Pressure Sensor Market Is Extrapolated To Reach A Value Of USD 26.44 Bn By 2030
Posted by rahul nikade on August 8th, 2022
Pressure Sensor Industry Overview
The global pressure sensor market is expected to reach USD 26.44 billion by 2030, registering a compound annual growth rate (CAGR) of 4.4% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing demand for pressure sensors in the automotive sector, such as the measurement of oil pressure in power steering, intake manifold pressure, and fuel pressure measurements in tanks. Moreover, the growing application of pressure sensors in various end-use industries such as aviation and consumer electronic applications bodes well for the growth of the market during the forecast period.
Pressure Sensor Market Segmentation
Grand View Research has segmented the global pressure sensor market based on product, type, technology, application, and region.
Based on the Product Insights, the market is segmented into Absolute Pressure Sensors, Differential Pressure Sensors, Gauge Pressure Sensors.
- The absolute pressure sensor segment dominated the market in 2021 and accounted for more than 46% share of the global revenue. The growing demand for error-free engine functionality for manufacturing safe and secure vehicles is a significant factor driving the growth of the segment.
- An absolute pressure sensor is a closed system that works by referencing a perfect vacuum and creates pressure readings that are unaffected by the atmospheric pressure. Absolute pressure sensors are used in applications that require the monitoring of industrial, high-performance vacuum pumps.
- The differential pressure sensor segment is anticipated to register the highest growth rate during the forecast period. Differential pressure sensors are used in industrial environments where a pressure difference is utilized to determine the flow of liquids and gases.
Based on the Type Insights, the market is segmented into Wired, Wireless.
- The wired segment dominated the market in 2021 and accounted for more than 85.0% share of the global revenue. A wired pressure sensor is available in different technologies, such as photoelectric, capacitive, and inductive.
- The rising demand for wired pressure sensors in industrial, automotive, and other sectors owing to their lower radio frequency interference, smaller size, compatibility between manufacturers, and lower cost installation properties is expected to drive the growth of the wired pressure sensors segment during the forecast period.
- The wireless segment is expected to register the fastest growth during the forecast period. The benefits offered by wireless pressure sensors, such as ease of portability, enhanced safety, and cost-effectiveness, are expected to drive the growth of the segment.
Based on the Technology Insights, the market is segmented into Piezoresistive, Electromagnetic, Capacitive, Resonant Solid-state, Optical, Others.
- The piezoresistive segment dominated the market in 2021 and accounted for more than 25% share of the global revenue. The rising adoption of the piezoresistive pressure sensors in cars and passenger vehicles for better emissions and safety is a major factor driving the segment's growth.
- The electromagnetic segment is anticipated to register the fastest growth during the forecast period. A growing focus on the property of converting applied pressure into an electrical signal by the electromagnetic pressure sensor is expected to drive the demand for these sensors in electrical applications during the forecast period.
- According to the statistics provided by Home Appliance World, consumers across the world spent USD 1.26 trillion on purchasing home appliances in 2020. Thus, the increasing sales of home appliances are driving the segment growth in the current days.
Based on the Application Insights, the market is segmented into Automotive, Oil & Gas, Consumer Electronics, Medical, Industrial, Others.
- The automotive segment dominated the market in 2021 and accounted for more than 27% share of the global revenue. Pressure sensors are used in electric cars to stop the doors from catching fingers.
- Moreover, numerous pressure sensor companies worldwide are developing and launching new pressure sensors and systems to measure the dynamic pressure system in moving vehicles.
- For instance, in May 2020, Luna, a pressure sensor provider, launched an innovative new pressure sensor and system used to measure the dynamic pressure across the surface of a moving vehicle using Luna interrogators and fiber optics and to capture the data.
- The industrial segment is anticipated to register the fastest growth during the forecast period. Differential pressure sensors are used for monitoring process flows where fluid needs to pass through barriers such as a filter.
- A differential pressure sensor used in industrial applications provides benefits such as oil-free designs, high proof pressure ratings, increased resolution, and better accuracy. Furthermore, the increasing use of pressure sensors in applications such as transmissions and oil & gas equipment is driving the segment growth.
Pressure Sensor Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The competitive landscape of the market is highly fragmented in nature. Market players are focused on strategies such as partnerships, joint ventures, product innovation, research & development, and geographical expansion to strengthen their market positions.
Some prominent players in the global pressure sensor market include
- City Technology Ltd.
- Dynament Ltd.
- Figaro Engineering Inc.
- Membrapor AG.
- Nemoto & Co., Ltd.
- Robert Bosch LLC.
- ABB Ltd.
- Siemens AG.
- GfG Europe Ltd
Order a free sample PDF of the Pressure Sensor Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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