Pressure Sensor Market Outlook - 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.
A pressure sensor is a device that senses pressure and converts it into an electric signal where the amount depends upon the pressure applied. It detects, measures, and transmits information, which helps analyze the performance of a device. It uses IC fabrication technology made on silicon wafers. It monitors and controls the pressure, typically of gases & liquids. It measures different types of pressures such as absolute, vacuum, gauge, and differential pressure among others. Pressure sensors have been widely used in fields such as automobile, manufacturing, aviation, bio medical measurements, air conditioning, and hydraulic measurements.
According to pressure sensor market trends, recent advances in the pressure sensors are expected to boost substantial growth in the market. With the promising applications in artificial intelligence systems and wearable health care devices, great efforts have been devoted to developing advanced pressure sensors. Government regulations mandating the use of pressure sensors in automobiles have also contributed towards the growth in demand for pressure sensors, and has affected the pressure sensor market size globally.
Pressure sensor has a strong demand especially in the automotive industry, which has a wide range of applications such as Tire Pressure Monitoring System (TPMS), Engine Gas Recirculation (EGR), and others, which significantly affect the pressure sensor market share globally.
Gauge Pressure Sensor segment is projected as one of the most lucrative segments.
According to pressure sensor market analysis, the demand for pressure sensors has increased subsequently owing to the advancements in MEMS and NEMS technologies. These sensors are used in consumer products, bioMedical applications, wireless & optical communications, and aerospace. MEMS pressure sensors are used to measure the flow rate of a liquid or gas sample.
Piezoresistive segment generated the highest revenue in 2019.
Factors such as increase in use of pressure sensors in automotive industry, rise in demand for pressure sensors in consumer electronics, and favorable government regulations regarding the use of pressure sensors drive the growth of the global pressure sensor market. However, high cost of the devices is expected to hamper the market growth to a certain extent. Furthermore, growth in trends toward Internet of Things (IoT) and surge in demand for sensors in the development of smart cities is expected to offer lucrative pressure sensor market opportunity globally.
Automotive segment generated the highest revenue in 2019.
The pressure sensor market size is segmented into type, technology, application, and region. By type, the market is divided into absolute pressure sensors, gauge pressure sensors, and differential pressure sensors. By technology, it is classified into piezoresistive, electromagnetic, capacitive, resonant solid state, optical, and others. By application, it is categorized into automotive, oil & gas, consumer electronics, medical, industrial, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Global Pressure Sensor Market, By Geography
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. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to enhance their market penetration.
Top Impacting Factors
The significant factors impacting the growth of the global pressure sensor market include increase in use of pressure sensors in the automotive industry, emerging demand for pressure sensors in consumer electronics, and favorable government regulations regarding the use of pressure sensors. However, high initial cost of the sensors acts as a major barrier for its adoption, thereby hampering the growth of the market. On the contrary, growing trends toward Internet of Things (IoT) and surge in demand for sensors in the development of smart cities are the factors anticipated to provide lucrative opportunities for the growth of the pressure sensor market during the forecast period.
Increase in use of pressure sensors in automotive industry
The demand for pressure sensors has increased subsequently over the years and is estimated to increase further during the forecast period. This benefits automotive manufactures to boost their market growth and increase their market share. Pressure sensors are the key components that reduce emissions and fuel consumption, to decrease air pollution. In addition, pressure sensors are being deployed for various safety concerns of passengers in automotive for applications, such as Tire Pressure Monitoring Systems (TPMS), Advanced Driver Assistance Systems (ADAS), and Manifold Absolute Pressure Sensors (MAPS) among others. They also help deploy air bags, throttle position, weight, and sensing of passengers.
High cost of the device
The addition of sensors help increase automation in electronic devices; however, it incurs an extra cost and thereafter it is avoided in cost-effective applications. The incorporation of sensors facilitates extra features and makes the devices more automated, although, it incurs some additional cost and thereafter it is avoided in cost-effective applications. In devices, which are continuously used for a long time, such as smart phones, laptops, and cameras, these sensors create heating issues and reduce their overall life as these devices have components, which are temperature sensitive. The devices which use battery as their power source, sensors reduce their battery life as they rely on device battery for their operation.
In addition, high development costs involved in R&D activities to develop new products pose a difficult challenge, especially for cash deficient small & medium sized pressure sensor manufacturers. High costs generated in the overall production process of the sensor have made way for the usage of these sensors only in high-end cars. There is an increase in the demand for its supply due to limited manufacturers of quality sensors. In addition, the integration of these sensors into viable systems especially in the automotive industry is an expensive process. The lack of product differentiation, high power consumption, and accuracy are some of the other restraints.
Surge in trends toward Internet of Things (IoT)
In the current IT-dominant world, people are moving toward automation-based solutions and services. This leads to increased focus on IoT-based devices due to their innovative and advanced applications. IoT is a technology for providing internet or internetworking for almost all applications such as smartphones, microwaves, refrigerators, automotive, healthcare, and buildings. It uses electronic software, sensors, and actuators for connecting all these things to a common network. It incorporates several sensors such as touch sensor, proximity sensor, pressure sensor and temperature sensor.
IoT-based devices help in machine-to-machine (M2M) communication and person-to-computer communication. In addition, these devices assist people in capturing and transmitting electronic data. For instance, the smart sensors used in the infrastructure industry are implemented on the bridges and transmit data related to cracks, stress, and warpages. Moreover, these sensors also notify about the climate conditions and transfer information through the Internet to the approaching vehicle to reduce its speed. In the electronics sector, these smart sensors are used in power grids to measure the usage of electricity. Developments in the IoT market and surge in government initiatives are anticipated to foster the growth in the pressure sensor market in the next five to six years.
Key Benefits For Stakeholders
- This study includes the analytical depiction of the pressure sensor market forecast along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information regarding the key drivers, restraints, and opportunities in the market.
- The pressure sensor market growth is quantitatively analyzed from 2020 to 2027 to highlight the financial competency of the industry.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the pressure sensor industry.
Pressure Sensor Market Report Highlights
Key Market Players
RENESAS ELECTRONICS, MICROCHIP TECHNOLOGY INC., STMICROELECTRONICS, QUALCOMM TECHNOLOGIES, INC, INFINEON TECHNOLOGIES AG, HONEYWELL INTERNATIONAL INC, TEXAS INSTRUMENTS, NXP SEMICONDUCTOR, SIEMENS AG, EATON
The pressure sensor market holds high potential in the consumer electronics, industrial, and automotive sector. The current business scenario experiences rapid development in smart infrastructure and smart devices leading to the readiness to adopt this technology, particularly in the developed and developing regions such as North America, Asia-Pacific, and Europe. Companies in this industry adopt various innovative techniques to provide customers with advanced and innovative features.
The pressure sensors market holds a substantial scope for growth. Its contribution to the global market will increase significantly. Increase in demand for smart programs such as trip optimizers used in trucks, which utilizes various sensors (including position sensors), is expected to boost the market growth during the forecast period especially in the U.S. and Europe. Technologies such as prognostics in BMW help the consumer monitor real-time data through online connectivity to avoid any problem. However, high development costs of raw materials majorly limit the growth of the pressure sensor market.
Pressure sensors have a wide range of applications in consumer electronics to provide comfort, indoor navigation, and a user-friendly interface. The growth of the smartphone and tablets market majorly drives the MEMS pressure sensors market. Another major application that is gaining momentum is the growth of the wearable devices market, with its share increasing at a tremendous pace.