Report Overview
The United States pressure sensor market is projected to grow at a CAGR of 5.42% between 2025 to 2030.
The flourishing automotive and manufacturing industries in the country are the major factor driving the demand for a pressure sensor in the United States. The technological advancements and cost-effectiveness have widened the applications of pressure sensors, especially in the automotive industry. The pressure sensors are excessively being used in applications such as EGR systems and TPMS which will fuel the market growth. The government regulations set up by the governing body mandating the use of pressure sensors in automobiles will further contribute to the market growth during the forecast period.
Use in diverse applications
Moreover, pressure sensors are actively being used for several applications such as water purifiers, medical breathing appliances, refrigerators, alarm systems, construction, etc. which will, in turn, drive the market demand across industries during the forecast period. In addition, the increasing healthcare expenditure and rising health concerns will further boost the demand for pressure sensors in the country. According to CMS, 2020, the United States health care spending grew up 4.6% in 2019, reaching $3.8 trillion or $11,582 per person in 2020. As a share of the nation's Gross Domestic Product, health spending accounted for 17.7% of the total GDP. Also, the increasing use of pressure sensors in household appliances such as refrigerators and washing machines due to the increasing disposable income and surging purchasing power of U.S citizens will accelerate the demand for pressure sensors in the market in the years to come.
Highly competitive market
The key market players in the country, are launching innovative and creative products to meet the increasing industry demand which will further maintain the competitiveness of the market. For instance, in October 2019, Infinite Electronics, a leading global supplier of electronic components, in-house brand, L-com, a leading manufacturer of wired and wireless connectivity products launched level and pressure sensors developed to address IoT applications. These applications provide better accuracy and are environment-friendly. They can be used in industries such as water and wastewater, oil & gas, food processing, and factory automation industries.
Furthermore, the booming expenditure on research and development in various end-user industries such as energy and power, automotive, and a move towards industry 4.0 will augment the growing demand for pressure sensors during the forecast period.
Market Segmentation
By type, the absolute pressure measurement segment is projected to hold a dominant market share owing to their use in industries such as food and beverages, medical equipment manufacturing, and consumer products. By technology, the piezoresistive pressure sensors and capacitive pressure sensors segment are expected to hold significant market shares due to their excessive use in automobiles and the oil and gas industries. By end-user, the automotive industry is estimated to have a dominant market share owing to the surging demand for pressure sensors in the industry.
Growth Factors
- Surge in the number of electric cars
The key driver of the pressure sensor market in the United States is the surging demand for electronic vehicles in the country. According to IEA, about 64,300 plug-in hybrids were sold and a total of about 231,000 all-electric vehicles were sold in 2020 in the United States. Pressure sensors are widely used in electric cars for monitoring the pressure of a vehicle’s fluids such as gearbox and transmission oil, engine oil, and hydraulic oil which will drive the market growth during the forecast period. Further, the market demand for pressure sensors will surge in the next few years due to the growing electrification of buses, two-wheelers, and trucks in the country.
Restraints
- High costs
The high costs associated with pressure sensors may restraint the market growth during the forecast period. Due to the intense competition in the market, the manufacturers are creating advanced sensors which in turn is increasing their price in the market. Also, due to the high research and development costs associated with the pressure sensors, the final price of the product is high which may further hamper the market growth.
Impact of COVID-19 on the United States pressure sensor market
The COVID-19 pandemic negatively impacted the United States pressure sensor market as due to the lockdown and trade restrictions imposed by the government of the United States, the business operations of many industries such as automotive, electronics, aerospace & defense, oil, and gas, manufacturing, etc. were put to a halt which in turn declined the demand for pressure sensors in 2020 as the industries suffered huge losses. Also, due to the supply chain disruptions, the pressure sensors were unable to reach the end-user industry which further hampered the market growth. However, with the ease of restrictions and normalcy being restored, the market is expected to rebound during the forecast period.
Competitive Insights
The market leaders for the United States pressure sensor Market include General Electric Company, Robert Bosch GmbH, ABB, Ltd., Siemens AG, NXP Semiconductors N.V., Rockwell Automation, Inc., Schneider Electric SE, Mitsubishi Heavy Industries, Ltd., Honeywell International, Inc., Texas Instruments Incorporated, and PCB Piezotronics. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, etc. to gain a competitive advantage over their competitors. For instance, in October 2019, Honeywell International, Inc. entered into a contract with Surrey Sensors, a United Kingdom-based measurement systems, and sensor packages provider, to use its TruStability RSC Series and HSC Series pressure sensors which have applications in the aerospace industry.
Segmentation:
- By Type
- Absolute Pressure Measurement
- Differential Pressure Measurement
- Gauge Pressure Measurement
- By Technology
- Piezoresistive Pressure Sensor
- Electromagnetic Pressure Sensor
- Optical Pressure Sensor
- Resonant Solid State Pressure Sensor
- Capacitive Pressure Sensor
- By End-Users
- Energy and Power
- Oil and Gas
- Healthcare
- Manufacturing
- Consumer Electronics
- Automotive
- Others