Global Pressure Sensor Market Size Projected to Surge USD 35.82 Billion Growth by 2032, Exhibit a CAGR of 6.32%
The pressure sensor market size is anticipated to grow from USD 19.41 Billion in 2022 to USD 35.82 Billion, at a CAGR of in 10 years. The market should witness a moderate growth rate owing to the increasing use of the product in aerospace & defense, automotive, medical devices and consumer goods industry and rising advancement in the development technology. The key market players are listed in the report with their sales, revenues and strategies are AlphaSense, Dynament Ltd., City Technology Ltd., GfG Europe Ltd., Membrapor, Figaro Engineering Inc., Nemoto Kyorindo Co., Ltd., ABB Ltd., Robert Bosch GmbH, Honeywell International, Emerson Electric, Siemens, TT Electronics, TE Connectivity Ltd., Amphenol and others.
Newark, Sept. 26, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the pressure sensor market will grow from USD 19.41 Billion in 2022 to USD 35.82 Billion by 2032. The pressure sensor market is experiencing increased demand due to the rising use of pressure sensors in different machinery, medical devices, aerospace and automotive industries. Furthermore, developing numerous sensors of different technologies promotes their usage in high-tech consumer goods.
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Key Insight of the Pressure Sensor Market
Asia-Pacific region to account for the largest market size during the forecast period.
Asia-Pacific will have the most major pressure sensor market share during the forecast period. The factors supporting the growth of the regional pressure sensor market include the growth of end-user industries in countries such as China, Japan and India. The increasing investment in consumer electronics, such as wearable devices, smartphones, and tablets, has increased demand for such sensors. The regional countries provide lucrative business opportunities for the market players due to the abundance of raw materials and the presence of required manufacturing technology.
The differential pressure sensors segment is expected to augment the market during the forecast period.
The product type segment is divided into differential pressure sensors, absolute pressure sensors, sealed pressure sensors, vacuum pressure sensors and gauge pressure sensors. The differential pressure sensors segment is expected to augment the market during the forecast period. The differential pressure sensor, employed at two distinct sites in the exhaust manifold, monitors the pressure decrease between two points in the flow pattern.
The wireless segment is expected to grow at the highest CAGR during the forecast period.
The sensor type segment is divided into wired and wireless. The wireless segment is expected to augment the market during the forecast period. The wireless pressure sensor measures the gauge pressure of gases and liquids in the pipework. This product is designed to facilitate direct installation into piping at a manufacturing site, and the wetted substance is very corrosion-resistant.
The electromagnetic segment is expected to augment the market during the forecast period.
The technology segment is divided into resonant solid state, piezoresistive, electromagnetic, capacitive, optical and others. The electromagnetic segment is expected to augment the market during the forecast period. Electromagnetic pressure sensors refer to a class of sensors that use electromagnetic principles, such as an inductive pressure sensor, a hall pressure sensor, an eddy current pressure sensor, and so on.
The industrial segment is expected to augment the market during the forecast period.
The end-users segment is divided into consumer electronics, automotive, medical, oil and gas, aerospace and defense, industrial and others. The industrial system segment is expected to augment the market during the forecast period. Pressure sensors are utilized in a wide range of industrial applications. Continuous advancements enable these sensors to enable new applications beyond their typical uses in steam and fluid pressure measurement.
Report Coverage Details
|Market Size in 2022||USD 19.41 Billion|
|Market Size in 2032||USD 35.82 Billion|
|No. of Pages in Report||232|
|Segments Covered||Product Type, Sensor Type, Technology and End-users|
|Drivers||Increasing pressure sensors among end-users|
|Opportunities||Growing technical advancements|
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Driver: Multi-functions of pressure sensors
All transducers, sensors, and devices that provide an electrical signal proportional to pressure or changes in pressure are considered pressure sensors. The gadget detects pressure changes and communicates this information to recorders, controllers, or switches. Digital pressure sensors can be controlled easily and save the system energy. Compared to analogue sensors, the pressure sensors consume less energy as they can automatically go into sleep mode when unused. The positive features that digital pressure sensors offer industrial applications will improve the system’s efficiency, safety and reliability once the user has determined whether an analogue or digital pressure sensor is best appropriate for the given application.
Restraint: Variable cost of raw materials
The fluctuation in the price of raw materials impacts the industry and its strategy as the unstable price of the raw material impacts the operation of the organization involved in the production of pressure sensors. The impact on operations could lead to fluctuation in the production and the market’s profit margin. The organization requires the proper profit margin to survive in the market. This factor is restricting the growth of the pressure sensor market.
Opportunity: Increasing growth of the automobile industry
The growing demand for automobiles is the factor driving the market. Also, the update and up-gradation happening in the automotive sector to reduce its weight and the growing adoption of electric cars are propelling the car market. Many organizations are focusing on developing high-tech vehicles as the lifestyle of the people has changed; they prefer comfort and safety while driving. The U.S. is one of the largest automotive markets in the world. The open investment policy, large consumer market, and available infrastructure would increase the sales of vehicles in the U.S. The medium-pressure sensor allows quick and accurate fuel and oil pressure monitoring in all combustion engines and transmissions. This factor provides a lucrative opportunity for the pressure sensor market.
Challenges: Demand supply issues
The market players with intricate supply chains have found the going particularly tough since their production is susceptible to interruption from other companies’ input shortages. Although severe and pervasive, these shortages and supply-chain disruptions have disrupted the market players’ growth rate.
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Some of the major players operating in the pressure sensor market are:
• Dynament Ltd.
• City Technology Ltd.
• GfG Europe Ltd.
• Figaro Engineering Inc.
• Nemoto Kyorindo Co., Ltd.
• ABB Ltd.
• Robert Bosch GmbH
• Honeywell International
• Emerson Electric
• TT Electronics
• T.E. Connectivity Ltd.
Key Segments Cover in the Market:
By Product Type:
• Differential Pressure Sensors
• Absolute Pressure Sensors
• Sealed Pressure Sensors
• Vacuum Pressure Sensors
• Gauge Pressure Sensors
By Sensor Type:
• Resonant Solid State
• Consumer Electronics
• Oil and Gas
• Aerospace and Defense
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
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