ID: MRFR/SEM/4638-HCR | 100 Pages | Author: Shubham Munde | June 2023
Pressure Sensors Market is expected to witness a valuation of USD 12 billion by 2027, at a CAGR of 6% during gauge time frame 2020–2027.
Globally, the size pressure Sensors Market is predicted to reach USD 12 billion with a CAGR of 6% through the expected period of 2027 driven by the development of micromechanical sensors that are MEMs is a crucial driver for the market.
A device that can sense the pressure and converts it into an electric signal where the amount depends upon the force applied is known as a pressure sensor. It can detect, measure, and transmit information that helps analyze the performance of a device. The pressure sensor uses IC fabrication technology made on silicon wafers. It controls and monitors the pressure, specifically of liquids and gases. It measures various pressures such as vacuum, absolute, gauge, and differential pressure. It has been broadly used in manufacturing, automobile, aviation, air conditioning, biomedical, and hydraulic measurements.
According to the market trends, the recent advancement in pressure sensors is estimated to fuel significant growth in the market. With the capable applications in wearable health care devices and artificial intelligence systems, great efforts have been given to develop advanced pressure sensors. The government regulations approving the use of pressure sensors in automobiles have also been paid for the growth in demand for pressure sensors. They have affected the size of the pressure sensor market across the world. The pressure sensor has a great need specifically in the automotive industry, which has an extensive range of applications such as Engine Gas Recirculation, Tire Pressure Monitoring Systems, and others, which substantially affect the pressure sensor market share globally.
After the outbreak of covid-19, plenty of factors affects the demand for pressure sensors. The production process of this market is facing challenges in this period. Due to the lockdown, the production process of the market is affected. Before, the demand for the market was smooth due to the automotive and smartphones sector. Whereas with the virus outbreak, the adoption rate in this area is less. But now that the market is recovering, the demand is getting to a normal pace.
The outbreak of covid 19 is creating problems in the global industries. There are plenty of factors that affect the demand of pressure sensors. The manufacturing process of this market is facing challenges in this period. The lockdowns are restricting the production process of the market. Especially, the Asia pacific region if facing several difficulties to carry out market operations in this pandemic. Earlier, the demand for the market was smooth due to the demand from automotive and smartphones sector. However, with the outbreak of the disease the adoption rate in these areas is less. In the upcoming years, the market is gaining momentum in many regions. The demand for the pressure sensors will gradually increase in the upcoming years. Also, the production activities is facing a sudden rise due to the less spread of disease. In the forecast period, the demand from key end users will sustain the growth of the pressure sensor market.
The development in micromechanical sensors that is MEMs is a crucial driver for the market. The MEM is a system that creates miniature electronic devices. The automotive industry is well known for its usage of MEMs. The transformation of the automotive sectors is positively affecting the pressure sensors market. Also, the MEM is used in much more industries for greater effecieny.the pressure sensors Aare useful to analyse fluid pressure, engine pressure, and pipe pressure and break pressure in automotives. The pressure sensors add more efficiency into the automotive sector. Even the medical sector uses combine ADC into blood pressure system that is decreasing the manufacturing acts of the industry. There are plenty of benefits of MEMs in industry. The increasing use of this is driving the demand for the pressure sensors market. The use of MEMs sensors will be the key driver that increases both the demand and profitability of the market.
The growth of NEMs that is the nanoelectromechanical system will create more growth opportunities. The sue of Nano technology enables Nano miniature electronic devices. The launch of NEM pressure sensors will make the market dynamics. It will lead to demand from new end users and high expansion rate for the market. Especially, the medical sector is expected to utilise in blood pressures devices of medical industry. Further, more technological advancements is expected to rise the opportunities of this market. Especially, most of the industries are facing rapid advancements. The vehicle industry is launching hybrid engines. Due to this the need to analyse pressure is increasing. The automotive industry will have more demand for pressure sensors for the hybrid vehicles. It will create exceptional growth in the overall market. Moreover, the increasing option of the IOT is another factor creating more opportunities. The development of smart cities and IOT devices in the upcoming years creates more demand for pressure sensors. Digitization in infrastrure creates a unique requirement for the pressure sensors market. More than 50% of the developed countries will become smart cities. For these processes the investment for pressure sensors increases. All these growth opportunities of the market will lead to exceptional growth and profitability in forecast period.
