The global Pressure Sensor Market is expected to reach USD 11.91 billion by 2025. A pressure sensor can be defined as a device that is used to sense pressure changes and translate it into an electrical signal, that can be moderated depending on the strength of pressure. Factors, such as advancements in MEMS & NEMS technologies for various applications, increase in use of pressure sensors in automotive industry. In addition, favorable regulations for use of pressure sensors and increase in demand for pressure sensors in consumer electronics are likely to drive the pressure sensor industry in the forthcoming period.
On the other hand, intense pricing pressure is anticipated to hinder pressure sensor market growth in the future. However, the increasing demand for pressure sensors in numerous applications is likely to create lucrative opportunities for the market. Pressure sensor industry is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.
Pressure sensors market is segmented by type, product type, application and geography. The market is segmented by type as Resonant Solid State, Piezoresistive, Capacitive, Electromagnetic, Optical and Others. The “Piezoresistive” segment accounted for a prominent share in the market. It is likely to witness substantial growth in the years to come. The key factors that could be attributed to the growth of market include increasing use of MEMS sensors in wearable devices and consumer electronics is boosting market growth.
Based on product type, the pressure sensors industry is segmented by Gauge Pressure Sensors, Absolute Pressure Sensors, and Differential Pressure Sensors. The “Absolute Pressure Sensors” segment accounted for a prominent share in the market. It is likely to witness substantial growth in the years to come. The key factor that could be attributed to the growth of market includes increasing demand in industrial applications for the measurement of vacuum levels.
The key applications are segmented in the pressure sensor market include Oil & Gas, Consumer Electronics, Industrial Applications, Automotive, Medical, and Others. The “Consumer Electronics” segment accounted for a prominent share in the market. It is likely to witness substantial growth in the years to come. The key factors that could be attributed to the growth of market include rising use of MEMS devices in wearable devices and consumer electronics is boosting the segment growth. The Consumer electronics segment is followed by the Automotive sector in the forthcoming period.
North America is a leading region in the market. It is likely to maintain a dominance in the forecast period owing to factors, such as increasing awareness about the advantages of automated systems and growing deployment of automated retrieval and storage systems (ASRS), presence of several semiconductor establishments, sensor manufacturers, and foremost system suppliers in North American countries. North America is followed by the Asia-Pacific region.
Key players operating in the pressure sensor industry include ABB Ltd, Emerson Electric Co., Analog Devices, Inc., Robert Bosch Gmbh, Delphi Automotive Plc, Denso Corporation, Honeywell International Inc., NXP Semiconductors, N.V., Damco Corporation, and Schneider Electric. The leading companies are involved in partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
Product Outlook (Revenue, USD Million; 2014 - 2025)
• Absolute Pressure Sensors
• Differential Pressure Sensors
• Gauge Pressure Sensors
Type Outlook (Revenue, USD Million; 2014 - 2025)
Technology Outlook (Revenue, USD Million; 2014 - 2025)
• Resonant solid-state
Application Outlook (Revenue, USD Million; 2014 - 2025)
• Oil & gas
• Consumer electronics
Regional Outlook (Revenue, USD Million; 2014 - 2025)
• North America
• Nordic Region
• Asia Pacific
• Latin America
• Saudi Arabia
Research Support Specialist, USA