Wilmington, Delaware, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Pressure Sensor Market by Type (Absolute Pressure Sensor, Gauge Pressure Sensor, and Differential Pressure Sensor), Technology (Piezoresistive, Electromagnetic, Capacitive, Resonant Solid State, Optical, and Others), and Application (Automotive, Oil & Gas, Consumer Electronics, Medical, Industrial and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global pressure sensor industry generated $11.38 billion in 2019, and is expected to reach $24.84 billion by 2027, growing at a CAGR of 10.3% from 2020 to 2027.
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Drivers, Restraints, and Opportunities
The growth of the global pressure sensor market is driven by increase in usage in the automotive sector, adoption from the consumer electronics sector, and supportive government policies. However, high initial costs restrict the market growth. On the other hand, the market is expected to gather immense opportunities based on demand for sensors for development of smart cities and the trend of the internet of things (IoT).
The Piezoresistive Segment to Dominate during the Forecast Period
On the basis of technology, the piezoresistive segment contributed to around one-fourth of the global pressure sensor market in 2019, and is estimated to maintain its leadership status during the forecast period. This is owing to its simplicity in use and robustness in automotive, biomedical, and household applications. However, the optical segment is projected to manifest the fastest CAGR of 14.6% from 2020 to 2027, due to its surge in usage in the oil & gas industry and biomedical applications as it offers features such as flexibility, small size, absence of hazardous voltages, and others.
The Absolute Pressure Sensors Segment to Continue to Lead in Terms of Revenue by 2027
On the basis of type, the absolute pressure sensors segment held the largest market share in 2019, contributing to more than two-fifths of the global pressure sensor market, and is anticipated to continue to lead in terms of revenue during the forecast period. This is attributed to the surge in demand for industrial and household applications. However, the gauge pressure sensor segment is expected to manifest the fastest CAGR of 12.1% from 2020 to 2027, as it is able to maintain atmospheric pressure in different circumstances.
Asia-Pacific to Maintain its Dominance by 2027
On the basis of region, the Asia-Pacific region accounted for the highest market share, holding nearly half of the global pressure sensor industry share in 2019, and is projected to maintain its highest contribution by 2027. Moreover, the same region is registered to garner the highest CAGR of 11.4% from 2020 to 2027. This is due to surge in internet penetration and rise in usage of smartphones and other smart devices, which in turn, led to usage of pressure sensors in commercial, residential, and industrial sectors. The report also analyzes regions including Europe and LAMEA.
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Leading Market Players
- ABB Ltd.
- Eaton
- Honeywell
- Infineon Technologies
- NXP Semiconductors N.V.
- Renesas Electronics
- Siemens
- STMicroelectronics
- Texas Instruments
- Analog Devices
Key Benefits For Stakeholders:
- As per the pressure sensor market outlook, this report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the pressure sensor market analysis from 2020 to 2027 to identify the prevailing pressure sensor market opportunities.
- The pressure sensor Market Forecast research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the pressure sensor market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global pressure sensor market trends, key players, market segments, application areas, and pressure sensor Market growth strategies.
Pressure Sensor Key Segments:
By Type
- Absolute Pressure Sensors
- Gauge Pressure Sensor
- Differential Pressure Sensors
By Technology
- Piezoresistive
- Electromagnetic
- Capacitive
- Resonant Solid State
- Optical
- Others
By Application
- Automotive
- Oil and Gas
- Consumer electronics
- Medical
- Industrial
- Others
By Region
- North America (U.S., Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Brazil, Saudi Arebia, United Arab Emirates, South Africa, Rest of LAMEA)
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