Pressure Sensor Market worth $21.9 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 23, 2021 /PRNewswire/ -- According to the new research report, the "Pressure Sensor Market with COVID-19 Impact Analysis by Sensor Type (Wired, Wireless), Technology (Piezoresistive, Capacitive, Optical), Product (Absolute, Gauge, Differential), End Use, Vertical, and Geography-Global Forecast to 2026", published by MarketsandMarkets™, the market is expected to grow from USD 14.8 billion in 2021 to USD 21.9 billion by 2026; it is expected to grow at a CAGR of 8.2% during 2021–2026. The rise in demand for pressure sensors is increasing continuously owing to their increasing applications in the IoT environment. Growth of the pressure sensor market can also be attributed to the rising global demand for miniaturized devices, technological advancements in electronic devices, and the availability of portable electronic devices for automotive, industrial, and healthcare applications.
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The wireless sensors segment is projected to grow at a higher CAGR during the forecast period
The wireless sensors segment is projected to grow at a higher CAGR during the forecast period. The high growth can be attributed to the increasing adoption of the Industry 4.0 and IoT environment worldwide by industry players. Wireless sensors are highly advanced and offer Wi Fi or Bluetooth connectivity, thus reducing the costs associated with the requirement of connecting cables. They offer the advantage of remote control and monitored by the user even through smartphones using dedicated applications. The demand for wireless pressure sensors is expected to increase from the consumer electronics, industrial, and medical industries as these are small in size, battery powered, can be easily integrated in portable devices, and consume less power. The increase in demand for portable devices is expected to drive the growth of the wireless pressure sensor segment from 2021 to 2026.
The piezoresistive technology accounted for the largest share of the pressure sensor market in 2020
The piezoresistive technology accounted for the largest share of the pressure sensor market and this trend is expected to continue during the forecast period. The high growth of the segment can be attributed to the suitability of the piezoresistive technology for measuring absolute, gauge, vacuum, and differential pressures in both, high- and low-pressure applications. Piezoresistive technology-based pressure sensors offer several benefits such as robustness, high frequency, fast response time (<1 millisecond (ms)), and stable performance and calibration. These sensors find applications in consumer electronics such as washing machines, dishwashers, and vacuum cleaners; oil & gas for level and air pressure detection; medical for blood pressure measurement and real-time monitoring of the arterial pulse of the skin, and for measuring the dynamic pressure in engine combustion, turbulence, and blast.
The market for the differential pressure sensors segment is projected to grow at the highest CAGR from 2021 to 2026
The market for the differential pressure sensors segment is projected to grow at the highest CAGR from 2021 to 2026. Growth can be attributed to their extensive usage in the industrial environment. In industrial processes, differential pressure sensors are installed as core elements of numerous devices to measure the flow of liquids and gases due to the pressure differences across these. They are also used to measure pressure in air, acids, bases, compressed gases, water, steam, pressure drops across oil filters or air filters, fluid levels, and flow rates. In addition, differential pressure sensors can be easily retrofitted and mounted on the surfaces of vessels.
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Based on vertical, the automotive segment accounted for the major share of the pressure sensor market in 2020
Based on vertical, the automotive segment accounted for the major share of the pressure sensor market in 2020 and this trend is projected to continue during the forecast period. Growth can be attributed to the increasing demand for pressure sensors from the automotive industry to comply with the mandates implemented by governments. For instance, in engine management systems, to enhance the efficiency of car engines, pressure sensors are required to accurately monitor engine conditions such as air volume and exhaust gas pressure of the EGR system. The rising demand for energy efficient vehicles, electric vehicles, and ADAS vehicles are also fueling the growth of the market.
Pressure sensor market in APAC to grow at the highest CAGR during the forecast period
The pressure sensor market in APAC is expected to grow at the highest CAGR during the forecast period. China, India, South Korea, and Japan are the major contributors to the growth of the pressure sensor market in APAC. The pressure sensor market in Asia Pacific is likely to be driven by the evolving automobile and industrial manufacturing companies and the rising demand for pressure sensors from the overseas markets of North America and Europe.
Honeywell International Inc. (US), ABBv (Switzerland), Emerson Electric Co. (US), Amphenol (US), Sensata Technologies, Inc. (US), TE Connectivity Ltd. (US), Micro Sensor Co. Ltd (China), BD SENSORS GmbH (Germany), Quartzdyne, Inc. (US), and TT Electronics (UK) are some of the key players in the pressure sensor market.
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