Pressure Sensor Market Scope and Size by 2031
The pressure sensor market size is projected to reach US$ 27.30 billion by 2031 from US$ 15.19 billion in 2023. The market is expected to register a CAGR of 7.6 % in 2023–2031. Integration of Industry 4.0 and the Internet of Things (IoT) is likely to remain a key pressure sensor market trend.
Pressure Sensor Market Analysis
The market for pressure sensors has growth ahead of it because of a number of factors, including rising disposable income, improving standard of life, and growing health concerns. Sales of consumer items, including vacuum cleaners, refrigerators, washing machines, and coffee makers, are influenced by these factors. The widespread usage of pressure sensors in household appliances fuels the expansion of the pressure sensor market. Throughout the forecast period, the pressure sensor market is also anticipated to rise at a faster rate due to an increase in demand from the oil and gas sector.
Pressure Sensor Market Overview
A pressure sensor is a tool or apparatus used in many industrial verticals to measure the pressure in gases or liquids. A pressure sensor is made up of components to transform the information into an output signal and a pressure-sensitive element that measures the pressure applied to the sensor. Pressure sensors are frequently employed in factories, vehicles to detect tire pressure or engine combustion pressure, and aircraft to measure atmospheric conditions and altitude. Their uses are constantly expanding. The bulk of industry verticals, including oil and gas, healthcare, and automotive, have seen technological advancements that have increased demand for pressure sensors for a variety of applications.
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Pressure Sensor Market: Strategic Insights
Market Size Value in US$ 14.05 billion in 2021 Market Size Value by US$ 23.22 billion by 2028 Growth rate CAGR of 7.5% between 2022 and 2028 Forecast Period 2022-2028 Base Year 2022
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Pressure Sensor Market: Strategic Insights
| Market Size Value in | US$ 14.05 billion in 2021 |
| Market Size Value by | US$ 23.22 billion by 2028 |
| Growth rate | CAGR of 7.5% between 2022 and 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Pressure Sensor Market Drivers and Opportunities
Increasing adoption of pressure sensors in the automotive industry
Optimizing the fuel mixture for the current circumstances is crucial to achieving maximum efficiency from internal combustion engines. This covers both the intended and actual speeds, of course, as well as any necessary changes for the engine's current speed and manifold and engine temperatures. Measuring air pressure is just as crucial as measuring air temperature when it comes to modifying the fuel mixture and timing of ignition. The information required by the engine management system (EMS) is obtained through the use of absolute pressure sensors. Because air is pulled in from the surrounding region, the sensors are also utilized to measure the air pressure outside the manifold. Thus, with the adoption of pressure sensors in the automotive industry, the demand for air purifiers is increasing, driving market growth.
Increasing use of wireless pressure sensors
Real-time monitoring and analysis of pressure data is made possible by wireless pressure sensors, which facilitate quicker decision-making and more efficient process control. In industrial applications, this can result in increased productivity, less downtime, and minimized waste. The use of wireless pressure sensors is increasing in various industries, such as industrial automation, healthcare, automotive industries, environmental monitoring, energy sectors, and smart cities. Thus, the increasing use of wireless pressure sensors is anticipated to present new opportunities for the pressure sensor market players during the forecast period.
Pressure Sensor Market Report Segmentation Analysis
Key segments that contributed to the derivation of the pressure sensor market analysis are type and application.
- Based on the type, the pressure sensor market is segmented into piezoresistive, capacitive, piezoelectric, resonant solid state, optical, electromagnetic, and others.
- By application, the market is segmented into automotive, consumer electronics, oil & gas, medical, industrial applications, and others.
Pressure Sensor Market Share Analysis by Geography
The geographic scope of the pressure sensor market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. In terms of revenue, APAC accounted for the largest pressure sensor market share. However, because of the large number of important companies that are expanding the availability of pressure sensors in the region, North America is predicted to increase at the fastest rate of growth. Additionally, the petrochemical, medical, and oil and gas sectors' rising demand for pressure sensors is driving the market's expansion in North America.
Pressure Sensor Market Report Scope
Pressure Sensor Market News and Recent Developments
The pressure sensor market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:
- In February 2024, Tekscan announced the launch of a new pressure mapping sensor designed specifically to suit the challenges of measuring interface pressure in battery R&D and manufacturing. This system gives our customers applied insights by identifying potential problems in battery design, leading to better, more reliable, and safer energy storage. (Source: Tekscan, Press Release)
- In September 2023, Baker Hughes, an energy technology company, announced the launch of its latest product for hydrogen – Druck hydrogen-rated pressure sensors. (Source: Baker Hughes, Press Release)
Pressure Sensor Market Report Coverage and Deliverables
The “Pressure Sensor Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The global pressure sensor market is expected to reach US$ 27.30 billion by 2031.
The key players holding majority shares in the global pressure sensor market are ABB Ltd., Analog Devices, Inc., Denso Corporation, Emerson Electric Co., and Honeywell International Inc.
The Integration of Industry 4.0 and the Internet of Things (IoT) is anticipated to play a significant role in the global pressure sensor market in the coming years.
The Increasing adoption of pressure sensors in the automotive industry and the Increasing use of wireless pressure sensors are the major factors that propel the global pressure sensor market.
The global pressure sensor market was estimated to be US$ 15.19 billion in 2023 and is expected to grow at a CAGR of 7.6 % during the forecast period 2023 - 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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