The market for pressure sensor is expected to grow at a CAGR of around 8.8% from 2020 to 2027 and expected to reach the market value of around US$ 24.5 Bn by 2027.
Pressure Sensor is a device of a pressure-sensitive element to determine the actual pressure to convert applied to the sensor and some components particularly to convert this information into an output signal, whereas, the sensor is a device that measures a physical quantity and translates it to a signal. Basically, there are five types of pressure sensor including absolute pressure sensors that measure the pressure relative to a reference chamber, second is gauge pressure sensors that used to measure the pressure relative to the currently present atmospheric pressure, third is differential pressure sensors that determine the difference between two pressures and can be used to measure pressure drops, fluid levels, and flow rates, fourth is sealed pressure sensors that measure pressure relative to a fixed pressure rather than to the current atmospheric pressure and fifth vacuum pressure sensors which provide a permanent and exact measurement of vacuum and pressure values.
The increasing demand for pressure sensors from automotive and medical industries across the globe and especially among the developing economies is driving the market growth. The advancements in microelectromechanical (MEMS) sensors and nanoelectromechanical system (NEMS) technology, as well as increasing use of pressure sensors in smartphones, are further bolstering the market value. The stringent passenger safety regulations are inclining automotive manufacturers to invest in advanced infrastructure is another factor driving the market value. Furthermore, large-scale adoption of Internet of Things (IoT) platforms and remote connectivity are some of the factors projected to create potential opportunities over the forecast period from 2020 to 2027.
On the other side, intense pricing pressure and fluctuating raw material prices are likely to hinder the growth to an extent over the forecast period from 2020 to 2027.
Segment Instance of Global Pressure Sensor Market
Automotive On-vehicle segment held maximum share in terms of revenue in the global market
On the basis of application, the automotive on-vehicle segment accounted for the maximum revenue share (%) and the segment is also projected to maintain its dominance over the forecast period from 2020 to 2027. The continuously increasing demand for the vehicle for personal as well as commercial usage is contributing to the segmental market value.
Asia Pacific dominated the global pressure sensor market in 2019
In 2019, Asia Pacific accounted for the maximum revenue share, and the region is also projected to maintain its dominance over the forecast period owing to its developing automotive sector. The increasing demand and production of vehicles in the major economies of the region including China and India is further driving the market value. The continuously increasing per capita income in the rapidly developing economies is accelerating the demand for passenger vehicle in the regional market which is bolstering the regional market value.
North America projected to exhibit fastest growth over the forecast period from 2020 to 2027
In 2019, North America is projected to experience the fastest growth over the forecast period from 2020 to 2027. The estimated high demand for pressure sensors in TPMS and EGR system applications in the automotive segment in the near future is supporting the maximum segmental growth in the forecast period.
Key Market Players
The players profiled in the report include ABB Ltd., AlphaSense, City Technology Ltd., Dynament Ltd., Figaro Engineering Inc., GfG Europe Ltd, Membrapor AG., Nemoto & Co., Ltd., Robert Bosch LLC., Siemens AG., and others.
Market By Product Type
Absolute Pressure Sensors
Gauge Pressure Sensors
Differential Pressure Sensors
Sealed Pressure Sensors
Vacuum Pressure Sensors
Market By Function
Market By Technology
Market By Application
Test & Measurement
Market By End-user Industry
Oil & gas
The market for pressure sensor is expected to reach a market value of around US$ 24.5 Bn by 2027.
The pressure sensor market is expected to grow at a CAGR of around 8.8% from 2020 to 2027.
Automotive On-vehicle is the leading segment by application in the pressure sensor market
The increasing demand of pressure sensors from automotive and medical industries, advancements in micro electromechanical (MEMS) sensors and nanoelectromechanical system (NEMS) technology, increasing use of pressure sensors in smartphones, stringent passenger safety regulations are some of the factors driving the market growth.
ABB Ltd., AlphaSense, City Technology Ltd., Dynament Ltd., Figaro Engineering Inc., GfG Europe Ltd, Membrapor AG., Nemoto & Co., Ltd., Robert Bosch LLC., Siemens AG., and others are some of the prominent players in the market.
Asia Pacific held the highest market share in the pressure sensor market
North America is expected to be the fastest growing market over the forecast period