Pressure Sensor Market Size to Reach $23.22 Billion, Globally, by 2028 with 7.5% CAGR | Exclusive Report by The Insight Partners

The global pressure sensor market growth is fuelled by increase in demand from the oil & gas industry, rising adoption of micro-electro-mechanical systems (MEMS) technology and the development of smart cities.

New York, Jan. 02, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Pressure Sensor Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Piezoresistive, Capacitive, Piezoelectric, Resonant Solid State, Optical, Electromagnetic, and Others) and Application (Automotive, Consumer Electronics, Oil & Gas, Medical, Industrial Applications, and Others)”; The global pressure sensor market size is expected to grow from USD 14.05 billion in 2021 to USD 23.22 billion by 2028 at a CAGR of 7.5% between 2022 and 2028.

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Global Pressure Sensor Market – Report Scope:

Market Size Value in USD 14.05 billion in 2021
Market Size Value by USD 23.22 billion by 2028
Growth rate CAGR of 7.5% between 2022 and 2028
Forecast Period 2022-2028
Base Year 2022
No. of Pages 150
Historical data available Yes
Segments covered Type, and Application
Regional scope North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scope US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Pressure Sensor Market: Competitive Landscape and Key Developments

AlphaSense; City Technology Ltd.; Dynament Ltd.; Figaro Engineering Inc.; Membrapor AG.; Nemoto & Co., Ltd.; Robert Bosch LLC.; ABB Ltd.; Siemens AG; and GfG Europe Ltd are among the key players operating in the pressure sensor market.

In March 2021: Bosch Sensortec—a pressure sensor provider—launched BMP384, a robust barometric pressure sensor. BMP384 is a high-performance and low-consumption sensor adopted among home appliances, wearables, and industrial applications.

In January 2020: Honeywell launched a new, high-performance, value-priced line of media isolated stainless steel pressure sensors (MIP) for the industrial and HVAC market. The sensors were designed to resist extreme temperatures and corrosion. Media isolated stainless steel pressure sensors are increasingly used across medical and biomedical processes, HVAC systems, marine systems, aircraft systems, environmental engineering, laboratory, and wastewater and other industrial applications.

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Pressure Sensor Market: Application Overview

Based on application, the pressure sensor market is segmented into automotive, consumer electronics, oil & gas, medical, industrial applications, and others. The automotive segment held the largest market share in 2021. With technological developments enabling the development of autonomous and self-driving cars, the adoption of sensors in vehicles is increasing. The automotive industry is undergoing a technology transformation, with a significant objective of increasing safety, comfort, and entertainment. There is a notable demand for miniature pressure sensors for measuring tire pressure and hydraulic pressure of transmission system, monitoring auto brake system and engine oil level, and observing pressure changes in intake pipe in automobiles. Further, government organizations enforce safety regulations in incorporating pressure sensors, which has led to increasing requirement for accuracy and quality of automotive pressure sensors, thus propelling the growth of this segment in the pressure sensor market.

Pressure Sensor Market: COVID-19 Overview

The COVID-19 pandemic severely affected the pressure sensor market by declining the demand from industrial, automotive, and consumer electronics industries. Lockdowns imposed by several nations halted business operations, slowed down or temporarily stopped the flow of finished goods and raw materials, and disrupted the supply chain activities of automotive industries. On the contrary, as pressure sensor manufacturing requires people to be physically on-site, manufacturing sites started recovering and resumed their operations. Moreover, there is an on-going demand for pressure sensors in the healthcare industry — increasingly used in invasive medical applications, including blood pressure monitoring, thereby accelerating the requirement for high-accuracy and low-cost pressure sensors.

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Pressure Sensor Market – Regional Overview:

Asia Pacific dominated the pressure sensor market in 2021 by capturing the largest share of the global market. Pressure sensors are increasingly adopted across several industries, such as manufacturing, consumer electronics, automotive, utility, and healthcare. China, India, and Japan are the countries largely contributing to the Asia Pacific pressure sensor market, as automotive light vehicles are being manufactured in large volumes. The rising adoption of micro-electro-mechanical systems (MEMS) technology and the development of smart cities are factors anticipated to boost the growth of the pressure sensor market. However, the high cost of devices and low cost of profit margin are the impeding factors projected to hamper the growth of the pressure sensor market during the forecast period.

North America is expected to emerge as the fastest-growing region in the pressure sensor market during the forecast period. In the automotive segment, there is an increased demand for pressure sensors in tire pressure monitoring systems (TPMS) and exhaust gas recirculation system (EGR) applications. The availability of a skilled workforce and the increasing adoption of new technologies are accelerating the adoption of pressure sensors mainly in industries such as oil & gas, petrochemical, and healthcare. In June 2021, Alcon Canada—the global leader in eye care dedicated to helping people see—brilliantly introduced new revolutionary phacoemulsification (phaco) technology that automatically stabilizes intraocular pressure (IOP). Also, the active sentry handpiece from Centurion Vision System is the first and only phaco handpiece with a built-in fluidics pressure sensor.

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With increasing electric vehicle production and connected vehicles concept, the automotive industry is growing significantly in the region. There is increasing investment in research and innovation centers and growing government programs and policies across the automotive, healthcare, and devices markets. Increasing government expenditure on healthcare and a surge in the development of new treatment methods, medical equipment, and protocols are anticipated to boost the pressure sensor market for in Europe.

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