Pressure Sensor Market Detailed Analysis of Current Figures $21.9 billion by 2026

July 29 18:50 2022
Pressure Sensor Market Detailed Analysis of Current Figures $21.9 billion by 2026
Pressure Sensor Market
Technological advancements in electronic devices, and the availability of portable electronic devices for automotive, industrial, and healthcare applications rising global demand of the pressure sensor market.

Pressure sensors are used to monitor and control different applications in the automotive, medical, industrial, utility, aviation, oil & gas, marine, consumer electronics, and other industries. The automotive industry has a high demand for pressure sensors, and the market is expected to grow at a significant rate during the forecast period. The rising demand for pressure sensors in the automotive industry is owing to their increasing use in oil pressure monitoring, fuel pressure monitoring, nitrous pressure monitoring, transmission pressure monitoring, and tire pressure monitoring. Pressure sensors are also used in the airbag systems of vehicles.

The pressure sensor market has been segmented based on sensor type, technology, product, end use, vertical, and region. The global market is expected to witness significant growth during the forecast period.  A pressure sensor is a device used to measure the pressure of gases or liquids. It is equipped with a pressure-sensitive element that measures the pressure of a gas or a liquid and converts the measured value into an electrical signal as an output and notifies the status and changes of pressure in the system. Pressure sensors are used in altitude sensing, flow sensing, level or depth sensing, and leak testing.

MarketsandMarkets : According to the new research report, the global pressure sensor market is expected to grow from USD 14.8 billion in 2021 to USD 21.9 billion by 2026; it is expected to grow at a CAGR of 8.2% during 2021–2026.

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Browse more than 240 market data tables and more than 90 figures presented through 316 pages and in-depth TOC on the pressure sensor market.Early buyers will receive 10% customization on reports.

The optical technology segment is projected to grow at the highest CAGR during the forecast period

The optical technology segment is projected to grow at the highest CAGR during the forecast period. Growth can be attributed to the increasing use of optical technology-based pressure sensors in harsh environments. These sensors are small, flexible, and are made with the use of non-toxic materials. They are resistant to electromagnetic interference and operate well in applications where other pressure sensing technologies fail due to such disturbances. These pressure sensors perform well in the presence of chemicals or explosive materials as well. Owing to this, they are highly suitable for medical and oil & gas applications.

HVAC systems segment to grow at the highest CAGR during the forecast period

The pressure sensor market for HVAC systems is projected to grow at the highest CAGR during the forecast period. Coolants in HVAC systems such as ammonia can be hazardous for human health in the event of leaks. Pressure sensors are used to monitor the pressure of ammonia as it passes through the system to ensure that it stays within the required limits. HVAC systems are widely used in all verticals to maintain proper ventilation at workspaces. Their application in smart homes is also gaining momentum. Thus, the increasing number of smart homes worldwide is expected to drive the growth of the market for pressure sensors during the forecast period.

Based on product type, the differential pressure sensors segment is expected to grow at highest CAGR from 2021-2026

The market for the differential pressure sensors segment is projected to grow at the highest CAGR from 2021 to 2026. Growth can be attributed to their extensive usage in the industrial environment. In industrial processes, differential pressure sensors are installed as core elements of numerous devices to measure the flow of liquids and gases due to the pressure differences across these. They are also used to measure pressure in air, acids, bases, compressed gases, water, steam, pressure drops across oil filters or air filters, fluid levels, and flow rates. In addition, differential pressure sensors can be easily retrofitted and mounted on the surfaces of vessels.

Pressure sensor market in APAC to hold the highest market share in 2026

APAC held the largest share of the pressure sensor market in 2026. The pressure sensor market in APAC has been studied for China, Japan, India, South Korea, and the Rest of APAC. The market in APAC is projected to grow at the highest CAGR during the forecast period, owing to an increase in demand for smart consumer electronics. The ongoing technological innovations in pressure sensors and increased awareness of the benefits of pressure sensors and their ability to reduce production costs have supported the growth of pressure sensors in the region.

The market growth can be attributed to pressure sensor manufacturers in China, Japan, India, and South Korea, who offer low-cost and highly efficient pressure sensors. Additionally, the increased demand for pressure sensors, especially in China and Japan, and the prominent presence of numerous players from the aviation, automotive, consumer electronics, medical, oil & gas, and industrial sectors, support the market’s growth.

Honeywell International Inc. (US), ABB (Switzerland), Emerson Electric Co. (US), Amphenol (US), Sensata Technologies, Inc. (US), TE Connectivity Ltd. (US), Micro Sensor Co. Ltd (China), BD SENSORS GmbH (Germany), Quartzdyne, Inc. (US), and TT Electronics (UK) are some key players in the pressure sensor market.

Scope of Study Coverage:

The scope of the report covers detailed information regarding major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the pressure sensor market. A detailed analysis of the key industry players has been carried out to provide insights into their business overviews, product offerings, and key strategies, such as product launches, expansions, contracts, collaborations, and acquisitions, associated with the pressure sensor market.

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