Pressure Sensors Market Share, Size, Trends, Industry Analysis Report By Type (Absolute, Differential, Gauge, Others); By End-Use; By Technology; By Region; Segment Forecast, 2021 - 2028

The global pressure sensors market size was valued at USD 16.86 billion in 2020 and is expected to grow at a CAGR of 4.5% during the forecast period. The sensors are devices developed for sensing tension and converting it into an analog electric signal. Pressure sensors are used in varied applications such as automobiles, touch screen devices, aviation, bio-medical instruments, marine, and industrial.

The healthcare industry uses the sensors for digital blood pressure monitors and ventilators to optimize them according to patient’s health and requirements. The sensors are used for different pressure measurements such as absolute pressure measurement, differential stress measurement, and gauge pressure measurement.

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The growing demand for the product from the automotive and healthcare sectors and rising adoption of MEMS technology primarily drive the market during the forecast period. The increasing modernization of vehicles and increasing demand for luxury and technologically advanced vehicles have accelerated the adoption of the product in the recent past.

Also, the increasing applications of pressure sensors in consumer goods and wearables and the use of pressure sensors in connected devices boost the growth of the pressure sensors industry across the globe.

The introduction of favorable government regulations regarding the product and wide-scale adoption of IoT and remote connectivity are factors expected to provide growth opportunities during the forecast period. The growing technological advancements and development of smart cities would drive the industry growth during the forecast period.

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Pressure Sensors Market Report Scope

The global market is segmented on the basis of type, technology, end-user, and geography.

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Segment Analysis

The market is segmented into the absolute, differential, gauge, and others based on the type. The differential pressures sensors are expected to grow at a significant rate during the forecast period due to these sensors' ability to measure the difference between two pressure sources through two ports with greater flexibility.

The technology segment is categorized into optical, piezoresistive, electromagnetic, capacitive, resonant solid-state, and others. The piezoresistive segment accounted for the highest share in the pressure sensors market due to increasing consumer electronics demand.

Piezoresistive products are widely used in household appliances, biomedical devices, and automobiles. The dominance of the piezoresistive segment in the market is owing to advantages such as low cost, mature processing, different pressure levels customized for various applications, and different sensitivities.

The end-users in the global industry include automotive, healthcare, aviation, consumer electronics, oil & gas, industrial, etc. The automotive sector dominated the global industry in 2020 owing to the rising demand for luxury vehicles and modernization of vehicles. The increasing demand for ADAS further increases the demand from the automotive industry.

The industrial segment is expected to grow at a considerable pace over the forecast period due to the increasing use of the product in different processes such as oil and gas transmission. Furthermore, differential products are used to monitor fluid flow, which passes from filters that provide various benefits such as increased resolution, oil-free design, and batter accuracy.

Regional Analysis

Geographically, the market across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, the UK, Italy, France, and the Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and the Rest of Asia Pacific.

The Asia Pacific dominated the global market in 2020 and is expected to maintain its dominance over the forecast period owing to the established automotive industry and growing demand for consumer electronics.

The rising need for automation and growing demand from emerging countries of China, Japan, India, and South Korea support the market growth in this region. The introduction of favorable government regulations regarding the sensors and the rising demand for luxury and modernized vehicles boost the pressure sensors market in the Asia Pacific.

Competitive Landscape

The vendors in the market are launching new sensors to meet the growing customer needs. In addition, the leaders in the market are acquiring and collaborating with top companies in the market to enhance their offerings in the market and expand their customer base. The pressure sensors industry is highly competitive with the presence of a large number of small and large vendors.

The leading players in the market include General Electric, Infineon Technologies, ABB Ltd., Emerson Electric Company, NXP Semiconductors N.V., Robert Bosch GmbH, Siemens AG, Omron Corporation, Schneider Electric, and Honeywell International, among others.