According to a recent report published by Allied Market Research, titled, “Pressure Sensor Market by Type, Technology, and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the global pressure sensor market size was valued at $11.38 billion in 2019, and is projected to reach $24.84 billion by 2027, registering a CAGR of 10.3% from 2020 to 2027.
Increase in demand for different types of sensors, especially in autonomous cars, is expected to drive the pressure sensors market growth during the forecast period. Advanced technologies and innovations such as Advanced Driver Assistance Systems (ADAS) and Emission Control Sensors are expected to open new opportunities for the pressure sensors market in the automotive industry.
The market growth of emission control sensors (ECS) is expected to increase with the emergence of strict regulations such as EURO VI, NS VI, and BS VI. The surge in demand for sensors for dashboard and diagnostic purposes foster the growth of the pressure sensors market during the forecast period.
Asia-Pacific and North America are expected to offer lucrative market growth opportunities during the forecast period. India and China are anticipated to grow at a rapid pace at a CAGR of 8.0% and 12.0%, respectively.
Technological advancements, high per capita income, and early introduction to automation are the key factors drive the growth of the North America smart sensors market. The pressure sensors market is projected to grow at a decreasing rate driven mainly by its demand in the consumer electronics, automobile, aerospace, defense, and medical industries. Pressure sensors have become an essential component in a variety of products and are uncontested by substitutes owing to their integral functionality.
According to pressure sensor market trends, the U.S. is the fastest adopter of technology owing to which the growth of the consumer electronics device, upcoming automobile technology such as electric & hybrid vehicles, healthcare monitoring systems, and others is high. Increase in disposable income of the people in the U.S. drives the sale of sensors in this region. In addition, growth in the semiconductor industry, paired with the rise in trends of advanced devices among industries propel the growth of the U.S. pressure sensor market share.
Europe is anticipated to witness a high growth rate for the sensors market during the forecast period due to rise in its demand in aerospace & defense across the region. Technological advances across the region propels the growth of the market. High frequency RF-MEMS pressure sensors are incorporated into different types of consumer electronic devices such as smartphones, wearable devices, and tablets to perform different operations precisely. The consumer electronics market is expected to increase due to its extensive use in smartphones.
According to pressure sensor market forecast, Asia-Pacific emerged as the fastest growing market for pressure sensors. India, China, and Japan provide several opportunities for key players in this market. The growth in these countries is supported by the rise in disposable income of consumers and increase in number of health-conscious consumers. The region accommodates major population of the globe due to the presence of China and India being the topmost populated nations. Increase in penetration of smartphones and adoption of smart electronic appliances in residential, commercial, and industrial sectors in Asia-Pacific are the factors expected to propel the pressure sensor market growth.
Key Findings Of The Study
By type, the absolute pressure sensor segment generated the highest revenue in 2019.
By technology, the piezoresistive segment generated the highest revenue in 2019.
By application, the automotive segment generated the highest revenue in 2019.
The key pressure sensor industry leaders profiled in the report include ABB Ltd., Analog Devices, Eaton, Honeywell, Infineon Technologies, NXP Semiconductors N.V., Renesas Electronics, Siemens, STMicroelectronics, and Texas Instruments