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The global pressure sensor market was valued at USD 17.81 billion in 2021 and is expected to reach USD 26.44 billion by 2030, registering a compound annual growth rate (CAGR) of 4.4% over the forecast period.
The market growth can be attributed to the rising demand for energy-efficient pressure sensors for consumer electronics, automotive, and portable healthcare wearables. Pressure sensors are witnessing significant growth, owing to their increasing use across industries for applications such as alarm systems, water purifiers, medical breathing appliances, refrigeration systems, and off-road constructions. Moreover, people are moving towards more automation-based solutions and services, which also leads to an increasing focus on IoT-based devices due to their innovative and advanced applications.
Gather more insights about the market drivers, restrains and growth of the Global Pressure Sensor Market
The growing use of pressure sensors in household appliances such as refrigerators and washing machines is driving the demand for pressure sensors. Numerous pressure sensor providers are also focusing on developing innovative products aimed at providing a better customer experience. For instance, in March 2021, Bosch Sensortec, a pressure sensor provider, launched BMP384, which is a robust barometric pressure sensor. BMP384 is a high-performance and low-consumption sensor, which makes it ideal for home appliances, wearables, and industrial applications in harsh environments.
Various companies across the globe are focusing on providing pressure sensors for IoT systems. Pressure sensors are used in IoT systems to monitor devices and systems driven by pressure signals. For instance, in July 2020, Yokogawa Electric Corporation, electrical engineering, and software company announced the introduction of new temperature and pressure sensors for the Sushi Sensor wireless industrial IoT solutions in North America, Europe, and specific Southeast Asian markets. These sensors offered equipment condition monitoring based on wider plant data and enabled the detection of signs of equipment abnormalities at an early stage.
In recent years, the automotive industry has been undergoing a technology transition with an increasing focus on comfort and safety, which provides ample opportunities for the development of these pressure sensors. At the same time, increasing sensor-rich applications in drones, autonomous vehicles, and AR/VR equipment are further accelerating the need for MEMS pressure sensors. Moreover, the increasing military spending across regions is also paving the way for technologies like drones and uncrewed aerial vehicles (UAVs). Such factors bode well for the growth of the market during the forecast period. Several OEMs have started using MEMS pressure sensors in smartphones, tablets, and wearables. For instance, Samsung has integrated pressure sensors in its flagship phone, the Galaxy S4. Other handset makers, such as Sony Mobile Communications AB, Apple Inc., and Xiaomi Inc., have also started using MEMS pressure sensors in their respective smartphones. Consumers’ preference for compact consumer electronics and the advances in MEMS technology have also enabled the development of sensors that are smaller in size. As a result, the adoption of MEMS pressure sensors in consumer electronics is growing. MEMS technology enables the integration of sensors, actuators, mechanical components, and other electronics on a single silicon or germanium base.
The COVID-19 pandemic adversely impacted the pressure sensor market, owing to the disruptions in the supply chain activities of the automotive industries. The pandemic has posed significant challenges for supply chains worldwide. The varying degrees of lockdowns imposed globally during the early phase of the COVID-19 pandemic slowed down or temporarily stopped the flow of finished goods and raw materials, thus disrupting the manufacturing sector across the globe.
Based on the Product Insights, the market is segmented into Absolute Pressure Sensors, Differential Pressure Sensors, and Gauge Pressure Sensors.
Based on the Type Insights, the market is segmented into Wired and Wireless.
Based on the Technology Insights, the market is segmented into Piezoresistive, Electromagnetic, Capacitive, Resonant Solid-state, Optical, and Others.
Based on the Application Insights, the market is segmented into Automotive, Oil & Gas, Consumer Electronics, Medical, Industrial, and Others.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The key players are focused on enhancing their product offerings to better cater to the changing needs of users and stay competitive. Some of the prominent players in the global pressure sensor market are:
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