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A key pattern forming the pressure sensors market is the rising utilization of pressure sensors in contemporary mechanization and IoT (Internet of Things) applications. In modern settings, pressure sensors assume a significant part in checking and controlling different cycles, guaranteeing ideal implementation and wellbeing. The joining of pressure sensors into IoT environments empowers ongoing information assortment, remote observing, and predictive maintenance. This pattern lines up with the more extensive industry shift towards smart assembling and associated frameworks, where the capacity to accumulate and break down pressure information is fundamental for enhancing functional effectiveness. Besides, there is a developing interest for pressure sensors in car applications, driven by progresses in vehicle security, productions control, and eco-friendliness. Pressure sensors are utilized in TPMS, motor control frameworks, and EGR frameworks, adding to upgraded vehicle execution and consistence with usual guidelines.
The car business' attention on electric and independent vehicles is additionally pushing the interest for pressure sensors, as these vehicles require progressed detecting advancements for precise control and security. The healthcare area is adding to the development of the pressure sensors market, with applications in clinical gadgets, for example, circulatory strain screens and respiratory gadgets. The interest for painless and persistent observing arrangements is driving the advancement of wearable pressure sensors for applications like distant patient checking and health observing. This pattern lines up with the rising emphasis on customized and associated healthcare, where pressure sensors assume an imperative part in checking and overseeing different health boundaries. Also, progressions in material science and sensor configuration are impacting the pressure sensors market. The utilization of inventive materials, for example, graphene and adaptable substrates, upgrades sensor responsiveness and toughness. The advancement of piezoelectric and piezoresistive pressure sensors with further developed execution attributes adds to the market's advancement. These progressions address the interest for sensors that can work in harsh circumstances and give exact estimations across many utilizations.
Pressure Sensors Market Highlights:
Global Pressure Sensors Market Overview:
The Pressure Sensors Market size was valued at USD 8.3 Billion in 2023. The pressure sensors industry is projected to grow from USD 8.798 Billion in 2024 to USD 13.35 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.35% during the forecast period (2024 - 2032). The increase in use across industries for applications such as water purifiers, refrigeration systems, off-road constructions, alarm systems and medical breathing appliances, and the high need for pressure sensors in household appliances such as refrigerators and washing machines are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Pressure Sensors Market Trends
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Stringent regulations for automotive are driving the market growth
Market CAGR for pressure sensors is driven by the growing government regulations, especially for the automotive sector. Legislation named the Transportation Recall Enhancement, Accountability and Documentation Act in the US has made establishing a tire pressure monitoring system compulsory in all vehicles. TPMS sensors calculate tire temperature and air pressure and alert drivers within 20 minutes of the finding of under-inflation of the tires. The US administration also requires all commercial vehicles to have passenger and side airbags installed with pressure sensors, which drive the market.
Additionally, the increasing Internet of Things (IoT) adoption is another major factor spearheading the market's growth. Pressure sensors are transforming the development of smart cities, smart homes and buildings, and smart factories. Hence, increasing IoT-connected devices is anticipated to fuel the market's growth. Moreover, increasing industrial automation and the growing demand for miniaturized consumer devices, including wearables and IoT-connected devices, among others, across regions are among the significant factors driving the pressure sensors market revenue.
The rising adoption of pressure sensors in various automotive applications creates ample opportunities for the market. Many important systems in a car rely on pressure sensors to measure and track critical specifications, which has become an important factor in making roads safer, reducing pollution, and improving the driving experience. Pressure sensors can discover early faults in hydraulic brakes, clean exhaust filters automatically, examine the pressure of critical fluids, trigger airbags faster, and enhance security. Increasing demand for autonomous and Electric Vehicles (EVs) across the globe creates a high demand for pressure sensors. Hence manufacturers are introducing advanced pressure sensor solutions for the market.
For instance, in October 2021, Renesas Electronics, a Japanese semiconductor manufacturing company, introduced the RAA2S425x pressure sensor device. This new device will provide sensor-specific correction and accurate amplification of signals in automotive Battery Electric Vehicles (BEVs), Cell Electric Vehicles (FCEVs), Plug-In Hybrid Electric Vehicles (PHEVs), and fuel- for pressure-sensing braking, HVAC systems, and transmission. This device has digital and analog functionality that reduces system Bill-of-Materials (BOM) and production costs. Digital calibration decreases assembly costs by eliminating the need for external devices or lasers to trim sensing elements.
Pressure Sensors Market Segment Insights:
Pressure Sensors Technology Insights
The Pressure Sensors Market segmentation, based on technology, includes piezoresistive pressure sensors, capacitive pressure sensors, electromagnetic pressure sensors, optical pressure sensors, and others. The piezoresistive pressure sensors segment dominated the market, accounting for 35% of market revenue (2.93 Billion). In developing economies, category growth is driven by the rising adoption of piezoresistive pressure sensors in cars and passenger vehicles for better emission and safety. However, optical pressure sensors are the fastest-growing category due to the rising use of optical pressure sensors in harsh environments for industrial applications, which are compact, flexible and composed of non-toxic materials.
