Global Pressure Sensor Market by Technology (Optical, Piezoresistive) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

In 2020, the global pressure sensor market was worth USD 16.91 billion. The market is expected to grow at a 4.6% compound annual growth rate (CAGR), between 2021 and 2028. An electronic device that monitors and regulates pressure in liquids and gases, and then converts it to an electrical signal, is called a pressure sensor. The increasing popularity of pressure sensors across industries is a reason for their rapid growth. They are used in alarm systems, water purifiers and medical breathing appliances. Pressure sensors are used in medical respiratory appliances to measure oxygen flow and oxygen levels. In recent days, the increasing demand for medical appliances due to the COVID-19 epidemic has driven the need for pressure sensors.

Pressure sensors are becoming more popular in household appliances like refrigerators and washing machine. The pressure sensor is essential in refrigeration because it provides feedbacks to the pump that decreases the pressure inside the container. Pressure sensors are also used in washing machines to control the amount of water needed for washing clothes. This significantly reduces water wastage. Pressure sensors are in high demand because of the increased use of household appliances like televisions, washing machines, refrigerators, and washing machines.

Many companies around the world are now focusing their efforts on pressure sensors for IoT system. IoT systems use pressure sensors to monitor devices and control systems that are driven by pressure signals. L-com, a brand owned by Infinite Electronics, introduced pressure and level sensors to address IoT applications in October 2019. These sensors were more accurate and could operate in harsh environments such as water, wastewater, oil and gas, food processing and factory automation.

Electric cars are using pressure sensors to monitor the vehicle's critical fluids like transmission oil, engine oil, hydraulic oil, gearbox oil, and transmission oil. The market is growing because of the increased sales of electric cars. According to the IEA, electric cars were sold to 2.1 million people in 2019. In 2019, electric cars made up 2.6% of global car sales, and 1% global car stock. The demand for electric cars is being driven by technological progress in electrification of trucks, buses, and two-wheelers.

The demand for pressure sensors will increase as building and home automation technologies become more popular. This is due to the need to maintain duct pressure. In the event of a HVAC leak, coolants such as ammonia can pose a risk to human health. Pressure sensors monitor ammonia's pressure as it flows through the system, and make sure it remains within the set limit. Pressure sensors are also becoming more important due to the increasing number of smart homes around the world.

Product Insights

In 2020, the absolute pressure sensor market dominated and represented more than 43% of global revenue. Absolute pressure sensors are closed systems that reference a perfect vacuum to create pressure readings that do not change due to atmospheric pressure. These sensors are useful in monitoring vacuum pumps of high performance and industrial size. An absolute pressure sensor is also used in military agencies, scientific labs, and the aviation industry.

Over the forecast period, the differential pressure sensor segment will experience the fastest growth. These sensors are used to measure the flow of liquids or gases in industrial settings. These sensors are useful in oil processing, subsea gas, and effluent treatment plants. The surface mountability of a differential pressure sensor on vessels can be easily retrofitted, which contributes to segment growth.

Type Insights

In 2020, the wired segment was the dominant market and accounted to more than 85.0% of global revenue. There are many options for wired pressure sensors, including photoelectric, capacitive and inductive. Due to their smaller size, compatibility among manufacturers, and lower installation costs, wired pressure sensor demand is expected to rise in the automotive and industrial sectors. The wired pressure sensor's lower power consumption is another reason for the segment's growth.

The fastest growing segment in the forecast period is the wireless segment. Wireless pressure sensors can replace traditional wired sensors. The segment is expected to grow due to the increasing use of wireless sensors in various applications, including consumer products, industrial automation, manufacturing, air compressor monitoring, pool pump systems, and industrial automation & manufacturing. The wireless pressure sensor market is growing rapidly thanks to self-contained wellhead pressure sensors, battery-powered monitoring and casing pressure monitoring systems.

