Pressure Sensor Market: Internet Of Things (Iot) Is Another Major Factor That Is Contributing To The Growth

 Pressure Sensor Industry Overview

The global pressure sensor market is expected to reach USD 26.44 billion by 2030, registering a compound annual growth rate (CAGR) of 4.4% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing demand for pressure sensors in the automotive sector, such as the measurement of oil pressure in power steering, intake manifold pressure, and fuel pressure measurements in tanks. Moreover, the growing application of pressure sensors in various end-use industries such as aviation and consumer electronic applications bodes well for the growth of the market during the forecast period.

Furthermore, several companies are also focusing on launching new products that are further expected to offer lucrative growth opportunities for the market players during the forecast period. For instance, in September 2020, Sensata Technologies, an industrial technology company that provides sensors, launched the new PTE7300 and PTE7100 hermetic pressure sensors suitable for industrial applications with a high and mid pressure range that provide high shock and vibration performance and high burst strength, which makes them robust and reliable solutions for the customer in challenging measurement environments.

The rising adoption of the Internet of Things (IoT) is another major factor that is contributing to the growth of the market. Pressure sensors are transforming the development of smart cities, smart homes and buildings, and smart factories. Hence, the increase in IoT-connected devices is further expected to fuel the growth of the market. However, the growing demand for miniaturized consumer devices, such as IoT-connected devices and wearables, is another significant factor driving the pressure sensor market.

The COVID-19 pandemic impacted the market growth due to the disruptions in supply chain activities. However, the advancements in Microelectromechanical systems (MEMS) technology and the rise in the demand from healthcare and automotive industries are further expected to impact the market positively. Moreover, stringent government regulations related to safety and an increase in demand for smartphones and other consumer durables are anticipated to contribute to the growth of the market during the forecast period.


Pressure Sensor Market Segmentation

Grand View Research has segmented the global pressure sensor market based on product, type, technology, application, and region.

Based on the Product, the market is segmented into Absolute Pressure Sensors, Differential Pressure Sensors, and Gauge Pressure Sensors.

  • The absolute pressure sensor segment dominated the market in 2021 and accounted for more than 46% share of the global revenue. The growing demand for error-free engine functionality for manufacturing safe and secure vehicles is a significant factor driving the growth of the segment. Moreover, the increasing demand for these absolute pressure sensors for vacuum packaging of medical products in a clean environment further boosts the growth of the segment.
  • The differential pressure sensor segment is anticipated to register the highest growth rate during the forecast period. Differential pressure sensors are used in industrial environments where a pressure difference is utilized to determine the flow of liquids and gases.

 

Based on the Type, the market is segmented into Wired, and Wireless.

  • The rising demand for wired pressure sensors in industrial, automotive, and other sectors owing to their lower radio frequency interference, smaller size, compatibility between manufacturers, and lower cost installation properties is expected to drive the growth of the wired pressure sensors segment during the forecast period. Lower power consumption by a wired pressure sensor is further contributing to the segment growth.
  • The wireless segment is expected to register the fastest growth during the forecast period. The benefits offered by wireless pressure sensors, such as ease of portability, enhanced safety, and cost-effectiveness, are expected to drive the growth of the segment.

 

Based on the Technology, the market is segmented into Piezoresistive, Electromagnetic, Capacitive, Resonant Solid-state, Optical, and Others.

  • The piezoresistive segment dominated the market in 2021 and accounted for more than 25% share of the global revenue. The rising adoption of the piezoresistive pressure sensors in cars and passenger vehicles for better emissions and safety is a major factor driving the segment's growth. 
  • he electromagnetic segment is anticipated to register the fastest growth during the forecast period. A growing focus on the property of converting applied pressure into an electrical signal by the electromagnetic pressure sensor is expected to drive the demand for these sensors in electrical applications during the forecast period. 

 

Based on the Application, the market is segmented into Automotive, Oil & Gas, Consumer Electronics, Medical, Industrial, and Others.

  • The automotive segment dominated the market in 2021 and accounted for more than 27% share of the global revenue. Pressure sensors are used in electric cars to stop the doors from catching fingers. Moreover, numerous pressure sensor companies worldwide are developing and launching new pressure sensors and systems to measure the dynamic pressure system in moving vehicles. 
  • The industrial segment is anticipated to register the fastest growth during the forecast period. Differential pressure sensors are used for monitoring process flows where fluid needs to pass through barriers such as a filter. A differential pressure sensor used in industrial applications provides benefits such as oil-free designs, high proof pressure ratings, increased resolution, and better accuracy. 

 

Key Companies & Market Share Insights

The competitive landscape of the market is highly fragmented in nature. Market players are focused on strategies such as partnerships, joint ventures, product innovation, research & development, and geographical expansion to strengthen their market positions. For instance, in June 2018, ABB acquired GE Industrial Solutions (GEIS) for enhancing its position in electrification and expanding its presence in the region. Additionally, in August 2017, Omron Corporation acquired Microscan Systems, Inc., a subsidiary of Spectris plc. The acquisition enabled Omron Corporation to improve the control of its manufacturing equipment and production lines.

The key players are focused on enhancing their product offerings to better cater to the changing needs of users and stay competitive. For instance, in January 2018, Continental AG launched the second generation of high-temperature sensors and differential pressure sensors in the Chinese market. These sensors were launched to decrease emissions from vehicles and were the latest innovations of the company in exhaust gas sensor technology. Some of the prominent players in the global pressure sensor market are:

  • AlphaSense
  • City Technology Ltd.
  • Dynament Ltd.
  • Figaro Engineering Inc.
  • Membrapor AG.
  • Nemoto & Co., Ltd.
  • Robert Bosch LLC.
  • ABB Ltd.
  • Siemens AG.
  • GfG Europe Ltd

 

Order a free sample PDF of the Pressure Sensor Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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