Pressure Sensor Industry Overview
The global pressure sensor market was valued at USD 17.81 billion in 2021 and is expected to register a compound annual growth rate (CAGR) of 4.4% from 2022 to 2030. The market growth can be attributed to the rising demand for energy-efficient pressure sensors for consumer electronics, automotive, and portable healthcare wearables. Pressure sensors are witnessing significant growth, owing to their increasing use across industries for applications such as alarm systems, water purifiers, medical breathing appliances, refrigeration systems, and off-road constructions. Moreover, people are moving towards more automation-based solutions and services, which also leads to an increasing focus on IoT-based devices due to their innovative and advanced applications.
The growing use of pressure sensors in household appliances such as refrigerators and washing machines is driving the demand for pressure sensors. Numerous pressure sensor providers are also focusing on developing innovative products aimed at providing a better customer experience. For instance, in March 2021, Bosch Sensortec, a pressure sensor provider, launched BMP384, which is a robust barometric pressure sensor. BMP384 is a high-performance and low-consumption sensor, which makes it ideal for home appliances, wearables, and industrial applications in harsh environments.
Gather more insights about the market drivers, restraints, and growth of the Global Pressure Sensor Market
Various companies across the globe are focusing on providing pressure sensors for IoT systems. Pressure sensors are used in IoT systems to monitor devices and systems driven by pressure signals. For instance, in July 2020, Yokogawa Electric Corporation, electrical engineering, and software company announced the introduction of new temperature and pressure sensors for the Sushi Sensor wireless industrial IoT solutions in North America, Europe, and specific Southeast Asian markets. These sensors offered equipment condition monitoring based on wider plant data and enabled the detection of signs of equipment abnormalities at an early stage.
In recent years, the automotive industry has been undergoing a technology transition with an increasing focus on comfort and safety, which provides ample opportunities for the development of these pressure sensors. At the same time, increasing sensor-rich applications in drones, autonomous vehicles, and AR/VR equipment are further accelerating the need for MEMS pressure sensors. Moreover, the increasing military spending across regions is also paving the way for technologies like drones and uncrewed aerial vehicles (UAVs). Such factors bode well for the growth of the market during the forecast period. Several OEMs have started using MEMS pressure sensors in smartphones, tablets, and wearables. For instance, Samsung has integrated pressure sensors in its flagship phone, the Galaxy S4. Other handset makers, such as Sony Mobile Communications AB, Apple Inc., and Xiaomi Inc., have also started using MEMS pressure sensors in their respective smartphones. Consumers’ preference for compact consumer electronics and the advances in MEMS technology have also enabled the development of sensors that are smaller in size. As a result, the adoption of MEMS pressure sensors in consumer electronics is growing. MEMS technology enables the integration of sensors, actuators, mechanical components, and other electronics on a single silicon or germanium base.
The COVID-19 pandemic adversely impacted the pressure sensor market, owing to the disruptions in the supply chain activities of the automotive industries. The pandemic has posed significant challenges for supply chains worldwide. The varying degrees of lockdowns imposed globally during the early phase of the COVID-19 pandemic slowed down or temporarily stopped the flow of finished goods and raw materials, thus disrupting the manufacturing sector across the globe.
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Pressure Sensor Industry Segmentation
Grand View Research has segmented the global pressure sensor market based on product, type, technology, application, and region.
Pressure Sensor Product Outlook (Revenue, USD Million, 2017 - 2030)
- Absolute Pressure Sensors
- Differential Pressure Sensors
- Gauge Pressure Sensors
Pressure Sensor Type Outlook (Revenue, USD Million, 2017 - 2030)
- Wired
- Wireless
Pressure Sensor Technology Outlook (Revenue, USD Million, 2017 - 2030)
- Piezoresistive
- Electromagnetic
- Capacitive
- Resonant Solid-state
- Optical
- Others
Pressure Sensor Application Outlook (Revenue, USD Million, 2017 - 2030)
- Automotive
- Oil & Gas
- Consumer Electronics
- Medical
- Industrial
- Others
Pressure Sensor Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA (Middle East & Africa)
Market Share Insights:
June 2018: ABB acquired GE Industrial Solutions (GEIS) for enhancing its position in electrification and expanding its presence in the region
January 2018: Continental AG launched the second generation of high-temperature sensors and differential pressure sensors in the Chinese market. These sensors were launched to decrease emissions from vehicles and were the latest innovations of the company in exhaust gas sensor technology.
Key Companies profiled:
Some prominent players in the global Pressure Sensor Industry include
- AlphaSense
- City Technology Ltd.
- Dynament Ltd.
- Figaro Engineering Inc.
- Membrapor AG.
- Nemoto & Co., Ltd.
- Robert Bosch LLC.
- ABB Ltd.
- Siemens AG.
- GfG Europe Ltd
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