The Global Pressure Sensor Market size is expected to reach $28.8 billion by 2030, rising at a market growth of 7.8% CAGR during the forecast period. In the year 2022, the market attained a volume of 1,07,642.4 thousand units, experiencing a growth of 7.9% (2019-2022).
Pressure sensors play a critical role in ensuring vehicle safety and emission control. Therefore, the Automotive segment acquired $4,461.7 million in 2022. They are integral components in various safety systems, such as tire pressure monitoring systems (TPMS), airbag deployment systems, and antilock braking systems (ABS). These sensors help maintain optimal pressure levels, ensuring better vehicle handling, stability, and safety. These aspects will boost the demand in the segment. Some of the factors impacting the market are industrial automation and industry 4.0, growing integration of these sensors in consumer electronics, and high initial cost of acquisition and installation.
Pressure sensors are essential for real-time monitoring of pressure levels in various manufacturing processes. They provide accurate data on pressure variations, ensuring that systems operate within predefined thresholds. This real-time monitoring capability allows immediate adjustments, reducing downtime and enhancing operational efficiency. By continuously monitoring pressure levels, these sensors contribute to process optimization. They help maintain optimal pressure conditions, ensuring the quality and consistency of manufactured products. This optimization leads to improved efficiency, reduced waste, and higher productivity. Additionally, these sensors, particularly barometric sensors, are utilized for altitude measurement in smartphones and wearables. By detecting changes in atmospheric pressure, these sensors help determine elevation changes, which is particularly useful in navigation, fitness tracking, and location-based services. These sensors provide users with real-time weather updates and information, making them essential in applications like weather apps and smart home systems. This innovation enables the integration of pressure-sensing capabilities in smaller, more energy-efficient devices. Therefore, these aspects will pose lucrative growth prospects for the market.
However, for smaller businesses or startups with constrained financial resources, the high upfront costs of acquiring accurate pressure sensors can be a barrier to entry. This can restrict their ability to invest in cutting-edge technology, hindering their competitiveness or ability to meet industry standards. Industries or facilities with limited operational budgets may find it challenging to allocate a significant portion of their budget to procure expensive sensors. The high costs of advanced pressure sensors might result in differential adoption rates across industries. Sectors with higher budgets or specialized needs may readily invest in the latest sensor technology, while others may lag due to financial limitations. As a result, these factors will restrict the growth of the market in the future.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Product Launches and Product Expansions.
By type, the market is bifurcated into wired and wireless. The wireless segment registered a remarkable growth rate in the market in 2022. Wireless sensors offer greater flexibility in terms of installation and placement. They can be installed in remote or hard-to-reach locations without the constraint of physical cables, providing more versatility in various applications. In addition, wireless sensors can be less intrusive in certain environments where running cables might be difficult or not feasible, such as in temporary installations or in environments where cables can be obtrusive.
On the basis of product, the market is fragmented into absolute, differential, and gauge. The absolute segment procured the maximum revenue share in the market in 2022. Absolute pressure sensors are crucial for applications that require precise atmospheric pressure measurements, such as weather forecasting, altitude sensing in aviation, and high-altitude research. Industries like semiconductor manufacturing, vacuum systems, and certain medical equipment require accurate vacuum pressure measurements. Absolute pressure sensors are essential in such environments. In some industrial processes where absolute pressure readings are necessary for monitoring or controlling, such as in chemical processing, petrochemical, and pharmaceutical manufacturing, these sensors find application.
Based on technology, the market is segmented into piezoresistive, capacitive, resonant solid-state, optical, electromagnetic, and others. The capacitive segment procured a substantial revenue share in the market in 2022. Capacitive pressure sensors offer high accuracy and sensitivity, making them suitable for a wide range of applications that require precise pressure measurements. Their ability to detect small changes in pressure makes them ideal for applications demanding high-performance sensors. The trend towards miniaturization in electronics and sensor technology has driven the growth of capacitive pressure sensors. These sensors can be designed in smaller form factors without compromising their performance, enabling their integration into compact devices and systems. These factors will boost the demand in the segment.
Based on application, the market is segmented into automotive, oil & gas, consumer electronics, medical, industrial, and others. The oil and gas segment acquired a promising revenue share in the market in 2022. Safety is of prime importance in the oil and gas sector. These sensors are integral in ensuring the safe operation of equipment, pipelines, and drilling processes. Regulatory requirements and standards for safety and environmental protection drive the adoption of advanced pressure sensors to monitor and control pressure in critical applications. These sensors are extensively used in upstream operations such as drilling, wellhead monitoring, and reservoir management. They provide real-time data on downhole pressure, temperature, and flow rates, enabling operators to optimize production and ensure the integrity of wells. As a result, there will be increased demand in the segment.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 15.9 Billion |
| Market size forecast in 2030 | USD 28.8 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 7.8% from 2023 to 2030 |
| Number of Pages | 433 |
| Number of Table | 850 |
| Quantitative Data | Volume in Thousand Units, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Market Share Analysis, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Product, Technology, Application, Region |
| Country scope |
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| Companies Included | Emerson Electric Co., Honeywell International, Inc., NXP Semiconductors N.V., Texas Instruments, Inc., Denso Corporation, Robert Bosch GmbH, Schneider Electric SE, ABB Ltd., Amphenol Corporation, TE Connectivity Ltd. |
| Growth Drivers |
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| Restraints |
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By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured the highest revenue share in the market in 2022. Countries in the Asia Pacific region, especially China, South Korea, and Japan, are known for their dominance in electronic manufacturing. These sensors are integral to consumer electronics, including smartphones, wearables, and other gadgets. Additionally, the region is a key automobile production hub, incorporating these sensors in various automotive systems, further driving the market demand. As a result, there will be increased demand in the segment.
Free Valuable Insights: Global Pressure Sensor Market size to reach USD 28.8 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Emerson Electric Co., Honeywell International, Inc., NXP Semiconductors N.V., Texas Instruments, Inc., Denso Corporation, Robert Bosch GmbH, Schneider Electric SE, ABB Ltd., Amphenol Corporation, TE Connectivity Ltd.
By Type (Volume, Thousand Units, USD Billion, 2019 to 2030)
By Product (Volume, Thousand Units, USD Billion, 2019 to 2030)
By Technology
By Application (Volume, Thousand Units, USD Billion, 2019 to 2030)
By Geography (Volume, Thousand Units, USD Billion, 2019 to 2030)
This Market size is expected to reach $28.8 billion by 2030.
Industrial automation and Industry 4.0 are driving the Market in coming years, however, High initial cost of acquisition and installation restraints the growth of the Market.
Emerson Electric Co., Honeywell International, Inc., NXP Semiconductors N.V., Texas Instruments, Inc., Denso Corporation, Robert Bosch GmbH, Schneider Electric SE, ABB Ltd., Amphenol Corporation, TE Connectivity Ltd.
In the year 2022, the market attained a volume of 1,07,642.4 thousand units, experiencing a growth of 7.9% (2019-2022).
The Piezoresistive segment is leading the Market by Technology in 2022;there by, achieving a market value of $7.3 billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022 and would continue to be a dominant market till 2030;there by, achieving a market value of $11.1 billion by 2030.
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