Technology Insights

In 2020, the piezoresistive market dominated and accounted more than 26.0% of global revenue. Because of their reliability, high frequency, rapid response times, and robustness, piezoresistive pressure sensors can be used in many industrial and aerospace applications. These sensors are used to measure dynamic pressure during engine combustion, blast, and turbulence. They are also useful in medical applications due to their low power consumption and high sensitivity. Piezoresistive pressure sensors can be used in medical applications to monitor the arterial pulse of skin.

The fastest expected growth is in the electromagnetic segment over the forecast period. The demand for electromagnetic pressure sensors in electrical applications will grow over the forecast period as more people are focusing on their ability to convert applied pressure into an electric signal. Segment growth is expected to be driven by the high efficiency, low cost and suitability of electrical application. The statistics from Home Appliance World show that in 2020, home appliance purchases were worth USD 1.26 trillion. The segment's growth is being driven by the rising sales of home appliances.

Application Insights

In 2020, the automotive market dominated and accounted more than 25% of global revenue. To prevent doors from getting caught on their hinges, pressure sensors are used in electric vehicles. Peripheral Sensor Interface 5 protocols is used to design sensors for electric car doors. This protocol was created as an interface between ECUs, airbag sensors and ECUs. The range of pressures used in this safety application is 50 to 110 kPa.

The fastest expected growth is in the industrial segment over the forecast period. For monitoring fluid flow, differential pressure sensors can be used to monitor process flows. The benefits of using a differential pressure sensor in industrial applications include oil-free designs and high proof pressure ratings. They also offer higher resolution and greater accuracy. The segment is also growing due to the increased use of pressure sensors for applications like transmissions and oil & Gas equipment.

Regional Insights

Asia Pacific accounted for 38.0% of global revenue and was the dominant region in the pressure sensor market. This region is seeing a rise in demand for pressure sensors due to the increasing use of smartphones, tablets, and wearable devices. China and India are the major players in this market. China is a mature market with strong business opportunities. The market leader in software engineering technologies Danfoss Group has invested heavily in China's pressure sensors industry and is expected to continue its growth.

Over the forecast period, North America will be the fastest-growing region market. Due to high demand for pressure sensors in the TPMS and EGR systems applications in the automotive sector, the North American market is expected to grow. Market growth is also driven by the presence of key players in this region. The market is also growing due to the increased demand for pressure sensors in oil & gas, petrochemical and medical industries.

Market Share Insights & Key Companies

The market's competitive landscape is fragmented. To strengthen their market positions, market players focus on strategies like partnerships, joint ventures and product innovation. ABB purchased GE Industrial Solutions (GEIS), a subsidiary of Spectris plc, in June 2018 to enhance its position in electrification. This acquisition will allow ABB to expand its footprint in North America. In August 2017, Omron Corporation purchased Microscan Systems, Inc., a subsidiary Spectris plc. Omron Corporation was able to control its manufacturing equipment and production lines better through the acquisition.

Market players are focusing on improving their product offerings in order to better meet the needs of customers and remain competitive. In China, Continental AG introduced the second generation high-temperature sensors as well as differential pressure sensors in January 2018. These sensors were designed to reduce vehicle emissions and represent the most recent innovations in exhaust gas sensor technology. The following are some of the major players in the pressure sensor market:

• AlphaSense

• City Technology Ltd.

• Dynamic Ltd.

• Figaro Engineering Inc.

• Membrapor AG.

• Nemoto & Co. Ltd.

• Robert Bosch LLC.

• ABB Ltd.

• Siemens AG.

• GfG Europe Ltd

Up Market Research published a new report titled “Pressure Sensor Market research report which is segmented by Technology (Optical, Piezoresistive), By Players/Companies Robert Bosch LLC, ABB Ltd, GfG Europe Ltd, Membrapor AG, Dynament Ltd, City Technology Ltd, Nemoto & Co Ltd, AlphaSense, Figaro Engineering Inc, Siemens AG”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Pressure Sensor Market Report Segments:

The market is segmented by Technology (Optical, Piezoresistive).

Pressure Sensor Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Pressure Sensor Market

Overview of the regional outlook of the Pressure Sensor Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Pressure Sensor Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Pressure Sensor Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Optical

                2. Piezoresistive

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Pressure Sensor Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Pressure Sensor Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.