Pressure Sensor Market - By Product Type (Absolute Pressure Sensor, Gauge Pressure Sensor, Differential Pressure Sensor), By Technology (Piezoresistive, Capacitive, Resonant Solid-State, Optical, Piezoelectric), By Output, By Application & Forecast, 2021-2027

Pressure Sensor Market Size

Pressure Sensor Market size was valued at over USD 8.5 billion in 2020 and is estimated to grow at a CAGR of more than 7% from 2021 to 2027.
 

Increasing trend toward fitness & healthier lifestyle has propelled the adoption of smart wearable and health monitoring devices for determining the patients’ vital signs. These wearable devices require micro or nano scale pressure sensor to measure tactile signals for various medical diagnostics applications. These sensors offer compact structure, low energy consumption, and high flexibility, increasing their acceptance in innovating smart wearable technologies. Integration of IoT technology into smart wearables will further boost the market growth.
 

Pressure sensor is an instrument that consist of pressure sensitive elements, which determine the actual pressure applied to sensors using various working principles such as piezoresistive and capacitive, among others. These sensors are used to convert pressure to small electrical signals and can be used to measure various applications including flow, pressure, level, and altitude, among others.
 

Rising government initiatives to accelerate the usage of IoT and AI technologies in the consumer electronics sector will further foster the market expansion. For example, in January 2021, the Ministry of Electronics and IT in India planned to develop a Standard Operating Procedure (SOP) along with a PLI scheme to drive the manufacturing of IoT devices, wearables, hearables, and VR devices in the country. To cater to the high demand in the industry, the companies are increasing their efforts toward product innovations, adding an advantage to the market.

Impact of COVID-19 pandemic

The COVID-19 pandemic has severely affected the pressure sensor market with the declining demand from industries such as automotive, industrial, and consumer electronics, among others. In the first half of 2020, lockdowns imposed by several nations around the globe halted the business operation of major, thereby hampering the market potential for pressure sensor manufacturers. For instance, the net sales for FY2020 declined by 9.5% from the previous year, majorly due to COVID-19 pandemic. However, the companies are initiating several measures to overcome the effects of pandemic in their business operations.

Pressure Sensor Market Analysis

The absolute pressure sensor segment held 47% of the market share in 2020 and will witness a 7% growth rate by 2027. These sensors are unaffected by atmospheric pressure, growing their demand in the aviation industry, military agencies, and food processing industries, among others. These sensors ensure a specified vacuum pressure in each food package irrespective of the local air load, thereby driving their demand among the food & beverages processing units.
 

Increasing government regulations and funding initiatives to accelerate the food packaging sector will further fuel the market opportunities. For example, in April 2020, the Government of Canada announced to provide USD 20 million fund to support the food & beverages sector to deliver high-quality food in the region. These initiatives will increase the deployment of automation & electronics systems in food processing applications, adding an opportunity for the industry growth.
 

The piezoresistive segment captured 38.5% of revenue share in 2020 and will grow at a CAGR of more than 8.5% by 2027. Piezoresistive technology offers high response time, robustness, and frequency, increasing their acceptance in various industrial, marine, and aerospace applications. These sensors measure dynamic pressure in engine combustion, and turbulence, increasing their demand among the marine application. To cater to the high demand among the competitors, market players are introducing application-specific products.
 

The analog segment is predicted to expand at a CAGR of more than 6.5% through 2027. Analog output offers high simplicity, low cost, and low power requirement, increasing the sensor usage in industrial applications. Moreover, to rise the accuracy and resolution of sensors output, the designers are integrating analog to digital convertors, growing their adoption in various dynamic processes. These features have positively influenced the market leaders to accelerate their product development for analog sensors, offering low cost benefits and high accuracy.
 

The automotive segment will account for 28% of the pressure sensor market share by 2027 owing to the growing integration of advanced safety systems in vehicles such as collision avoidance systems, advanced braking systems, and tire pressure monitoring systems, among others. In addition, increasing government regulations toward the fitment of these safety systems in vehicles will further boost the industry progression.
 

The Asia Pacific pressure sensor market captured over 50.5% of revenue share in 2020 and is projected to grow at 7.5% CAGR from 2021 to 2027 on account of the increasing development in electronics sector in South Korea, Japan, and China. According to Hyundai Research Institute Report, the research & development status in their field of electronics in South Korea has achieved the highest score of 79,4 out of 100, which includes the development in electronics components, semiconductors, and computers. Also, rising government investments and funding activities to enhance the regional semiconductor industry will add advantages for the industry expansion.
 

Pressure Sensor Market Share

Key participants operating in the market are

• Honeywell International Inc.
• Emerson Electric Co.
• Sensata Technologies, Inc.
• TE Connectivity
• ifm electronic GmbH
• Rockwell Automation, Inc.

The companies are initiating several new strategies such as mergers and acquisitions to accelerate their market position among other participants.
 

The market research report on pressure sensor includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027 for the following segments:

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Market, By Product Type

• Absolute pressure sensor
• Gauge pressure sensor
• Differential pressure sensor
• Others

Market, By Technology

• Piezoresistive
• Capacitive
• Resonant solid-state
• Electromagnetic
• Optical
• Piezoelectric
• Others

Market, By Output

• Analog
• Digital

Market, By Application

• Automotive
• Industrial
• Consumer electronics
• Healthcare
• Oil & gas
• Aerospace & defense
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Taiwan
• Latin America
  • Brazil
  • Mexico
• MEA
  • GCC
  • South Africa