Status : Published Published On : Jul, 2021 Report Code : VRSME9046 Industry : Semiconductor & Electronics Available Format : Page : 300

Global Pressure Sensor Market – Analysis and Forecast (2020-2027)

Industry Insight by Product Outlook (Absolute Pressure Sensor, Gauge Pressure Sensor, Differential Pressure Sensor, Sealed Pressure Sensor, and Vacuum Pressure Sensor), by Type (Wired and Wireless), by Technology (Piezoresistive Pressure Sensor, Electromagnetic Pressure Sensor, Optical Pressure Sensor, Resonant Solid-State Pressure Sensor, Capacitive Pressure Sensor, and Others), by Output (Analog and Digital), by End-Use Industry (Automotive, Medical, Industrial, Utility, Aviation, Oil & Gas, Marine, Consumer Electronics, and Others), and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)

Industry Overview

The global pressure sensor market is anticipated to grow from USD 13.2 billion in 2020 to USD 24.52 billion by 2027, growing at a CAGR of 9.2% during the forecast period 2020-2027. The pressure sensor is an electronic device that regulates, detect, monitor, and control pressure in liquids or gases and converts into an electric signal. Pressure sensors are anticipated to have the significant growth owing to the innovation in artificial intelligence systems and wearable health care devices. There are many regulations imposed by the government to use pressure sensors in automobiles that have promoted the growth of the pressure sensors market globally. Due to the development of MEMS and NEMS technologies, the demand for pressure sensors has increased in consumer products, biomedical applications, wireless & optical communications, and aerospace.

The COVID-19 outburst has negatively affected the manufacturing activities particularly in the Asia-Pacific region where pressure sensors and semiconductor components are manufactured. The pandemic has disrupted the supply chain and the fear of being infected has led to the absence of a labor force causing delays in the manufacturing process.  The rising demand for medical breathing appliances due to the COVID-19 pandemic is driving the demand for pressure sensors globally.

Market Segmentation

Insight by Product Outlook

Based on the product outlook, the global pressure sensor market is divided into absolute pressure sensor, gauge pressure sensor, differential pressure sensor, sealed pressure sensor, and vacuum pressure sensor. The absolute pressure sensor is anticipated to have the largest market share during the forecast period 2020-2027 owing to its use in measuring barometric pressure or as altimeters. They are used in different industrial verticals such as food & beverages, medical equipment manufacturing, and consumer products. The differential pressure sensor is anticipated to have a high CAGR over the forecast period as it is used in industrial environments to determine the flow of liquids and gases by utilizing the pressure difference. The differential sensors are used in treatment plants, subsea gas, and oil processing.

Insight by Type

Based on the type, the global pressure sensor is bifurcated into wired and wireless. The wired segment dominates the market in 2020 owing to the increasing demand in industrial, automotive, and other sectors as it has low radio frequency, small size, compatibility with manufacturers, low power consumption, and low installation cost, thus propelling the growth of the wired pressure sensors during the forecast period. The wireless pressure sensors are anticipated to witness the fastest growth owing to their self-contained, wellhead pressure, battery-powered monitoring, and casing pressure monitoring solutions.

Insight by Technology

Based on technology, the global pressure sensor market is segmented into piezoresistive pressure sensor, electromagnetic pressure sensor, optical pressure sensor, resonant solid-state pressure sensor, capacitive pressure sensor, and others. Among these segments, the piezoresistive pressure sensor is anticipated to dominate the market as it is widely adopted in aerospace, consumer electronics, and industrial applications due to its robustness, rapid response time, and high frequency. The sensor's low power consumption and sensitivity make it useful for real-time monitoring of the arterial pulse of the skin in medical applications.

Insight by Output

Based on the output, the global pressure sensor market is divided into analog and digital. The analog segment is anticipated to have a high CAGR owing to its simplicity, low cost, low power requirement, and high accuracy thus increases the sensor usage in industrial applications.

Insight by End-Use Industry

Based on the end-use industry, the global pressure sensor is categorized into automotive, medical, industrial, utility, aviation, oil & gas, marine, consumer electronics, and others. Among all these categories, the automotive segment dominates the pressure sensor market in 2020 due to the increasing demand for luxury vehicles, rising demand for ADAS, and modernization of vehicles. The pressure sensor is deployed in the automotive industry for engine optimization, emission control, and safety enhancement. The industrial segment is anticipated to grow significantly owing to the increasing government initiatives in supporting smart manufacturing in economies such as China, Germany, the US, and South Korea. Thus, the proliferation of IoT devices and programmable controllers in industrial facilities will boost the demand for the global pressure sensor market.

