The Pressure Sensor Market is estimated to reach a market size of US$4.896 billion by the end of 2026. The market was worth US$3.183 billion in 2019 and is anticipated to grow at a CAGR of 6.35%.
A pressure sensor is a device consisting of a pressure-sensitive element which helps in determining the actual pressure applied to the sensor using varied working principles and some component that aid in converting this information into an output signal. Pressure Sensors are used in measuring physical quantities such as length, force, temperature and convert the measured data into an electrical or an optical signal. There are different types of pressure sensors including pressure transmitters, pressure transducers and pressure switches which are applied to perform varied task across business verticals. The use of pressure sensors depends upon the material and application for which the pressure needs to be measured.
Furthermore, pressure sensors are widely used in process applications such as hydraulics, pneumatics. Additionally, it supports the GPS application solutions and aids in calorie expenditure estimation task. Besides, it is also used by hearable manufactures, wearable’s and in the functioning of high-performance smartphones. Recently, Korean electronics giants, Samsung announced the development of a stretchable heart rate monitoring skin patch which operates on an integrated stretchable OLED display and a photoplethysmography (PPG) sensor.
Pressures sensors are employed across various business verticals and industries. Pressure sensors are used in everyday applications as well as in specialist operations across specific business verticals. Also, Pressure sensors can be tailored to meet industry requirements across business operations including vacuum operations, chemical applications, ATEX Certified areas and high-temperature areas. As pressure sensors are classified into different categories including pressure switches, pressure transducers etc.
Pressure switches also known as pressure gauges or static switches are available with either one port or two ports. Pressure switches have a wide range of applications across industries including Alarm systems on HVAC boiler system controls, varied use in medical breathing apparatus and liquid dispenser in coffee machines. Furthermore, pressure switches are used in monitoring oxygen levels in pressure tanks in the medical industry and are employed to monitor water levels in household appliances such as washing machines. Whereas, pressure transducers are more complex sensors as compared to pressure switches. Pressure transducers are used in breaking mechanism in automobiles such as long railway locomotives. Also, they are widely used in motorsport applications and as industrial gauges in measuring vacuum pressure.
Furthermore, they are employed in refrigeration systems, robotic applications, off-road construction processes, agriculture applications and automation. For instance, Valeport, a leading manufacturer of oceanographic and hydrographic has launched new sensors for Subsea surveys and ROV operations. The product houses interchangeable pressure transducers which aid in delivering enhanced accuracy for specific depth ranges.
Prominent market players in the Pressure Sensor Market include TE Connectivity, General Electric, Emerson Electric Co., Robert Bosch GmbH, ABB, Denso Corporation, Siemens AG and Omron Corporation among others.
The surge in the Automobile and IT industry is estimated to significantly contribute to the growth of the pressure sensor market.
Main drivers in the pressure sensor market include the rise in the use of pressure sensory in the automotive industry and a surge in demand for pressure sensors in the IT industry. The automotive industry holds a notable share in the pressure sensor market. Pressure sensors are employed for various purposes in the automotive industry including engine optimization, emission control and safety enhancement. The increased deployments of pressures sensors in the automotive industry are estimated to augment demand over the forecasted period. Moreover, rising environmental and safety concerns in the automotive sector is further enhancing demand for sensors in the market, thereby augmenting growth in the pressure sensor market.
The growing demand in the automotive industry is forcing market players to undertake various expansion strategies. Similarly, the growing use of pressure sensors in the IT industry is burgeoning demand in the market. IoT technology provides internet and networking capabilities across all applications using electronic software and sensors to connect to a common network. Moreover, IoT incorporates the use of various sensors including proximity sensor, temperature sensor and absolute pressure sensors across industry applications. Thereby, the Major adoption of sensors in the IT industry is further expected to drive demand in the pressure sensor market.
The North American Region Is Projected to Hold a Notable Share of the Market
The Pressure market is fragmented by varied application across different business verticals and industries. Organisations have instilled various innovative techniques of pressure sensor for the production of various product segments across various business verticals.
Prominent market players around the world have adopted various business strategies to sustain, grow and develop in the global pressure sensor market owing to the highly competitive nature of the market. Furthermore, companies have undertaken various business strategies such as partnerships, acquisitions, mergers and other related commercial agreements and have made innovative technological advancements towards delivering unique solutions and thereby attracting more players into the market. Through such collaborative agreements and technological advancements, conglomerates and other allied agencies in the North American region have resulted in significant development of the market on the whole.
The North American region holds a dominant market share and is projected to grow at a decent CAGR over the forecasted period. The major driving factor is the rapid adoption of automation across industries in the region. Also, growth in the region can be attributed to the increasing adoption of automation solutions for smart offices and smart homes. Moreover, the region has witnessed rapid adoption of technological solutions in the healthcare industry as compared to any other region. Growth in the automation segment is expected to further propel demand in the pressure sensor market in the region.
Furthermore, supportive government policies in automobile safety are further estimated to boost demand in the pressure sensor market. For instance, the US government has passed the TREAD act which mandates the use of tire pressure monitoring safety(TPMS ) in every automobile to alert diver about the under inflation of automobiles within minutes of its detection. Besides, owing to the wide range of applications of the pressure sensor and the availability of large scale opportunities are expected to augment growth in the pressure sensor market in the region. For instance, Emerson Electric recently introduced the Rosemount 550PT Pressure Transmitter, a single-use pressure instrument that aims to support life science manufacturers in reducing time to market. Similarly, TE connectivity introduced a new multi-parametric oil quality sensor, OPS3 that aims to oil condition monitoring in heavy equipment and hydraulic systems.