Pressure Sensor Market by Type (Piezoresistive, Capacitive, Piezoelectric, Resonant Solid State, Optical, Electromagnetic, and Others), Application (Automotive, Consumer Electronics, Oil & Gas, Medical, Industrial Applications, and Others): Global Market Size Estimates and Forecast (2019-2030)
The market is expected to cross US$ 15.24 billion in 2022 and is projected to hit US$ 31.43 billion by 2030, recording a CAGR of 8.4% during the forecast period.
Stringent Automotive Regulations are Expected to Boost Market Growth over the Forecast Period.
Government regulations play an important role in the growth of the pressure sensor market, especially in the automotive sector. The legislation called the Transportation Recall Enhancement, Accountability and Documentation Act in the US has mandated the installation of a tire pressure monitoring system mandatory in all vehicles. TPMS sensors measure tire air pressure and temperature and alert drivers within 20 minutes of the detection of under-inflation of the tires. The US government also requires all commercial vehicles to have passenger and side airbags installed with pressure sensors. These parameters are propelling the pressure sensor market growth.
Additionally, the European Union regulations require all new passenger car models (M1) to be equipped with a TPMS. As a result, growing concerns regarding road and human safety and vehicle security are anticipated to propel market growth. The European Union passed a zero-emissions vehicle act to decline CO2 levels in the environment. According to the act, passenger and freight vehicles weighing less than 3.5 tons must emit less than 50 g of CO2 per km. Owing to this, installation of pressure sensor is of utmost importance. The pressure sensor are vital in making engines as clean as possible, thereby reducing the emission. Thus, the rising adoption of electric vehicles in the Europe countries has increased opportunities for the automotive pressure sensor market. Moreover, according to EV-Volumes, globally 2.65 million electric cars were purchased during the first two quarters of 2021 (Q1 and Q2 2021). An approximately 168% hike in purchases was observed compared to the first half of 2020. The sales data highlights the year-on-year production volume of EVs, which showcase the demand for pressure sensors. Thus, a strong rise in EV production is expected, thereby contributing to the growth of the pressure sensor market.
Within the report, the market is segmented into equipment type, application, and geography. By type, the market is segmented into piezoresistive, capacitive, piezoelectric, resonant solid state, optical, electromagnetic, and others. Based on application, the market is segmented into automotive, consumer electronics, oil & gas, medical, industrial applications, and others. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The Rising Adoption of IoT by the End-Use Industry will Create Lucrative Growth Opportunities for the Market Growth.
Industry 4.0 fully automates manufacturing units with very little to negligible human interference. It works based on the Internet of Things (IoT), cyber-physical systems, cloud robotics, cloud computing, and big data. As a result, in recent years, IoT has gained the attention of technology vendors, organizations, business decision-makers, and consumers in the last few years. Industry players are focusing on adopting IoT owing to continuous technological advancements, cellular connectivity and data transfer rates, and cloud infrastructure development. Additionally, IoT is being implemented on various smart and connected devices integrated into several smart appliances, smart homes, and connected cars. Furthermore, the growing penetration of IoT in wearable devices, smart packaging solutions, intelligent clothing, and medical wearables has led to increased demand for low-cost and lightweight wireless pressure sensors for ubiquitous sensing and secured data storage and transmission.
Rising Demand for Pressure Sensors in Consumer Goods and Home Appliances is Another Major Factor Accelerating the Pressure Sensor Market Growth.
The increasing use of pressure sensors in wearables and household appliances such as refrigerators and washing machines is anticipated to boost the demand for pressure sensors over the forecast period. Numerous pressure sensor providers also focus on developing innovative products to provide a better customer experience. For instance, in March 2021, Bosch Sensortec, a pressure sensor provider, launched BMP384, a robust barometric pressure sensor. BMP384 is a high-performance, low-consumption sensor, which makes it ideal for home appliances, wearables, and industrial applications in harsh environments.
Recent Strategic Developments in Pressure Sensor Market
The pressure sensor market has undergone several significant developments, and a few of these have been mentioned below:
- In May 2021, BD SENSORS GmbH introduced a DS5 electronic pressure switch developed for mobile hydraulics and supported operational safety in mobile working machines such as cranes, excavators, and harvesters.
- In June 2021, Emerson Electric Co. was selected by Finnish forest industry company UPM as an instrumentation vendor for its new eucalyptus pulp mill constructed in central Uruguay.
The pressure sensor market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. ABB Ltd., Analog Devices, Inc., Denso Corporation, Emerson Electric Co., Honeywell International Inc., Infineon Technologies AG, NXP Semiconductors, Robert Bosch GmbH, Schneider Electric, and STMicroelectronics., are among the prominent players operating in the market.
Target audience for the report:
- Pressure sensor manufacturers
- Raw material providers
- Pressure sensor providers
- Pressure sensor - related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- Electronics component suppliers
- Pressure sensor and devices distributors and sales firms
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Type
- Piezoresistive
- Capacitive
- Piezoelectric
- Resonant Solid State
- Optical
- Electromagnetic
- Others
- Application
- Automotive
- Consumer Electronics
- Oil & Gas
- Medical
- Industrial Applications
- Others
- Region
- North America
- US
- Canada
- Mexico
- Europe
- Asia Pacific (APAC)
- Middle East & Africa
- South America
- North America
- Companies profiled
- Analog Devices, Inc.
- Denso Corporation
- Honeywell International Inc.
- Infineon Technologies AG
- NXP Semiconductors
Companies profiled
- Analog Devices, Inc.
- Denso Corporation
- Honeywell International Inc.
- Infineon Technologies AG
- NXP Semiconductors