Pressure Sensors Product Type Insights
The Pressure Sensors Market segmentation, based on product type, includes absolute pressure sensors, differential pressure sensors, gauge pressure sensors, vacuum pressure sensors, and others. The absolute pressure sensors category generated the most income (70.4%) due to the growing adoption of absolute pressure sensors in the vacuum packaging of medical products and automotive applications to reduce emissions. However, differential pressure sensors are the fastest-growing category as it is used in industrial environments where a pressure difference is used to determine the flow of liquids and gases.
Pressure Sensors Vertical Insights
The Pressure Sensors Market segmentation, based on vertical, includes automotive, aviation, medical, oil & gas, and others. The automotive category generated the most income owing to the expansion integration of advanced safety systems in vehicles, including collision avoidance systems, advanced braking systems, and tire pressure monitoring systems. However, oil & gas is the fastest-growing category due to the increasing use of the product in oil and gas transmission.
Figure 1: Pressure Sensors Market, by Distribution Channel, 2022 & 2032 (USD Billion)
Source: Primary Research, MRFR Database, Secondary Research, and Analyst Review
Pressure Sensors Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American pressure sensors market will dominate, owing to the large-scale production of electronic components and rising investments in R&D. The increasing demand for consumer electronics, including tablets, wearable devices, and smartphones, will boost the market growth in this region. Further, the US pressure sensors market held the largest market share, and the Canadian pressure sensors market was the fastest-growing market in the North American region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Pressure Sensors Market SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's pressure sensors market accounts for the second-largest market share owing to the established automotive industry and growing demand for consumer electronics. Further, the German pressure sensors market held the largest market share, and the UK pressure sensors market was the fastest-growing market in the European region.
The Asia-Pacific pressure sensors market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the increasing demand for pressure sensors in industries such as oil & gas, petrochemical, and medical, accelerating the market growth in this region. Moreover, China’s pressure sensors market held the largest market share, and the Indian pressure sensors market was the fastest-growing market in the Asia-Pacific region.
Pressure Sensors Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the pressure sensors market grow even more. Market participants are also undertaking multiple strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the pressure sensors industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global pressure sensors industry to benefit clients and increase the market sector. Major players in the pressure sensors market, including ABB (Switzerland), Emerson Electric Co. (US), Honeywell International Inc. (US), Amphenol (US), Sensata Technologies, Inc. (US), and others, are attempting to increase market demand by investing in research and development operations.
ABB Ltd is a provider of electrification and automation technologies and solutions. The company delivers products, systems, solutions and services related to electrification products, motion and industrial automation. Its solutions integrate engineering expertise and software, and its offerings harness power reliability, enhance industrial productivity and enhance energy efficiency. ABB sells its products via a direct sales force and third-party channel partners, including distributors, installers, wholesalers, machine builders, OEMs, and system integrators. In March 2020, ABB opened a distribution center in Arizona, US, to expand its presence in the western US. The center offers a whole range of the company's electrical products.
Honeywell International Inc is an engineering and technology company. The firm invents and manufactures technologies that address challenges in numerous sectors, including energy, security, safety, productivity and world urbanization. Honeywell offers energy-efficient products and solutions, specialty chemicals, process technologies, electronic and advanced materials, sensing, productivity, safety and security technologies, and spare components. It also provides management and technical services, repair, overhaul, and maintenance services. Honeywell serves consumers in the aerospace, refining and petrochemicals, buildings and industries in various regions. In June 2022, Honeywell and Bi-Directional Amplifiers (BDA) that cover the full public safety spectrum, enabling scalable solutions to support first responder emergency radio connectivity in even the most difficult environments
Key Companies in the Pressure Sensors market include
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Emerson Electric Co.
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Honeywell International Inc.
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Sensata Technologies, Inc.
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Micro Sensor Co., Ltd.
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BD SENSORS GmbH
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City Technology Limited
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ABB Ltd.
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Siemens AG.
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Membrapor AG
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Quartzdyne, Inc.
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Renesas Electronics Corporation
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Texas Instruments Incorporated
Pressure Sensors Industry Developments
April 2023: Valeport launched the latest offering, the SwiFT Deep CTD. This product facilitates CTD measurements up to 6,000 meters in depth. This product's launch aims to provide users with the advantages of density-corrected output, coupled with the flexibility of incorporating third-party pressure sensor input and Vale port's interchangeable pressure modules. The intent is to improve accuracy levels for users operating at different depths.
October 2021: Emerson Electric announced its plan to merge two of its software business with Aspen Technology in a deal worth USD 11 Billion. Emerson will also pay USD 6 billion for a 55% ownership in the combined company, a high-performance and diversified industrial software leader in size, technologies, and capabilities.
Pressure Sensors Market Segmentation:
Pressure Sensors Technology Outlook
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Piezoresistive Pressure Sensors
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Capacitive Pressure Sensors
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Electromagnetic Pressure Sensors
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Optical Pressure Sensors
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Others
Pressure Sensors Product Type Outlook
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Absolute Pressure Sensors
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Differential Pressure Sensors
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Gauge Pressure Sensors
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Vacuum Pressure Sensors
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Others
Pressure Sensors Vertical Outlook
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Automotive
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Aviation
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Medical
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Oil & Gas
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Others
Pressure Sensors Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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