Pressure Sensor Market Forecasts to 2028 – Global Analysis By Product (Gauge Pressure Sensors, Absolute Pressure Sensors, Differential Pressure Sensors, Vacuum Pressure Sensors and Sealed Pressure Sensors), Technology (Resonant Solid-state, Electromagneti

Pressure Sensor Market Forecasts to 2028 – Global Analysis By Product (Gauge Pressure Sensors, Absolute Pressure Sensors, Differential Pressure Sensors, Vacuum Pressure Sensors and Sealed Pressure Sensors), Technology (Resonant Solid-state, Electromagnetic, Optical, Capacitive, Piezoresistive and Other Technologies), Type (Wireless and Wired), Application and By Geography

According tStratistics MRC, the Global Pressure Sensor Market is accounted for $18.94 billion in 2022 and is expected treach $27.49 billion by 2028 growing at a CAGR of 6.4% during the forecast period. A pressure sensor is a device that detects pressure and turns it intan electric signal whose magnitude is determined by the applied pressure. It detects, measures, and transmits data taid in the analysis of a device's functioning. It employs IC fabrication technique based on silicon wafers. It monitors and controls pressure, often of gases and liquids. It measures a variety of pressures, including absolute, vacuum, gauge, and differential pressure. Pressure sensors are widely utilised in a variety of industries, including automobiles, manufacturing, aircraft, biomedical measurements, air conditioning, and hydraulic measurements.

According tthe statistics provided by Home Appliance World, consumers across the world spent USD 1.26 trillion on purchasing home appliances in 2020.

Market Dynamics:

Driver:

Increasing demand in healthcare sector

High-frequency RF-MEMS pressure sensors are utilised in a variety of consumer electronics items, including tablets, wearable technology, and smart phones, for precise operation. Smartphone usage is expected tgrow in the consumer electronics sector. Pressure sensors can be integrated intconsumer electronics in a variety of ways tprovide convenience, internal navigation, and a user-friendly interface. The growth of the smart phone and tablet markets is one of the primary drivers of the MEMS pressure sensor business.

Restraint:

High cost

The high development expenses associated with R&D operations tproduce new products provide a challenging task, particularly for cash-strapped small and medium-sized pressure sensor manufacturers. Due tthe high expenses associated with the sensor's total production process, these sensors are exclusively used in high-end vehicles. Due ta scarcity of quality sensor makers, there is an increase in demand for its supply. Nevertheless, the integration of these sensors intworkable systems, particularly in the automotive industry, is an expensive procedure.

Opportunity:

Surge in trends toward Internet of Things (IoT)

IoT-enabled gadgets aid in machine-to-machine (M2M) and person-to-computer (P2C) communication. Furthermore, these gadgets aid in the capture and transmission of electronic data. For example, smart sensors used in the infrastructure industry are installed on bridges and convey data about fractures, stress, and warpages. Moreover, these sensors warn of changing weather conditions and provide data tan approaching car via the Internet in order tslow it down. These smart sensors are utilised in power grids tmeasure electricity use in the electronics industry. Innovations in the IoT sector and an increase in government initiatives are expected tdrive growth in the pressure sensor market over the next five tsix years.

Threat:

Decline in demand from the oil & gas industry due tthe COVID-19 pandemic

Pressure sensors are used in the oil and gas industry tmeasure pressure. They are utilised for liquid and gas flow monitoring, HVAC applications, and power control activities. Gas pressure sensors are required tsense and communicate the gas pressure in the gas pipeline for safe and efficient operation. When the production and demand for oil and gas fell during the pandemic period, sdid the demand for pressure sensors. As a result, revenue for pressure sensor manufacturers decreased during the pandemic.

Covid-19 Impact

The COVID-19 pandemic had a negative influence on the pressure sensor market due tdisruptions in the automotive sectors' supply chain activities. The COVID-19 outbreak and recent worldwide lockdown have impacted manufacturing activities, particularly in Asia-Pacific, where a significant share of the world's pressure sensors and other semiconductor components are created. The pandemic has presented considerable hurdles tglobal supply networks. The various degrees of lockdowns imposed internationally during the early stages of the COVID-19 pandemic hindered or temporarily stopped the movement of finished goods and raw materials, impacting the global manufacturing sector.

