Pressure Sensor Market– Statistics And Analysis & Forecast To 2030

Posted by Mrudula Anil Karmarkar on March 13th, 2023

The global pressure sensor marketis 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.

Furthermore, several companies are also focusing on launching new products that are further expected to offer lucrative growth opportunities for the market players during the forecast period. For instance, in September 2020, Sensata Technologies, an industrial technology company that provides sensors, launched the new PTE7300 and PTE7100 hermetic pressure sensors suitable for industrial applications with a high and mid pressure range that provide high shock and vibration performance and high burst strength, which makes them robust and reliable solutions for the customer in challenging measurement environments.

The rising adoption of the Internet of Things (IoT) is another major factor that is contributing to the growth of the market. Pressure sensors are transforming the development of smart cities, smart homes and buildings, and smart factories. Hence, the increase in IoT-connected devices is further expected to fuel the growth of the market. However, the growing demand for miniaturized consumer devices, such as IoT-connected devices and wearables, is another significant factor driving the pressure sensor market.

The COVID-19 pandemic impacted the market growth due to the disruptions in supply chain activities. However, the advancements in Microelectromechanical systems (MEMS) technology and the rise in the demand from healthcare and automotive industries are further expected to impact the market positively. Moreover, stringent government regulations related to safety and an increase in demand for smartphones and other consumer durables are anticipated to contribute to the growth of the market during the forecast period.

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The market growth can be attributed to the rising demand for energy-efficient pressure sensors for consumer electronics, automotive, and portable healthcare wearables. Pressure sensors are witnessing significant growth, owing to their increasing use across industries for applications such as alarm systems, water purifiers, medical breathing appliances, refrigeration systems, and off-road constructions. Moreover, people are moving towards more automation-based solutions and services, which also leads to an increasing focus on IoT-based devices due to their innovative and advanced applications.

Pressure Sensor Market Report Highlights

• In terms of product, the absolute pressure sensor segment is expected to retain its dominance during the forecast period. The growing demand for absolute pressure sensors in applications that demand the provision of a low-pressure range for the measurement of the vacuum level in industries is expected to drive the segment growth
• In terms of type, the wired segment dominated the market in 2021 and is expected to witness a positive CAGR during the forecast period. The growing demand for wired pressure sensors in the industrial and automotive sectors is driving the segment growth
• In terms of technology, the piezoresistive segment dominated the market in 2021. The development of MEMS is anticipated to drive the piezoresistive pressure sensor segment growth during the forecast period
• In terms of application, the automotive segment dominated the market in 2021. Rapid growth in the usage of pressure sensors in the automotive industry, in equipment such as tire pressure measurement systems, exhaust gas recirculation systems, engine health management systems, and Pressure Monitoring Systems (TPMS), is expected to fuel the automotive segment growth

The growing use of pressure sensors in household appliances such as refrigerators and washing machines is driving the demand for pressure sensors. Numerous pressure sensor providers are also focusing on developing innovative products aimed at providing a better customer experience. For instance, in March 2021, Bosch Sensortec, a pressure sensor provider, launched BMP384, which is a robust barometric pressure sensor. BMP384 is a high-performance and low-consumption sensor, which makes it ideal for home appliances, wearables, and industrial applications in harsh environments.

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. For instance, in June 2018, ABB acquired GE Industrial Solutions (GEIS) for enhancing its position in electrification and expanding its presence in the region. Additionally, in August 2017, Omron Corporation acquired Microscan Systems, Inc., a subsidiary of Spectris plc. The acquisition enabled Omron Corporation to improve the control of its manufacturing equipment and production lines.

The key players are focused on enhancing their product offerings to better cater to the changing needs of users and stay competitive. For instance, in January 2018, Continental AG launched the second generation of high-temperature sensors and differential pressure sensors in the Chinese market. These sensors were launched to decrease emissions from vehicles and were the latest innovations of the company in exhaust gas sensor technology. Some of the prominent players in the global pressure sensor market are:

• AlphaSense
• City Technology Ltd.
• Dynament Ltd.
• Figaro Engineering Inc.
• Membrapor AG.
• Nemoto & Co., Ltd.
• Robert Bosch LLC.
• ABB Ltd.
• Siemens AG.
• GfG Europe Ltd