Canada Pressure Sensor Market - Forecasts from 2024 to 2029

Canada Pressure Sensor Market - Forecasts from 2024 to 2029

Canada Pressure Sensor Market is estimated to grow at a CAGR of 8.63% during the forecast period to reach US$192.338 million by 2029, from US$107.748 million in 2022.

A pressure sensor is a mechanical device that measures the pressure applied to an object. These sensors are employed to control and monitor the pressure on the object and alert the user when the pressure is high to avoid breaking or any mishap. The prime reason driving the market growth of pressure sensors in Canada is significant growth in the manufacturing sector. The manufacturing sector contributes significantly to the GDP and accounts for a major portion of merchandise exports in the country. The rise in the sector is expected to drive market growth. Furthermore, with the implementation of new laws in the region and investment by the companies, the automotive manufacturing is projected to show promising growth. The rise in chronic disease has raised expenditure on healthcare, which is projected to support the market.

Market Drivers:

The automotive industry's demand for pressure sensors-

Automotive manufacturing is the largest manufacturing sector in the country. Data provided by the government of Canada shows that in 2022, the Canadian automotive market's total local production was 64,565 US$ Million. Promising growth in the industry has attracted existing players to expand their productions and production units, hence increasing investment in the industry. It is projected to increase the electric vehicle market and will also provide robust growth potential to the pressure sensor industry in the country.
Implementation of new labor laws in the region

One of the prime reasons expected to drive notable growth in the Canadian pressure sensor market is the implementation of favorable labor laws. Most recently, the renegotiation of NAFTA resulted in the 2020 U.S.-Mexico-Canada Agreement (USMCA), which set new precedents within its labor chapter and labor enforcement mechanisms. Implementation of the law accompanied by the yearly attempts of govt. to improve labor conditions, especially in Mexico, has attracted manufacturing companies to the US and Canada and hence provided growth potential for pressure sensors in Canada.

Market Restraint:

Cost Sensitivity-

Despite the significant advantages that pressure sensors provide, their initial expense, particularly for advanced models, may pose a challenge, acting as a deterrent for cost-conscious buyers in specific industries. This could potentially impede the swift adoption of pressure sensors. In this context, alternative technologies such as optical or mechanical sensors might emerge as viable options, offering similar functionalities at a more economical price point, thus presenting competition to pressure sensors.

Adding to the complexity, Canada presently has a limited domestic manufacturing foundation for pressure sensors, heavily depending on imports. This reliance on external sources for pressure sensor supply adds a layer of consideration for industries looking to manage costs and explore alternative sensor technologies.

Canada's pressure sensor market is segmented by end-users into energy and power, oil and gas, healthcare, manufacturing, consumer electronics, automotive, and others.

The Canadian pressure sensor market is categorized by end-users, including energy and power, oil and gas, healthcare, manufacturing, consumer electronics, automotive, and other sectors. Among these, the energy and power industry stands out as a significant consumer of pressure sensors in Canada. In this sector, pressure sensors play a crucial role in monitoring wellbore pressure on drilling rigs.

Moreover, pressure sensors find essential applications in the healthcare field, particularly in medical devices such as blood pressure monitors and respirators. In the manufacturing sector, these sensors contribute to factory automation systems by monitoring fluid and gas pressures along production lines. Additionally, pressure sensors are integral components in consumer electronics, being utilized in smartphones, tablets, and other devices for touch detection.

The automotive industry in Canada also relies heavily on pressure sensors, employing them in tire pressure monitoring systems, anti-lock braking systems, and airbags. Overall, the diverse applications of pressure sensors across various industries underscore their importance in enhancing efficiency and safety in numerous technological and industrial processes in Canada.

Market Segmentation:

By Type
Absolute Pressure Management
Differential Pressure Management
Gauge Pressure Management
By Technology
Piezoresistive Pressure Sensor
Electromagnetic Pressure Sensor
Optical Pressure Sensor
Resonant Solid State Pressure Sensor
Capacitive Pressure Sensor
By End-User
Dry Energy and Power
Oil and Gas
Healthcare
Manufacturing
Consumer Electronics
Automotive
Others