The global pressure sensor market size can reach USD 12 billion by 2026, as per the latest report by Market Research Future (MRFR). The report covers an outlook of the prospects of the industry for the forecast period (2020-2027) by highlighting growth drivers and hurdles. The COVID-19 pandemic and its implications on the industry.
The global Pressure Sensor Market is estimated to perform exceptionally owing to its need in manufacturing and automotive sectors. Customer preference for compact electronic appliances can create the need for MEMS devices. The focus of various companies on MEMS to miniaturize mechanical and electrical elements can drive the market growth.
Use of Pressure Sensors in household electrical appliances can spur the market demand significantly. It can be used in attaining feedback from the pump in refrigerators to decrease pressure. Increasing use of sensors in washing machines and televisions can bolster market growth. IoT systems can provide a lucrative opportunity to the market owing to being able to monitor devices through pressure signals. Development of large number of smart homes and rise of automated technologies for residential applications can boost market growth. Wireless pressure sensors can gain traction in the years ahead
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COVID-19 Impact Analysis
The COVID-19 pandemic is expected to positively impact market growth. High cases of heart failure and success of cardioMEMS for monitoring heart patients can gain traction over the forecast period. Adoption by various hospitals and the need to increase outcomes in hospitals in the Western world can bode well for the market.
On the basis of product type, the market is segmented into vacuum pressure sensors, absolute pressure sensors, gauge pressure sensors, differential pressure sensors, and many others. The absolute pressure sensor segment is deemed to exhibit a remarkable growth rate during the forecast period. This is attributed to its use in monitoring of high vacuum industrial pumps. Absolute pressure sensors can create a perfect vacuum and attain readings while being unaffected by atmospheric pressure.
On the basis of technology, the market is segmented into electromagnetic pressure sensors, piezoresistive pressure sensors, capacitive pressure sensors, optical pressure sensors, and many others. The piezoresistive pressure sensors segment is set to dominate the global market growth owing to its high frequency, response time, and robust nature. They are used in monitoring arterial pulse of the skin. On the flip side, electromagnetic sensors can register growth in the market owing to benefits of low cost and high efficiency. Focus on converting applied pressure into electrical signals in future designs of devices can drive the segment growth.
On the basis of vertical, the market is further classified into oil & gas, aviation, automotive, marine, consumer electronics, medical, and many others. The automotive vertical is likely to command a huge share of the pressure sensors of the market. This is attributed to evolution of airbags and emphasis on passenger safety. Use of precise pressure sensors to correct altitudes during driving and monitoring of tire pressure and exhaust gas pressure may boost the market demand from the segment.
North America, Europe, Asia-Pacific, and Rest-of-the-World (RoW) are major regions covered in the pressure sensors market.
APAC is bound to dominate the global market owing to applications in automated storage and retrieval systems and awareness of pressure sensors. The use in connected devices and applications in microelectromechanical systems (MEMS).
MRON Corporation, Siemens AG, Honeywell International Inc., General Electric, ABB, Infineon Technologies, Texas Instruments, Robert Bosch GmbH, NXP Semiconductors, Emerson Electric, and STMicroelectronics are key players of the pressure sensor market. Investments in R&D and awareness of improving technology are part of new strategies by these companies to expand their customer base and launch new products.
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