Pune India, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Pressure Sensor Market Size By Product (Differential Pressure Sensors, Absolute Pressure Sensors, and Gauge Pressure Sensors), By Type (Wireless and Wired), By Application (Industrial, Automotive, Medical, Oil & Gas, Consumer Electronics, and Others), Regions, Segmentation, and forecast till 2030.
The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the pressure sensor market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the pressure sensor market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product, type, application, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global pressure sensor market are ABB Ltd, Honeywell International Inc., Delphi Automotive Plc, Analog Devices, Inc., Emerson Electric Co., Robert Bosch Gmbh, Denso Corporation, NXP Semiconductors, N.V., Damco Corporation among others. To achieve a substantial market share in the worldwide pressure sensor market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
The automotive industry has been undergoing a technological change in recent years, with an increased emphasis on comfort and safety, which provides numerous potential for the development of these pressure sensors. Simultaneously, growing sensor-rich applications in drones, driverless cars, and AR/VR technology are driving up demand for MEMS pressure sensors. Furthermore, rising military spending across the globe is paving the way for technology like as drones and unmanned aerial vehicles (UAVs). Such aspects bode well for market expansion during the foreseeable period. Several OEMs have begun to include MEMS pressure sensors into smartphones, tablets, and wearables. Samsung, for example, has embedded pressure sensors into its top phone, the Galaxy S4. Sony Mobile Communications AB, Apple Inc., and Xiaomi Inc. have also begun to use MEMS pressure sensors in their respective smartphones. Consumers' need for compact consumer devices, as well as improvements in MEMS technology, have enabled the development of smaller-sized sensors. As a result, MEMS pressure sensors are increasingly being used in consumer devices. Sensors, actuators, mechanical components, and other electronics can all be integrated on a single silicon or germanium substrate using MEMS technology.
Scope of Pressure Sensor Market Report
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Product Type, TYpe, Application, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | ABB Ltd, Honeywell International Inc., Delphi Automotive Plc, Analog Devices, Inc., Emerson Electric Co., Robert Bosch Gmbh, Denso Corporation, NXP Semiconductors, N.V., Damco Corporation among others. |
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Segmentation Analysis
The absolute pressure sensors segment is expected to be the fastest-growing segment in 2022.
The product segment is differential pressure sensors, absolute pressure sensors, and gauge pressure sensors. The absolute pressure sensors segment is expected to witness the highest growth rate during the forecast period. Absolute pressure sensors measure biometric pressure fluctuations in relation to a perfect vacuum or zero absolute pressure. Absolute sensors provide final measurements by comparing the desired pressure to the known pressure of a perfect vacuum. Absolute pressure sensors are also becoming more prevalent in residential applications as smartwatches and navigation systems become more popular. In the automotive industry, the engine electronic control unit (ECU) uses absolute pressure sensors to compute ignition timing and the optimal air-fuel ratio for combustion.
The wired segment is expected to be the fastest-growing segment in 2022.
The type segment is wireless and wired. The wired segment is expected to witness the highest growth rate during the forecast period. There are several types of wired pressure sensors available, including photoelectric, capacitive, and inductive. Due to its lower radio frequency interference, smaller size, interoperability between manufacturers, and lower cost installation qualities, wired pressure sensors are likely to fuel the growth of the wired pressure sensors segment throughout the forecast period.
The automotive segment is expected to be the fastest-growing segment in 2022.
The application segment is industrial, automotive, medical, oil & gas, medical, consumer electronics, and others. The automotive segment is expected to witness the highest growth rate during the forecast period. Sensors used in the automobile industry include those commonly seen in self-driving automobiles and other high-end luxury vehicles to provide an automated setup and improved user experience. To stay ahead of the competition, automakers such as Audi, BMW, and Volkswagen expand their R&D budgets year after year. These automobile manufacturers are increasing the number of sensors used in their vehicles in order to improve workplace comfort and absolute automation.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the pressure sensors include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The Asia Pacific region witnessed a major share. The segment's growth can be attributed to large-scale electronic component manufacturing as well as increased R&D investments. Demand for pressure sensors in this region is being driven by consumer electronics such as tablets, wearable devices, and smartphones. India and China have a substantial share of the regional pressure sensor market. China is an established market with several commercial opportunities. The Danfoss Group, a market leader in software and engineering technologies, has made major investments in the pressure sensor sector, which is expected to drive growth in China.
Country Analysis
- Germany
Germany's pressure sensor market size was valued at USD 1.32 billion in 2022 and is expected to reach USD 1.90 billion by 2030, at a CAGR of 4.7% from 2023 to 2030. The sensors market in Germany is predicted to expand fast as the region's demand for sensors in aerospace and defence grows. Regional technological advancement is driving the industry forward.
- China
China’s pressure sensor market size was valued at USD 1.8 billion in 2022 and is expected to reach USD 2.6 billion by 2030, at a CAGR of 4.9% from 2023 to 2030. The use of smart electronic equipment in the residential, commercial, and industrial sectors, as well as growing smartphone penetration in the region, are likely to drive the smart sensor market.
- India
India's pressure sensor market size was valued at USD 1.4 billion in 2022 and is expected to reach USD 2.03 billion by 2030, at a CAGR of 4.8% from 2023 to 2030. The Asia Pacific region has seen the most rapid expansion in this industry. Key companies in this area in India have numerous opportunities. The economic expansion of these countries is assisted by an increase in disposable income and the number of health-conscious consumers.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of the pressure sensor market is mainly driven by the rising economy.
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