The absolute pressure sensors segment is expected tbe the largest during the forecast period

The absolute pressure sensors segment is estimated thave a lucrative growth. The growing demand for error-free engine functionality in the manufacture of safe and secure automobiles is a crucial element driving the segment's growth. Furthermore, the growing demand for these absolute pressure sensors for vacuum packing of medical products in a clean environment propels the segment forward. An absolute pressure sensor is a closed system that generates pressure readings that are unaffected by ambient pressure by reference a perfect vacuum. Absolute pressure sensors are utilised in applications that demand the monitoring of industrial, high-performance vacuum pumps.

The wireless segment is expected thave the highest CAGR during the forecast period

The wireless segment is anticipated twitness the fastest CAGR growth during the forecast period. Wireless pressure sensors' advantages, such as mobility, increased safety, and cost-effectiveness, are likely tboost the segment's expansion. The rising use of wireless pressure sensors in applications such as consumer products, industrial automation & manufacturing, air compressor monitoring, and pool pump systems is likely tfuel sector growth during the forecast period.

Region with highest share:

Asia Pacific is projected thold the largest market share during the forecast period. Pressure sensors are increasingly being used in a variety of industries, including industrial, consumer electronics, automotive, utility, and healthcare. As automotive light vehicles are made in significant quantities, China, India, and Japan are major contributors tthe Asia Pacific pressure sensor industry. The increasing usage of micro-electromechanical systems (MEMS) technology and the development of smart cities are expected tdrive the growth of the pressure sensor market.

Region with highest CAGR:

North America is projected thave the highest CAGR over the forecast period. Pressure sensors are in high demand in the automobile industry for tyre pressure monitoring systems (TPMS) and exhaust gas recirculation system (EGR) applications. The availability of a skilled workforce and the increasing adoption of new technologies are accelerating the adoption of pressure sensors mainly in industries such as oil & gas, petrochemical, and healthcare.

Key players in the market

Some of the key players profiled in the Pressure Sensor Market include Honeywell International Inc., ABB Ltd., Emerson Electric Co., Sensata Technologies, Siemens AG, Nemot& Co., Ltd., AlphaSense, Robert Bosch LLC., Continental, NXP Semiconductors, Te Connectivity, Infineon Technologies, DensCorporation, Delphi Automotive Plc and Analog Devices, Inc.

Key Developments:

In June 2022, Honeywell, a U.S based multinational conglomerate corporation introduced communications systems and Bi-Directional Amplifiers (BDA) that cover full public safety spectrum, enabling scalable solutions tsupport first responder emergency radiconnectivity in even most difficult environments.

In October 2021, Emerson Electric announced its plan tmerge twof its software business with Aspen Technology in a deal worth USD 11 Billion. Emerson will alspay USD 6 billion for a 55% ownership in the combined company, which will be a high-performance and diversified industrial software leader in respect of size, technologies, and capabilities.

In January 2020, Honeywell announced the launch of a new, high-performance, value-priced line of Media Isolated stainless steel pressure sensors (MIP) for the industrial and HVAC market. The sensors were designed twithstand extreme temperatures and resist corrosion; the sensors are used by engineers tcreate high-performance HVAC systems, medical and biomedical processes, marine systems, aircraft systems, environmental engineering, laboratory, and wastewater and other industrial applications.

Products Covered:
• Gauge Pressure Sensors
• Absolute Pressure Sensors
• Differential Pressure Sensors
• Vacuum Pressure Sensors
• Sealed Pressure Sensors

Technologies Covered:
• Resonant Solid-state
• Electromagnetic
• Optical
• Capacitive
• Piezoresistive
• Other Technologies

Types Covered:
• Wireless
• Wired

Applications Covered:
• Automotive
• Industrial
• Oil & Gas
• Medical
• Consumer Electronics
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements