Wilmington, Delaware, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Pressure Sensor Market by Sensor Type (Wired and Wireless), Type (Absolute Pressure Sensors, Gauge Pressure Sensors and Differential Pressure Sensors), End Use Industry (Automotive, Oil and Gas, Consumer Electronics, Medical, Industrial and Others), Technology (Piezoresistive, Electromagnetic, Capacitive, Resonant Solid State, Optical and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the pressure sensor market was valued at $14.6 billion in 2023, and is estimated to reach $35.4 billion by 2032, growing at a CAGR of 10.5% from 2024 to 2032.
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- 151 – Tables
- 64 – Charts
- 250 – Pages
Prime Determinants of Growth
The pressure sensors market is primarily driven by the growing demand for consumer electronics and automotive applications. As devices such as smartphones, tablets, and wearable technology devices proliferate, the need for precise and reliable pressure sensors increases. In addition, the automotive industry leverages these sensors for various functions, such as tire pressure monitoring, engine management, and airbag systems, further propelling market growth. However, the market faces restraints due to the high costs associated with advanced pressure sensor technologies and the complexity of integrating these sensors into existing systems. These factors hinder the adoption rate of pressure sensors, especially among smaller manufacturers or those in cost-sensitive markets. Moreover, the variability in performance and durability of sensors under different environmental conditions pose challenges.
Despite these challenges, significant opportunities exist in the integration of pressure sensors within the Internet of Things (IoT) ecosystem. IoT applications in smart homes, industrial automation, and healthcare greatly benefit from real-time pressure monitoring and data collection. This integration enhances operational efficiency, predictive maintenance, and compliance with safety regulations, offering substantial growth potential for the pressure sensors market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $14.6 billion |
| Market Size in 2032 | $35.4 billion |
| CAGR | 10.5% |
| No. of Pages in Report | 250 |
| Segments Covered | Type, Sensor Type, Technology, End-use Industry, and Region |
| Drivers |
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| Opportunities |
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| Restraint |
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The absolute pressure sensors segment dominated the market in 2023
By type, the absolute pressure sensors segment held the highest market share in 2023 due to their high accuracy and reliability in measuring true pressure relative to a perfect vacuum. These sensors are crucial in applications requiring precise pressure measurements, such as in automotive engine management, weather stations, and industrial processes, driving their widespread adoption.
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Wired segment dominated the market in 2023
By sensor type, the wired segment held the highest market share in 2023 due to the increasing need for wired pressure sensors across industrial, automotive, and related sectors, which is anticipated to propel segment growth. This is attributed to their reduced susceptibility to radio frequency interference, compact size, cross-manufacturer compatibility, and cost-effective installation. In addition, their lower power consumption is a significant factor driving this trend.
Automotive segment dominated the market in 2023
By end-use industry segment, the automotive segment is expected to continue its dominance over the forecast period due to the increasing integration of pressure sensors in modern vehicles for applications such as tire pressure monitoring, engine management, and airbag systems. In addition, advancements in autonomous driving technology further drives the demand for pressure sensors in this sector.
Piezoresistive segment dominated the market in 2023
By technology, the piezoresistive segment held the highest market share in 2023 due to its versatility and reliability in various applications. Offering high sensitivity and accuracy, piezoresistive pressure sensors are extensively utilized in industries like automotive, healthcare, and aerospace, driving their sustained prominence in the market.
Asia-Pacific region is expected to be fastest growing region throughout forecast period
By region, Asia-Pacific is expected to continue its dominance over the forecast period due to rapid industrialization, increase in automotive production, and rise in demand for consumer electronics. In addition, government initiatives promoting technological advancements and infrastructure development further boost market expansion, making it the fastest-growing region in the pressure sensors market.
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Key Players: -
- AlphaSense
- City Technology Ltd.
- Dynament Ltd.
- Membrapor Figaro Engineering Inc.
- Nemoto Kyorindo co., Ltd.
- ABB Ltd.
- Robert Bosch GmbH
- Siemens
- GfG Europe Ltd
The report provides a detailed analysis of these key players in the global pressure sensors market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development
- In January 2023, Disrupt-X, a prominent provider of IoT solutions, introduced a groundbreaking innovation that is an advanced IoT solution for continuous air pressure monitoring within buildings. This cutting-edge solution enables real-time monitoring of air pressure in industrial and commercial environments, providing essential data and insights to improve safety, efficiency, and regulatory compliance. Utilizing IoT sensors, the air pressure monitoring solution gathers data on air pressure levels in specific areas or throughout entire facilities.
Key Benefits For Stakeholders:
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the pressure sensor market. Pressure Sensor Market Forecast is from 2024 to 2032 to identify the prevailing pressure sensor market opportunities.
- The market 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.
- Pressure Sensor Market Size by Country 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. Pressure Sensor Company list includes various players at global level.
- The report includes the analysis of the regional as well as global pressure sensor market trends, pressure sensor market share by companies, air pressure sensor, water pressure sensor, pressure sensor sector analysis, market segments, application areas, and market growth strategies.
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Pressure Sensor Key Segments:
By Sensor Type
- Wired
- Wireless
By Type
- Absolute Pressure Sensors
- Gauge Pressure Sensors
- Differential Pressure Sensors
By End Use Industry
- Automotive
- Oil and Gas
- Consumer Electronics
- Medical
- Industrial
- Others
By Technology
- Piezoresistive
- Electromagnetic
- Capacitive
- Resonant Solid State
- Optical
- Others
By Region:
- North America (U.S., Canada, and Mexico)
- Europe (UK, Germany, France, Russia, and Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific)
- Latin America (Brazil, Argentina, and Rest of Latin America)
- Middle East and Africa (UAE, Saudi Arabia, and Rest of Middle East and Africa)
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