Pressure Sensor Market to Drive Growth at USD 18.31 Billion by 2031 | SkyQuest Technology
Westford, USA, Dec. 09, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the global pressure sensor market will attain a value of USD 18.31 Billion by 2031, with a CAGR of 6.60% during the forecast period (2024-2031). Factors like increasing adoption of pressure sensors by multiple industry verticals including automotive and healthcare, and various applications such as consumer electronics, portable healthcare wearables, alarm systems, medical breathing apparatuses, water purifiers, refrigeration systems and off-road constructions among others is driving the pressure sensor market growth. Furthermore, the technological development has resulted in miniaturized & economical pressure sensors along with advancement of smart pressure sensors that can be connected to any smart device for better accuracy which is trapping demand for the market. The major pressure sensor providers are also investing to launch new products to meet the requirements of rising consumer electronics industry. Some of the OEMs have already started to deploy microelectromechanical Systems (MEMS) pressure sensors in smartphones, tablets and wearables. With the recent shift in focus towards greater comfort and safety features, the automotive industry continues their technological transformation leading to plenty of available development opportunities for pressure sensors. Simultaneously, the growing number of sensor-rich applications in drones, self-driving vehicles and AR/VR devices is driving demand for MEMS pressure sensors even higher.
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Browse in-depth TOC on the “Global Pressure Sensor Market”
- Pages – 197
- Tables – 95
- Figures – 76
Pressure Sensor Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 10.98 Billion |
| Estimated Value by 2031 | $ 18.31 Billion |
| Growth Rate | Poised to grow at a CAGR of 6.60% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Connectivity, Sensing Method, Sensor Type, Pressure Range, End Use, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing usage of IoT leading to the rising demand of smart pressure sensors |
| Key Market Opportunities | Increasing popularity of smart cities to increase demand for pressure sensor |
| Key Market Drivers | High demand for pressure sensors from consumer electronics sector |
Growing Requirement for Error-Free Engine Performance to Increase Demand for Absolute Pressure Sensor
According to pressure sensor market analysis, absolute pressure sensor segment is dominating the market with the largest share. An absolute pressure sensor is a closed system, referencing a perfect vacuum to produce pressure readings which are independent of atmospheric pressurization. Absolute pressure sensors are applied in more technical and industrial uses like high-performance vacuum pump monitoring. One of the major factors influencing growth is an increase in the requirement for error-free engine performance in order to produce safe and secure vehicles. Furthermore, high packaging of medical products in a clean atmosphere is driving an increased demand for these absolute pressure sensors for vacuum packaging, and this factor is expected to further increase the growth of the market segment.
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Increasing Adoption of Wireless Pressure Sensors in Industrial Automation & Manufacturing to Boost Market Growth
The wireless segment will witness the fastest growth rate during the pressure sensor market forecast period. Wireless pressure sensors provide a range of benefits which include portability, higher safety and cost-effectiveness among others which is expected to propel the growth of the segment. The segment growth is attributed to the rising adoption of wireless pressure sensors in applications, such as consumer electronics, industrial automation & manufacturing, air compressor monitoring, and pool pump systems. The wireless-type segment continues to grow driven by self-contained, wellhead pressure, battery-powered monitoring and casing pressure monitoring solutions.
Growing Production of Electronic Components to Propel Market Growth in Asia Pacific
The Asia Pacific region is witnessing the fastest growth in the pressure sensor industry. This immense growth in the region is driven by high-volume production of electronic components and increasing R&D investments. This creates the demand for pressure sensors, especially in emerging regions like Asia-Pacific where there is a rising consumer electronics need like tablets, wearable devices and smartphones. A significant portion of the regional market is taking by India and China. China is a more advanced market with high business potential. There is high demand for pressure sensors in China, India and Japan because of increasing automotive, oil & gas and consumer electronics requirements. The growing number of manufacturers building pressure sensors for varying applications will create beneficial prospects for the market.
Pressure Sensor Market Insights
Drivers
- Rising adoption of automation technologies
- Growing usage of IoT leading to the rising demand of smart pressure sensors
- Increasing safety regulations across industries
Restraints
- High initial expenses of production
- High complexity of integrating advanced pressure sensors
- Intense competition among manufacturers leading to price wars
Key Players Operating in Pressure Sensor Market
The following are the Top Pressure Sensor Companies
- Honeywell International Inc. (US)
- ABB (Switzerland)
- Emerson Electric Co. (US)
- Amphenol Corporation (US)
- TE Connectivity (Switzerland)
- Sensata Technologies, Inc. (US)
- TT Electronics (UK)
- Rockwell Automation (US)
- Schneider Electric (France)
- Siemens (Germany)
Key Questions Answered in Pressure Sensor Market
- Which region is dominating the market?
- What factors are limiting the market growth?
- What is the CAGR value of the pressure sensor market?
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This report provides the following insights:
- Analysis of key drivers (rising adoption of automation technologies, growing usage of IoT leading to the rising demand of smart pressure sensors), restraints (high initial expenses, high complexity of integrating advanced pressure sensors), opportunities (increasing safety regulations across industries), and challenges (intense competition among manufacturers leading to price wars) influencing the growth of pressure sensor market
- Market Penetration: Comprehensive information on the product offered by the top players in the pressure sensor market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the pressure sensor market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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