The price pressure in the market is restricting the demand of the pressure sensor market. The pressure sensors in automated devices and medical wearable are driving the demand for the market. Due to this the supply of pressure sensors is massive. However, due to pricing pressures sales of the market is affected. Due to severe competition the market is facing price issues. The pressure sensors manufactures has competition due to innovation, IoT applications and pricing. Many of the manufactures are investing more on research to control the price competiveness. The cost reducing measures are taken by key players of the market. The decrease in the price by key players is affecting the revenue rates. Due to price competition many players try to continuously decrees price. Fewer prices are expected to attract many customers. However, this lead to decline the revenue rates of the market.
The rising regulatory norms for pressure senate are the significant market challenge. The imports and exports of pressure sensors are facing difficulties due to strict trading policies. The regulatory norms delay the demand and supply of these pressure sensors. The high tariffs for the product are discouraging many key players to import and export the pressure sensors. The strict regulatory norms require compliance to various trade standards. Countries such as US and china are major manufactures of pressure sensors. However, these regions are facing the highest pressure to comply with regulatory norms.
Pressure Sensors Market Trends are growing constantly in the forecast period. The crucial drivers boost the overall demand for the pressure sensors. The demand for the automotive sector is creating notable changes in the market. The use of MEMs is leading to plenty of benefits in various industries. Also, the demand for pressure sensors for medial wearables is creating upsurge in the demand rate. The price competitive is a major limitation of the market. Price competition leads to less cost and revenue rates. However, the launch of NEMs will provide constant growth opportunities for the pressure sensor market.
North America is expected to hold maximum Pressure Sensors Market Share. It is a region that has top automotive and aerospace industries. The need for pressure sensors is high in these industries. According to the us department of commerce, the manufacture of aeroplanes are increasing. It will create exceptional need for the pressure sensors in forecast period. Also, in Canada is another major contributor in this region. The presence of top market players leads to more innovation and production in this region. Significant investment rate and massive demand is creating high revenue rates for the pressure sensor market.
The key regional players of the pressure sensor market are Asia pacific, Europe and North America. North America is exported to dominate other regional players in the forecast period. The high investments and early adoption of the assure sensors creates high demand. Also, the technological advancements in the market are immense in this region. All these will create profits for the pressure sensor market. Asia pacific is a region with fastest growth rate. The need for pressure sensors is high in the automobile industry. Also, industrial companies are demanding more pressure sensors. Europe is witnessing moderate demand and will have exceptional growth opportunities.
The pressure sensor market is highly competitive due to the key players of the market. The technological developments are bringing substantial growth in the market. Market expansion, acquisition and partnerships will be crucial strategies of competitive landscape.
The year 2022
Honeywell grownups are establishing partnerships with more companies to expand their supply. It is contracting with a UK-based company to launch sensors specially designed for aerospace companies.
|Market Size 2027||USD 12 Billion|
|Compound Annual Growth Rate (CAGR)||6% (2020-2027)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, Technology|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Countries Covered||The U.S, Canada, Mexico, Germany, France, UK, China, Japan, India, Australia, South Korea, UAE, and Brazil|
|Key Companies Profiled||Honeywell International Inc. (U.S.), ABB (Switzerland), NXP Semiconductors (the Netherlands), Infineon Technologies (Germany), Emerson Electric (U.S.), General Electric (U.S.), Siemens AG (Germany), STMicroelectronics (Switzerland), Robert Bosch GmbH (Germany), Texas Instruments (U.S.), MRON Corporation (Japan)|
|Key Market Opportunities||The growing applications of pressure sensors in consumer electronics and advancements in MEMS (Micro-electromechanical systems) are fuelling the Pressure Sensors Market growth.|
|Key Market Dynamics||The rising demand for pressure sensors in automotive and medical applications is the major driver for the pressure sensor market|
The global pressure sensor market is expected to be valued at USD 12 billion by 2027.
The global pressure sensor market is expected to exhibit a strong 6% CAGR over the forecast period.
The rising demand for pressure sensors in automotive and medical applications is the major driver for the pressure sensor market.
Asia Pacific holds the major market share in the global pressure sensor market.
Pricol Ltd., TE Connectivity, Denso Corporation, Renesas Corporation, Continental AG, and Aptiv PLC are among the leading players in the global pressure sensor market.
absolute pressure sensors, differential pressure sensors, gauge pressure sensors, vacuum pressure sensors, and many others
A pressure sensor is used for pressure measurement of gases or liquids. The sensors make use of IC fabrication technology made on silicon wafers, which helps in monitoring and controlling the pressure of gases and liquids.
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