The pressure sensor market size is expected to reach at US$ 23.22 billion by 2028; registering at a CAGR of 7.5% between 2022 and 2028, according to a new research study conducted by The Insight Partners.
Increasing Adoption of Pressure Sensors Across Various End Use Industries Catalyzing Pressure Sensor Market Growth
Pressure Sensor Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: by Type (Piezoresistive, Capacitive, Piezoelectric, Resonant Solid State, Optical, Electromagnetic, and Others) and Application (Automotive, Consumer Electronics, Oil & Gas, Medical, Industrial Applications, and Others), and Geography (North America, Europe, Asia Pacific, and South and Central America)
Pressure Sensor Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
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Source: The Insight Partners Analysis
Pressure sensors are widely used in various industrial applications, from hydraulics and pneumatics, mobile hydraulics, water management, off-highway vehicles, air conditioning and refrigeration systems, pumps, and compressors to plant engineering and automation. Pressure sensors play a critical role in ensuring system pressures are within acceptable ranges and help ensure safety. They are used in many medical, automotive, industrial, and consumer devices, which depend on accurate and stable pressure measurements to operate reliably. Pressure sensors are important in monitoring and transporting pressurized air and medical gas throughout distribution networks. As more end-use industries rely on pressure sensors to monitor and control applications, the demand for these sensors has greatly increased. Thus, the rising adoption of pressure sensors across various end-use industries is driving the pressure sensor market growth.
Based on type, the pressure sensor market is segmented into piezoresistive, capacitive, piezoelectric, resonant solid state, optical, electromagnetic, and others. The piezoresistive segment is expected to dominate the market due to the increasing adoption of piezoresistive pressure sensors in passenger vehicles and cars for better emissions control and safety. Piezoresistive pressure sensors are widely used in aerospace and industrial applications, owing to their advantages such as robustness, rapid response time, and high frequency. All these factors are contributing to the growth of the piezoresistive segment in the pressure sensor market.
Based on application, the pressure sensor market is segmented into automotive, consumer electronics, oil & gas, medical, industrial applications, and others. The automotive segment is expected to dominate the as pressure sensors are widely used in electric vehicles. Moreover, numerous pressure sensor manufacturers worldwide are developing and launching advanced pressure sensors and systems to measure dynamic pressure in moving vehicles. All these factors are contributing to the growth of the automotive segment of the pressure sensor industry.
Asia Pacific holds the largest share of the global pressure sensor market. China is the major semiconductor hub and a mature marketplace. It presents strong business opportunities. The rising demand for consumer electronics such as wearable devices, tablets, and smartphones; large-scale production of electronic components; and rising investments in research and development are some of the factors driving the demand for pressure sensors in Asia Pacific, thereby contributing to the growth of the market.
AlphaSense; City Technology Ltd.; Dynament Ltd.; Figaro Engineering Inc.; Membrapor AG.; Nemoto & Co., Ltd.; Robert Bosch LLC.; ABB Ltd.; Siemens AG; and GfG Europe Ltd are among the key market players profiled during the pressure sensor industry study. Several other major players were studied and analyzed during this research study to get a holistic view of the pressure sensor market and its ecosystem.
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