Summary
Major players in the pressure sensor market are ABB Ltd., Emerson Electric Co., Honeywell International Inc., Infineon Technologies, NXP Semiconductors, Rockwell Automation Inc., Sensata Technologies, Siemens, STMicroelectronics, TE Connectivity, Amphenol, BD SENSORS GmbH, Bosch Sensortec GmbH, Eaton, General Electric, ifm electronic GmbH, Micro Sensor Co., Ltd., Quartzdyne Inc., Renesas Electronics, and TT Electronics.
The global pressure sensor market grew from $12.32 billion in 2022 to $13.83 billion in 2023 at a compound annual growth rate (CAGR) of 12.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The pressure sensor market is expected to grow to $20.27 billion in 2027 at a CAGR of 10.0%.
The pressure sensor market consists of sales of gauge pressure sensors, absolute pressure sensors, differential pressure sensors, and other pressure sensors.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A pressure sensor is an instrument that consists of a pressure-sensitive element to determine the actual pressure applied to the sensor with the help of different working principles and some components to convert this information into an output signal. It is used to measure the pressure of gases or liquids.
North America was the largest region in the pressure sensor market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the pressure sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of pressure sensors are absolute pressure sensors, gauge pressure sensors, differential pressure sensors, and others.The absolute pressure sensor uses absolute zero as its reference pressure, measured relative to a full vacuum.
Regardless of variations in ambient or process temperature, absolute pressure remains exact and accurate.An absolute pressure sensor is used when testing against a consistent baseline.
The various technologies used in pressure sensors include piezoresistive, capacitive, resonant solid-state, electromagnetic, optical, piezoelectric, and others.Pressure sensors are of the wired or wireless type and provide output in either analogue or digital.
These sensors are applied in various industries such as automotive, industrial, consumer electronics, healthcare, oil and gas, aerospace and defense, and others.
The rising adoption of pressure sensors in industrial applications is expected to propel the growth of the pressure sensor market.In automation and industry, pressure sensors are used in systems to measure variables such as speed, fluid/gas flow, water level, and altitude.
For instance, in 2020, Sensata Technologies, a US-based manufacturer of pressure sensors, launched hermetic pressure transducers that are built based on self-propelled micro silicon strain gauge technology.These sensors are used for industrial processes and contain mid-to high-pressure ranges.
They have high accuracy, burst strength, and shock and vibration performance, which makes them a reliable and robust solution for customers with challenging measurement requirements. Therefore, the rising adoption of pressure sensors in industrial applications is driving the growth of the pressure sensor market.
Technological advancements are a key trend gaining popularity in the pressure sensor market.For instance, in 2021, BD Sensors GmbH, a Germany-based manufacturer of pressure sensors and pressure measurement devices, launched a DS5 electronic pressure switch.
It has been designed for use in mobile working machines such as cranes, excavators, and harvesters, and provides operational safety in mobile working machines. It is available in the measuring ranges from 16 to 600 bar and is characterised by having a switching accuracy of 1% FSO and a high overload.
In March 2021, Mettler-Toledo International Inc., a US-based manufacturer of analytical instruments, acquired PendoTECH for a deal amount of $205 million. Through this acquisition, Mettler-Toledo International Inc. is expected to increase its product portfolio and update its existing product line. PendoTECH is a US-based manufacturer of single-use pressure sensors, transmitters, and control systems.
The countries covered in the Pressure Sensor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The pressure sensor market research report is one of a series of new reports that provides Pressure Sensor market statistics, including global market size, regional shares, competitors with a Pressure Sensor market share, detailed Pressure Sensor market segments, market trends and opportunities, and any further data you may need to thrive in the Pressure Sensor industry. This Pressure Sensor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
