermore, it is projected that by 2025, there will be roughly 30 worldwide smart cities, with the majority of these being located in North America and Europe, owing to various smart city projects and efforts. Pressure sensors are predicted to expand in popularity as a result of government requirements in North America relating to passenger safety in automobiles. For example, the US government passed the TREAD act, which requires every automobile to have a Tire Pressure Monitoring Safety (TPMS) system installed. The region is presenting numerous possibilities due to the huge applications of the pressure sensor in the region, which is projected to increase the market throughout the forecasted period.
Furthermore, the Asia Pacific market is expected to develop at the fastest CAGR. The region is a manufacturing hotspot for automobiles, consumer electronics, and component manufacturers. Pressure sensor market growth in the Asia Pacific can be ascribed to large-scale manufacture of electronic components and rising investments in pressure sensor R&D activities in the region. The pressure sensor market in this region is growing due to factors such as greater acceptance of innovative technologies and the growing popularity of advanced consumer electronics.
Manufacturing activities have been significantly disrupted by the covid-19 pandemic and global lockdown, particularly in the Asia-Pacific area, where important pressure sensors and other semiconductor components are created. The pandemic disrupted the supply chain, causing delays, and the fear of becoming infected caused factory workers to leave, delaying the manufacturing process. However, other applications of pressure sensors witnessed greater usage. For instance, medical breathing appliances have pressure sensors that assess the flow of oxygen and the levels of oxygen given to the patient. The rising demand for medical breathing devices as a result of the COVID-19 pandemic had boosted the demand for pressure sensors in the healthcare sector.
|The market size value in 2019||US$3.183 billion|
|The market size value in 2026||US$4.896 billion|
|Growth Rate||CAGR of 6.34% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Product, Technology, Application, Geography|
|Regions covered||North America, South America, Europe, Middle East, and Africa, Asia Pacific|
|Companies covered||STMicroelectronics, TE Connectivity, General Electric, Emerson Electric Co., Robert Bosch GmbH, ABB, Denso Corporation, NXP Semiconductors, Siemens AG, Omron Corporation|
|Customization scope||Free report customization with purchase.|
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the pressure sensor market?
A1. The global pressure sensor market is estimated to grow at a CAGR of 6.35% during the forecast period.
Q2. What will be the pressure sensor market size by 2026?
A2. The pressure sensor market is estimated to reach a market size of US$4.896 billion by 2026.
Q3. What is the size of the global pressure sensor market?
A3. Pressure Sensor Market was valued at US$3.183 billion in 2019.
Q4. Which region holds the maximum market share in the pressure sensor market?
A4. The Asia Pacific and North America are expected to hold a significant proportion of the pressure sensor market.
Q5. What factors are anticipated to drive the pressure sensor market growth?
A5. 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.
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. PRESSURE SENSOR MARKET, BY PRODUCT
5.2. Absolute Pressure Sensor
5.3. Differential Pressure Sensor
5.4. Gauge Pressure Sensor
6. PRESSURE SENSOR MARKET, BY TECHNOLOGY
6.2. Piezoresistive Pressure Sensor
6.3. Electromagnetic Pressure Sensor
6.4. Optical Pressure Sensor
6.5. Resonant Solid State Pressure Sensor
6.6. Capacitive Pressure Sensor
7. PRESSURE SENSOR MARKET, BY APPLICATION
7.3. Food and Beverage
7.4. Aerospace and Defense
7.5. Consumer Electronics
8. PRESSURE SENSOR MARKET, BY GEOGRAPHY
8.2. North America
8.2.1. United States
8.3. South America
8.4.3. United Kingdom
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.5.2. South Africa
8.6. Asia Pacific
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrative
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.2. TE Connectivity
10.3. General Electric
10.4. Emerson Electric Co.
10.5. Robert Bosch GmbH
10.7. Denso Corporation
10.8. NXP Semiconductors
10.9. Siemens AG
10.10. Omron Corporation
Robert Bosch GmbH
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