Market Overview

The pressure sensor market was valued at USD 5316.79?million in 2019?and is expected to reach USD 8931.87?million by 2025, registering a CAGR of 9.26%, over the forecast period of 2020-2025. In recent times, exclusive off-road and cross-country cars are installing innovative tire pressure control system. For example, the Mercedes G63 AMG 6X6 enables the driver to vary the tire pressure of, both the front and rear axles, separately. Reportedly, the system takes less than 20 seconds to raise the tire pressure from 0.5 bar to 1.8 bar. Over the forecast period, such applications, coupled with increasing demand for aftermarket Tire Pressure Monitoring System (TMPS) are expected to govern the demand for pressure sensors in tire pressure applications.

  • Owing to numerous applications across various industries, such as aerospace, automotive, healthcare, consumer goods, etc., pressure sensors have witnessed significant growth over the years. This can be attributed to the evolution of measurement technologies, as pressure and level measuring devices have become as diverse as their areas of application, ranging from laboratory applications, plant, and mechanical engineering to process technology.
  • The pressure sensors market is dominated by piezoresistive and capacitive sensors as they are heavily used in the automotive, medical, petrochemical, oil and gas industries. Optical and resonant solid-state sensors are projected to exhibit high growth over the forecast period due to their applications in hazardous environments. Technological advancements and nanotechnology applications are the future opportunities for pressure sensor market.
  • The rising adoption of IoT (Internet of Things) is another major factor driving the growth of the market. The growth in IoT connected devices is projected to fuel the growth of the market, as pressure sensors are transforming the development of smart homes and buildings, smart cities, and smart factories.
  • The North American segment accounted for the largest share, as it is one of the largest markets for technology-based solutions. It is also expected to be a strong player in the global economy, specifically in the development and implementation of new technologies, driven by the need for safer, cheaper, and improved work atmosphere, which leads to the implementation of sensor systems.
  • However, the high cost associated with sensing product may hinder the market growth.



Scope of the Report

The pressure sensor detects, measures, and transmits the information which helps in analyzing the performance of a device. It uses IC fabrication technology made on silicon wafers, monitors and controls the pressure of gases and liquids, and measures different types of pressures such as absolute, vacuum, gauge, and differential pressure.

Key Market Trends

Consumer Electronics Segment to Drive the Pressure Sensors Market

  • Smartphones utilize a wide array of gyroscopes, accelerometers, and multiple other sensors in their designs. One of the relatively unknown sensors being utilized in a smartphone is the barometric pressure sensor, which measures air pressure.
  • Indoor navigation is one of the most remarkable applications for this technology, where air pressure data is utilized to determine the user’s current floor level in a building, which proves to be quite useful for finding one’s way through shopping malls or underground parking lots.
  • Another significant trend in the smartphone pressure sensor market is indoor localization. For instance, Bosch Sensortec partnered with NextNav in the development of accurate floor level detection solutions. NextNav has proved its ability to provide precise altitude information by implementing Bosch Sensortec’s BMP280 piezoresistive pressure sensor within the scope of its wide-area Metropolitan Beacon System (MBS) network.
  • Apart from smartphones and tablets, pressure sensors are predominantly being used in wearable, personal computers, and consoles. As smartwatches and wearable fitness trackers infiltrate the fabric of everyday life, owners want to go further with their devices and track performance across extra activities, such as swimming.



North America to Dominate Pressure Sensor Market

  • Owing to a high rate of automation, the region is a dominating market for smart homes and smart offices. In comparison to the world, the region has also witnessed the highest adoption of IT in the healthcare industry.
  • According to the American Automotive Policy Council, automakers and their suppliers are America’s largest manufacturing sector, responsible for 3% of America’s GDP. They are also America’s largest exporters and have exported more than USD 690 billion in vehicles and parts over the last five years, approximately USD 76 billion more than the next largest exporter, i.e., aerospace.
  • According to the Consumer Technology Association, the overall US sales of connected devices are projected to reach 715 million units in 2018.
  • As the pressure sensor posses large applications in these areas, the region offers massive opportunity over the forecast period.
  • Governmental regulations in the region to ensure passenger safety in the automobile sector are expected to be a significant growth factor for the pressure sensor market. For instance, the US government passed the TREAD Act to mandate the installation of the Tire Pressure Monitoring System (TPMS) in all types of automobiles, so that drivers can be cautious about the under-inflation of automobiles within 20 minutes of its detection.



Competitive Landscape

The pressure sensor market is fragmented. The market is highly competitive due to the presence of many small and large players. Some of the key players include ABB Instrumentation, All Sensors Corporation, Bosch Sensortec GmbH, GE Measurement & Control, Honeywell Sensing and Productivity Solutions, Rockwell Automation, Inc., Siemens Building Technologies AG (Siemens AG), among others.

  • January 2019 - All Sensors Corporation has launched a brand new low-pressure transmitter, the TLAX Series. This new device series offers design engineers exceptional performance overpressure ranges of 0.5 to 30 inH2O differential and gauge and 1 to 150 PSI differential and gauge. Product highlights include 4 - 20 mA, 2-wire current loop output with calibrated zero, span, and thermal effect, as well as reverse polarity protection.
  • July 2018 - ABB developed the Ability Smart Sensor for low voltage motors, which can be rapidly retrofitted to many types of existing low voltage motors. The sensor attaches to the motor frame without wires and uses Bluetooth Low Energy to communicate operational data to a smartphone app, desktop PC, or, in encrypted form, to the cloud for advanced analytics.



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