The global Pressure Sensor market size is expected to be worth around US$ 34.48 billion by 2030, according to a new report by Vision Research Reports.
The global Pressure Sensor market size was valued at US$ 16.91 billion in 2020 and is anticipated to grow at a CAGR of 4.10% during forecast period 2021 to 2030.
Growth Factors
The growth can be attributed to the growing application of pressure sensors in automotive, aviation, and appliances. The advancements in (MEMS) technology and its rapid adoption in connected devices are expected to create opportunities for market growth over the forecast period.
Furthermore, increasing consumer preference for compact electronic appliances is creating the need for MEMS pressure sensors. MEMS is the technology that miniaturizes electro-mechanical and mechanical elements that are made using microfabrication techniques. Various companies are focused on providing MEMS pressure sensors for selective industries. For instance, Robert Bosch is providing MEMS pressure sensors for the consumer and automotive industries while Honeywell and NXP are focusing on automotive, medical, industrial, and aviation verticals.
Government bodies across the globe are making it mandatory to implement a tire pressure monitoring system, which is driving the demand for pressure sensors. For instance, in September 2020, the Ministry of Road Transport and Highways in India announced that the tire pressure monitoring system would become mandatory in India in the coming days. India's government is moving on the path of transforming the automotive industry to increase its contribution to GDP.
The COVID-19 pandemic is anticipated to impact market growth favorably in the near future. Heart failure is a major health problem and the leading cause of hospitalization in western countries. CardioMEMS is one of the therapeutic monitoring systems gaining traction in recent days. It is an advanced system that uses an implantable pulmonary artery pressure sensor. It was widely used for remote care for heart failure during the COVID-19 situation.
Report Highlights
The absolute pressure sensor segment dominated the market in 2020 and accounted for more than 43% share of the global revenue. 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 monitoring of industrial, high-performance vacuum pumps. The application of an absolute pressure sensor can also be found in military agencies, scientific laboratories, and the aviation industry, among others.
The differential pressure sensor segment is anticipated to register the highest growth rate over 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. These sensors are used in effluent treatment plants, subsea gas and oil processing, and so on. A differential pressure sensor can be easily retrofitted and mounted on the surface of vessels, which further contributes to the segment growth.
The wired segment dominated the market in 2020 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 over the forecast period. Lower power consumption by a wired pressure sensor is further contributing to the segment growth.
The wireless segment is expected to register the fastest growth over the forecast period. Wireless pressure sensors act as an effective replacement for traditional wired sensors. The increasing use of wireless pressure sensors in applications such as consumer products, industrial automation & manufacturing, air compressor monitoring, and pool pump systems is expected to drive the segment growth over the forecast period. Self-contained, wellhead pressure, battery-powered monitoring, and casing pressure monitoring solutions are propelling the growth of the wireless pressure sensor segment.
The piezoresistive segment dominated the market in 2020 and accounted for more than 26.0% share of the global revenue. Piezoresistive pressure sensors are used in a wide range of aerospace and industrial applications owing to their robustness, rapid response time, and high frequency. They are often used in measuring dynamic pressure in engine combustion, turbulence, and blast. The lower power consumption and sensitivity of the sensors make them useful for medical applications as well. In medical applications, piezoresistive pressure sensors are used for real-time monitoring of the arterial pulse of the skin.
The electromagnetic segment is anticipated to register the fastest growth over 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 over the forecast period. Benefits such as high efficiency, low cost, and suitability of electrical applications are further anticipated to propel the segment growth. According to the statistics provided by the 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.
The automotive segment dominated the market in 2020 and accounted for more than 25.0% share of the global revenue. Pressure sensors are used in electric cars to stop the doors from catching fingers. The sensors developed for electric car doors are designed in compliance with the Peripheral Sensor Interface 5 protocol, which was developed as a reliable interface between ECUs and airbag sensors. These pressure sensors designed for this safety application operate over the range of 50 to 110 kPa.
The industrial segment is anticipated to register the fastest growth over 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.
The Asia Pacific regional market dominated the pressure sensor market in 2020 and accounted for over 38.0% share of the global revenue. The increasing demand for consumer electronics such as tablets, wearable devices, and smartphones is driving the demand for pressure sensors in this region. India and China are contributing to a large share of the regional market. China is a mature marketplace and features strong business opportunities. Danfoss Group, a market leader in software and engineering technologies, has heavily invested in the pressure sensors market and is expected to accelerate the growth of China's pressure sensors market.
North America is expected to emerge as the fastest-growing regional market over the forecast period. The North American regional market is projected to witness growth owing to the high demand for pressure sensors in TPMS and EGR system applications in the automotive segment. The presence of key players in the region is also one of the major factors driving the market growth. At the same time, the increasing demand for pressure sensors in industries such as oil & gas, petrochemical, and medical is also accelerating the market growth in this region.
Key Players
AlphaSense
City Technology Ltd.
Dynament Ltd.
Figaro Engineering Inc.
Membrapor AG.
Nemoto & Co., Ltd.
Robert Bosch LLC.
ABB Ltd.
Siemens AG.
GfG Europe Ltd
Market Segmentation
Product Outlook
Absolute Pressure Sensors
Differential Pressure Sensors
Gauge Pressure Sensors
Type Outlook
Wired
Wireless
Technology Outlook
Piezoresistive
Electromagnetic
Capacitive
Resonant Solid-State
Optical
Others
Application Outlook
Automotive
Oil & Gas
Consumer Electronics
Medical
Industrial
Others
Regional Outlook
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Russia
Nordic Region
Asia Pacific
China
Japan
India
Australia
Latin America
Brazil
Argentina
Middle East & Africa
UAE
Saudi Arabia
The Pressure Sensor market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Pressure Sensor market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Pressure Sensor market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Pressure Sensor market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Pressure Sensor market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Pressure Sensor capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Pressure Sensor by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Pressure Sensor market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Pressure Sensor market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Pressure Sensor market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Pressure Sensor industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Pressure Sensor market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Pressure Sensor market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Pressure Sensor market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Pressure Sensor market. These factors have benefited the growth of the global market for Pressure Sensor. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Pressure Sensor. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Pressure Sensor are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers