Pressure Sensor Market Analysis

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.