Pressure Sensor Market Worth $34.48 Billion By 2030 | CAGR: 4.10%

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The global Pressure Sensor market size is expected to be worth around US$ 34.48 billion by 2030, according to a new report by Vision Research Reports.

The global Pressure Sensor market size was valued at US$ 16.91 billion in 2020 and is anticipated to grow at a CAGR of 4.10% during forecast period 2021 to 2030.

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Growth Factors

The growth can be attributed to the growing application of pressure sensors in automotive, aviation, and appliances. The advancements in (MEMS) technology and its rapid adoption in connected devices are expected to create opportunities for market growth over the forecast period.

Furthermore, increasing consumer preference for compact electronic appliances is creating the need for MEMS pressure sensors. MEMS is the technology that miniaturizes electro-mechanical and mechanical elements that are made using microfabrication techniques. Various companies are focused on providing MEMS pressure sensors for selective industries. For instance, Robert Bosch is providing MEMS pressure sensors for the consumer and automotive industries while Honeywell and NXP are focusing on automotive, medical, industrial, and aviation verticals.

Government bodies across the globe are making it mandatory to implement a tire pressure monitoring system, which is driving the demand for pressure sensors. For instance, in September 2020, the Ministry of Road Transport and Highways in India announced that the tire pressure monitoring system would become mandatory in India in the coming days. India’s government is moving on the path of transforming the automotive industry to increase its contribution to GDP.

The COVID-19 pandemic is anticipated to impact market growth favorably in the near future. Heart failure is a major health problem and the leading cause of hospitalization in western countries. CardioMEMS is one of the therapeutic monitoring systems gaining traction in recent days. It is an advanced system that uses an implantable pulmonary artery pressure sensor. It was widely used for remote care for heart failure during the COVID-19 situation.

Report Highlights

The absolute pressure sensor segment dominated the market in 2020 and accounted for more than 43% share of the global revenue. An absolute pressure sensor is a closed system that works by referencing a perfect vacuum and creates pressure readings that are unaffected by the atmospheric pressure. Absolute pressure sensors are used in applications that require monitoring of industrial, high-performance vacuum pumps. The application of an absolute pressure sensor can also be found in military agencies, scientific laboratories, and the aviation industry, among others.

The differential pressure sensor segment is anticipated to register the highest growth rate over the forecast period. Differential pressure sensors are used in industrial environments where a pressure difference is utilized to determine the flow of liquids and gases. These sensors are used in effluent treatment plants, subsea gas and oil processing, and so on. A differential pressure sensor can be easily retrofitted and mounted on the surface of vessels, which further contributes to the segment growth.

The wired segment dominated the market in 2020 and accounted for more than 85.0% share of the global revenue. A wired pressure sensor is available in different technologies such as photoelectric, capacitive, and inductive. The rising demand for wired pressure sensors in industrial, automotive, and other sectors owing to their lower radio frequency interference, smaller size, compatibility between manufacturers, and lower cost installation properties is expected to drive the growth of the wired pressure sensors segment over the forecast period. Lower power consumption by a wired pressure sensor is further contributing to the segment growth.

The wireless segment is expected to register the fastest growth over the forecast period. Wireless pressure sensors act as an effective replacement for traditional wired sensors. The increasing use of wireless pressure sensors in applications such as consumer products, industrial automation & manufacturing, air compressor monitoring, and pool pump systems is expected to drive the segment growth over the forecast period. Self-contained, wellhead pressure, battery-powered monitoring, and casing pressure monitoring solutions are propelling the growth of the wireless pressure sensor segment.

The piezoresistive segment dominated the market in 2020 and accounted for more than 26.0% share of the global revenue. Piezoresistive pressure sensors are used in a wide range of aerospace and industrial applications owing to their robustness, rapid response time, and high frequency. They are often used in measuring dynamic pressure in engine combustion, turbulence, and blast. The lower power consumption and sensitivity of the sensors make them useful for medical applications as well. In medical applications, piezoresistive pressure sensors are used for real-time monitoring of the arterial pulse of the skin.

The electromagnetic segment is anticipated to register the fastest growth over the forecast period. A growing focus on the property of converting applied pressure into an electrical signal by the electromagnetic pressure sensor is expected to drive the demand for these sensors in electrical applications over the forecast period. Benefits such as high efficiency, low cost, and suitability of electrical applications are further anticipated to propel the segment growth. According to the statistics provided by the Home Appliance World, consumers across the world spent USD 1.26 trillion on purchasing home appliances in 2020. Thus, the increasing sales of home appliances are driving the segment growth in the current days.

The automotive segment dominated the market in 2020 and accounted for more than 25.0% share of the global revenue. Pressure sensors are used in electric cars to stop the doors from catching fingers. The sensors developed for electric car doors are designed in compliance with the Peripheral Sensor Interface 5 protocol, which was developed as a reliable interface between ECUs and airbag sensors. These pressure sensors designed for this safety application operate over the range of 50 to 110 kPa.

The industrial segment is anticipated to register the fastest growth over the forecast period. Differential pressure sensors are used for monitoring process flows where fluid needs to pass through barriers such as a filter. A differential pressure sensor used in industrial applications provides benefits such as oil-free designs, high proof pressure ratings, increased resolution, and better accuracy. Furthermore, the increasing use of pressure sensors in applications such as transmissions and oil & gas equipment is driving the segment growth.

The Asia Pacific regional market dominated the pressure sensor market in 2020 and accounted for over 38.0% share of the global revenue. The increasing demand for consumer electronics such as tablets, wearable devices, and smartphones is driving the demand for pressure sensors in this region. India and China are contributing to a large share of the regional market. China is a mature marketplace and features strong business opportunities. Danfoss Group, a market leader in software and engineering technologies, has heavily invested in the pressure sensors market and is expected to accelerate the growth of China’s pressure sensors market.

North America is expected to emerge as the fastest-growing regional market over the forecast period. The North American regional market is projected to witness growth owing to the high demand for pressure sensors in TPMS and EGR system applications in the automotive segment. The presence of key players in the region is also one of the major factors driving the market growth. At the same time, the increasing demand for pressure sensors in industries such as oil & gas, petrochemical, and medical is also accelerating the market growth in this region.

Key Players

  • AlphaSense
  • City Technology Ltd.
  • Dynament Ltd.
  • Figaro Engineering Inc.
  • Membrapor AG.
  • Nemoto & Co., Ltd.
  • Robert Bosch LLC.
  • ABB Ltd.
  • Siemens AG.
  • GfG Europe Ltd

Market Segmentation

  • Product Outlook
    • Absolute Pressure Sensors
    • Differential Pressure Sensors
    • Gauge Pressure Sensors
  • Type Outlook
    • Wired
    • Wireless
  • Technology Outlook 
    • Piezoresistive
    • Electromagnetic
    • Capacitive
    • Resonant Solid-State
    • Optical
    • Others
  • Application Outlook
    • Automotive
    • Oil & Gas
    • Consumer Electronics
    • Medical
    • Industrial
    • Others
  • Regional Outlook 
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • U.K.
      • Germany
      • France
      • Russia
      • Nordic Region
    • Asia Pacific
      • China
      • Japan
      • India
      • Australia
    • Latin America
      • Brazil
      • Argentina
    • Middle East & Africa
      • UAE
      • Saudi Arabia

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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