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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Pressure Sensor Market Outlook
The global pressure sensor market stood at a value of around USD 16.84 billion in 2023. The market is further expected to grow at a CAGR of 10.3% in the forecast period of 2024-2032 to attain a value of nearly USD 40.56 billion by 2032.
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Increasing Demand for Absolute Pressure Sensors to Aid the Global Pressure Sensor Industry Growth
Based on type, the absolute pressure sensor segment is expected to hold a significant share in the global pressure sensor industry during the forecast period. This growth can be attributed to the increased usage of absolute sensors in the measurement process of barometric pressure and atmospheric pressure in the aviation industry. In addition, these sensors are useful in vacuum pressure packaging of food products in the food and beverage industry. These factors are estimated to provide a thrust to the overall growth of the pressure sensor industry.
The Asia Pacific Region to Account for a Substantial Market Share in the Global Pressure Sensor Industry
The Asia Pacific region is predicted to occupy a considerable share of the global pressure sensor industry. This surge can be attributed to the increasing investments by the leading manufacturers to develop and expand the use of pressure sensors in various industry verticals, such as the automobile, medical, petrochemical industry, and others in the region. In addition, growing demand for appliances utilising pressure sensors such as washing machines, refrigerators, oxygen concentrators, and others are also expected to contribute to the overall market growth in the forecast period.
Pressure Sensor: Market Segmentation
Pressure is the applied force by a liquid or gas on an area, which is then measured by a pressure sensor. Pressure sensors have a pressure-sensitive element that helps determine the pressure levels and then convert this information into an output electric signal. These instruments are distinguished based on the type of pressure measurement, the applied sensing principle, and the output signal. They are utilised in appliances such as vacuum cleaners, automobiles, and ventilation systems, among others.
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By type, the market is divided into:
- Absolute Pressure Sensor
- Gauge Pressure Sensor
- Differential Pressure Sensor
On the basis of technology, the industry can be categorised into:
- Piezoresistive
- Electromagnetic
- Capacitive
- Resonant Solid State
- Optical
- Others
Based on application, the market can be segmented into:
- Automotive
- Oil and Gas
- Consumer Electronics
- Medical
- Industrial
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Rapid Technological Advancements to Catalyse the Growth of the Global Pressure Sensor Industry
The increased implementation of IoT (Internet of things) solutions is a major factor in spearheading the pressure sensor industry growth globally. Pressure sensors are being utilised to create smart homes and other wearable devices such as smartwatches and biosensors that help consumers track their health status, such as their bpm levels and oxygen levels. Moreover, with rapid industrialisation and technological growth, pressure sensors are being developed by utilising micro-electro-mechanical systems (MEMS) and nano-electro-mechanical systems (NEMS), making them suitable in biomedical applications and wireless communication solutions, among others. In addition, pressure sensors are being exceedingly used in the automotive sector, as they help in the deployment of passenger safety applications such as tire pressure monitoring (TPMS) and advanced driver assistance systems (ADAS).
In May 2021, BD|SENSORS GmbH launched a compact electronic pressure switch for mobile hydraulics to increase mobile machines' operational safety and efficiency, such as cranes and harvesters. Such developments by the key industry players are expected to aid the market growth in the forecast period.
Key Industry Players in the Global Pressure Sensor Market
The report gives a detailed analysis of the following key players in the global pressure sensor market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Honeywell International Inc.
- Emerson Electric Co.
- Sensata Technology Inc.
- BD|SENSORS GmbH
- ChampionX Corporation
- Others
The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Technology |
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| Breakup by Application |
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| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
Pressure Sensor Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global pressure sensor market attained a value of nearly USD 16.84 billion.
The market is projected to grow at a CAGR of 10.3% between 2024 and 2032.
The major drivers of the market include increased demand in the automotive industry, growing adoption of pressure sensors in the medical and aviation sector, rapid industrialisation, and increasing investments by leading manufacturers to develop and expand the use of pressure sensors.
The key trends guiding the market growth include rapid technological advancements, increased usage of pressure sensors in smartphones and biosensors to track health status, rising implementation of IoT (Internet of things) solutions, and growing usage in gaming experiences such as VR headsets.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant types of pressure sensors include absolute pressure sensor, gauge pressure sensor, and differential pressure sensor.
The important technologies include piezoresistive, electromagnetic, capacitive, resonant solid state, and optical, among others.
The applications of pressure sensor include automotive, oil and gas, consumer electronics, medical, and industrial.
The key players in the global pressure sensor market are Honeywell International Inc., Emerson Electric Co., Sensata Technologies, Inc., BD|SENSORS GmbH, and ChampionX Corporation, among others.
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