Industry Dynamics

Industry Trends

The technological advancement in pressure sensors is anticipated to propel substantial growth owing to its application in artificial intelligence systems and wearable health care devices. The market is highly competitive as it has a wider customer base and the existence of well-diversified international, local and regional players.

Growth Drivers

The significant factors contributing to the growth of the global pressure sensor market include the rise in use of pressure sensors in the automotive industry, advancements in MEMS-based and micromachine pressure sensors, rising demand for pressure sensors in consumer electronics & wearables, advancement in nanotechnology & expanding ICT technology applications, and favorable government regulations in using pressure sensors.

Challenges

Incorporating sensors provide additional functionality and makes the device more automated, although it will incur an extra cost, and thus avoided cost-effective applications. The sensors will shorten battery life for devices that use batteries as a power source because they depend on the device's battery for operation. Moreover, the high development cost in R&D activities to innovate and develop new products is also one of the challenges for small and medium-sized pressure sensor manufacturers.

Opportunities

The increasing trends towards IoT, development in nanoelectromechanical system (NEMS) technology, and surge in demand for pressure sensors in the development of smart homes and buildings, smart cities, and smart factories are anticipated to provide promising opportunities for the growth of the global pressure sensor market during the forecast period.

Geographic Overview

The Asia-Pacific dominates the global pressure sensor market in 2020 and is anticipated to maintain its dominance during the forecast period owing to the rising demand of consumer electronics and evolving automobile and industrial manufacturing companies. The introduction of favorable government regulations for sensors and the increasing demand for luxury and modernized vehicles are driving the pressure sensor market in the region.

North America is anticipated to be the fastest-growing region in the pressure sensor market during the forecast period owing to the high demand for pressure sensors in TPMS and EGR system applications in the automotive segment. Furthermore, the existence of the major players in the region will boost the growth of the pressure sensor market.

Competitive Insight

The pressure sensor market is highly fragmented and competitive as there are many domestic and international players. The strategies adopted by the industry players include product launches and developments, partnerships, collaboration, mergers & acquisitions, contracts, and agreements in order to expand their market share in the global pressure sensor market.

Bosch Sensortec announced the BMP390, a barometric pressure sensor for altitude tracking in smartphones and wearable and hearable devices. It can support GPS applications for outdoor navigation and calorie expenditure estimation tasks. It is available for hearable manufacturers, wearable, and high-volume smartphones.

Honeywell announced the launch of a new series of high-performance, high-value, media isolation stainless steel pressure sensors (MIP) for the industrial and HVAC markets. The sensors are designed to withstand extreme temperatures and resist corrosion

Some of the key players operating in the pressure sensor market: ABB, Honeywell International Inc., Bosch Sensortec GmbH, Emerson Electric Co., Amphenol Corporation, Sensata Technologies, Inc, BD|SENSORS GmbH, TE Connectivity, Siemens, and GfG Gas Detection UK Ltd.

Pressure Sensor Market Size and Market Analysis

Frequently Asked Questions

The rise in use of pressure sensors in the automotive industry, advancements in MEMS-based and micromachine pressure sensors, rising demand for pressure sensors in consumer electronics & wearables, advancement in nanotechnology & expanding ICT technology applications, and favorable government regulations in using pressure sensors are the factors for the growth of the global pressure sensor market.
The key players operating in the pressure sensor market: ABB, Honeywell International Inc., Bosch Sensortec GmbH, Emerson Electric Co., Amphenol Corporation, Sensata Technologies, Inc, BD|SENSORS GmbH, TE Connectivity, Siemens, and GfG Gas Detection UK Ltd.
Asia-Pacific is anticipated to witness significant demand for pressure sensor market in the coming years
Automotive, medical, industrial, utility, aviation, oil & gas, marine, consumer electronics, and others are the major end-use industries of the pressure sensor market. Others include food & beverages, pulp & paper,telecommunication.
The global pressure sensor market is anticipated to grow from USD 13.2 billion in 2020 to USD 24.52 billion by 2027, growing at a CAGR of 9.2% during the forecast period 2020-2027.

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Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle
Pressure Sensor Market