The Pressure Sensors Market was valued at USD 15.23 billion in the previous year and is expected to register a CAGR of 9.37%, reaching USD 26.07 billion by the next five years. The recent advancements in pressure sensors are expected to accelerate significant growth in the market. With promising applications in the Internet of Things (IoT), Artificial intelligence systems, and wearable healthcare devices, great efforts have been devoted to developing advanced pressure sensors, significantly expanding the use case and driving the growth of the studied market.
The increasing Internet of Things (IoT) adoption is another major factor spearheading the market's growth. Pressure sensors are transforming the development of smart cities, homes and buildings, and smart factories. Hence, increasing IoT-connected devices is anticipated to fuel the market's growth. Moreover, increasing industrial automation and the growing demand for miniaturized consumer devices, such as wearables, are also driving the growth of the studied market.
Additionally, with rapid industrialization and technological advancement, pressure sensors are being created using MEMS and NEMS, which makes them suitable for biomedical and consumer device applications.
Further, with several smart city projects and initiatives ongoing, by 2025, there are expected to be around 30 global smart cities, and 50% of these are likely to be located in developed regions such as North America and Europe. These steps are supported by a growing investment by global investment firms, which, according to the OECD, are likely to be about USD 1.8 trillion, between 2010 and 2030, for all infrastructure projects in urban cities. As the adoption of pressure sensors has been growing in small home appliances, such as dishwashers, water heaters, water purifiers, small crispers, etc., such trends will create a favorable outlook for the growth of the studied market.
Moreover, emerging sensor-rich applications such as autonomous vehicles, drones, and AR/VR equipment are accelerating the need for MEMS pressure sensors. The automotive industry, which is currently undergoing a transition in technology with a significant focus on increasing safety, entertainment, comfort, and entertainment, provides ample opportunities for these sensors as they are widely used in automobiles as tire pressure gauge, power steering, brake booster, MAP sensor, etc. Furthermore, the growing prevalence of government regulations such as Engine Gas Recirculation (EGR), Tire Pressure Monitoring systems (TPMS), and ADAS systems are also driving the demand for pressure sensors in the automotive sector.
Furthermore, the increasing military spending across regions is paving the way for technologies like drones/uncrewed aerial vehicles (UAVs). Traditional fighter jets with high-end navigation systems leads to the significant usage of MEMS pressure sensors.
However, the factors challenging the growth of the market studied include the increase in the overall cost of pressure sensors implementation due to interface design considerations and the lack of a standardized fabrication process. Sensor standardization is less advanced than conventional semiconductor processes and model environments. However, the standard procedure is bound to happen in the next few years, making the impact of the challenge gradually low in the next few years.
The production and supply chain of the market under study were significantly disrupted by the global COVID-19 outbreak. The labor shortages have improved in the post-COVID scenario, though, and many Chinese packaging and testing plants have increased production as things return to normal. Such factors are expected to propel the market expansion during the forecast period.
The automotive industry, which is undergoing a technological transformation with a significant objective of increasing safety, comfort, and entertainment, provides ample opportunities for pressure sensors. The miniature size of pressure sensors, such as MEMS, influences their demand in the automotive industry's design scheme, making them an essential factor for massive adoption.
The miniature pressure sensors are best suited for measuring the pressure of the auto brake system, the pressure of the tires, the fluid pressure of the transmission system, the pressure of engine oil, and the pressure of the intake pipes, among others. As several parameters need to be controlled in the automotive sector, pressure sensors add considerably to the development of these aspects.
Furthermore, pressure sensors are also increasingly being used to reduce emissions and fuel use to regulate air pollution. To address several passenger safety concerns, pressure sensors are also used in automotive applications like tire pressure monitoring systems (TPMS), advanced driver assistance systems (ADAS), and manifold absolute pressure sensors (MAPS). It also assists in sensing passenger weight, throttle position, and airbag deployment, which aids in adding new features to automobiles.
With technological developments enabling autonomous and self-driving cars, the adoption of vehicle sensors is expected to witness subsequent growth. In the automotive sector, safety regulations enforced by governmental organizations also play a crucial role in incorporating pressure sensors. Additionally, the concept of hybrid vehicles has led to the widespread adoption of sophisticated vapor pressure measurement systems. This will become necessary since the measurement process is more complicated than with ICEs (internal combustion engines). Developments on the same have begun.
As the automotive industry strives to comply with worldwide environmental regulations, the efforts to boost efficiency and achieve better control of engine systems are more crucial than ever. These applications demand efficient pressure sensors to accurately monitor conditions, such as air volume and exhaust gas pressure, to enhance efficiency. The growing number of automobiles sold globally also creates a favorable outlook for the growth of the studied market. For instance, according to OECD, global automobile sales had increased to 81.62 million units in 2022 from 78.78 million units in 2020.
The pressure sensor market is fragmented and highly competitive due to the presence of various domestic and international players. Technological innovations in the market also bring sustainable competitive advantage to the vendors. Some key players include ABB Ltd., Bosch Sensortec GmbH, Honeywell International Inc., Rockwell Automation, Inc., and Siemens Building Technologies AG (Siemens AG).
In April 2023, Superior Sensor Technology launched the VN Series pressure sensor family with an expanded dynamic range and proprietary oversampling technology, enabling companies to design and manufacture high-flow oxygen devices and ventilators to support a broader range of patient breathing demands. According to the company, this sensor incorporates an advanced oversampling technique to eliminate all noise outside the band of interest.
In April 2023, ATO launched a new range of high-performance pressure sensors. These sensors are designed to provide reliable pressure measurements in various applications, including water, air, oil, steam, and fuel oil. According to the company, the new pressure sensor is easily used in Air/Water/Oil by 4-20mA/0-5V/RS485 output options, making it easy to integrate into existing systems.
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