Pressure Sensor Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

Coverage: Pressure Sensor Market covers analysis 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)

Publication Month : Mar 2024

  • Report Code : TIPRE00003151
  • Category : Electronics and Semiconductor
  • Status : Upcoming
  • No. of Pages : 150
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The pressure sensor market is expected to grow from US$ 14.05 billion in 2021 to US$ 23.22 billion by 2028 at a CAGR of 7.5% between 2022 and 2028.

A pressure sensor is an instrument or device used to measure the pressure in gases or liquids across various industry verticals. A pressure sensor consists of pressure sensitive element that determines the pressure applied to the sensor and components to convert the information into an output signal. The applications of pressure sensors are constantly evolving and.  are widely used in automobiles to detect tire pressure or combustion pressure in an engine, factories, and aircraft to determine altitude and atmospheric conditions. Technological advancements in majority of industry verticals such as oil and gas, healthcare and automotive have led to increased need of pressure sensors for various applications, rapid industrialization and huge production of vehicles in Asian countries such as China, Japan, India, and South Korea provides lucrative opportunities for the pressure sensor market growth.

Market Dynamics

The pressure sensor market has promising growth potential due to several factors, such as growing health concerns, improving standard of living, and rising disposable income. Such factors drive the sales of consumer goods such as coffee machines, washing machines, refrigerators, vacuum cleaners and others. Pressure sensors are widely used in home appliances which drives the pressure sensor market growth. Additionally, increase in demand from the oil & gas industry is also expected to boost the pressure sensor market growth over the forecast period.

MARKET SCOPE

The "Global Pressure Sensor Market Analysis to 2028" is a specialized and in-depth study of the market with a special focus on the global market trend analysis. The report aims to provide an overview of the market with detailed market segmentation by type and application. The global pressure sensor market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading pressure sensor industry players and offers key trends and opportunities in the pressure sensor market.

Strategic Insights

MARKET SEGMENTATION

The global pressure sensor market is segmented based on type, application, and geography. Based on type, the market is segmented into piezoresistive, capacitive, piezoelectric, resonant solid state, optical, electromagnetic, and others. In terms of application, the pressure sensor market is segmented into automotive, consumer electronics, oil & gas, medical, industrial applications, and others.


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REGIONAL FRAMEWORK

The report provides a detailed overview of the industry, including qualitative and quantitative information. It provides an overview and forecast of the global pressure sensor market based on various segments. It also provides market size and forecast estimates from 2019 to 2028 with respect to five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). The pressure sensor market by each region is later subsegmented into respective countries and segments. The report covers an analysis and forecast of 18 countries globally, along with current trends and opportunities prevailing in the region.

From the regional perspective, Asia Pacific dominated the pressure sensor market with ~34% market share in 2021. However, North America is expected to grow at the highest CAGR, owing to the huge presence of key players that are increasing the availability of pressure sensors in the region. Furthermore, the increasing demand for pressure sensors from oil & gas, petrochemical, and medical industries is accelerating the market growth in North America. Some of the key pressure sensor market players are 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; among others. These market players have been witnessing constant demand from SMEs and large enterprises globally.

The below figure showcases the revenue growth trend in the global pressure sensor market.

Pressure Sensor Market

Source: The Insight Partners Analysis

The report analyzes factors affecting the pressure sensor market from both demand and supply sides and further evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive PEST analysis, highlighting the factors affecting the pressure sensor market in these regions.

IMPACT OF COVID-19 PANDEMIC

The COVID-19 outbreak dramatically impacted the global economy during its peak in 2020 in its initial days, hampering business activities in IT and business industries. The US, India, Brazil, France, Russia, Turkey, the UK, Argentina, and Colombia were among the worst-affected countries by the pandemic. The COVID-19 outbreak disrupted the functioning of various industry verticals, leading to serious volatility and instability in the business environment. Manufacturing operations were temporarily suspended across various countries leading to a substantial slowdown in the production of pressure sensors. Companies operating in pressure sensor manufacturing also suspended their manufacturing operations in China, South Korea, India, and other countries, as lockdowns prevailed in most countries, creating major supply disruptions for pressure sensors. Shortage of semiconductors impacted automotive, semiconductor, and consumer electronics production in 2020 and 2021, bringing down the sales of pressure sensors. Thus, the spread of the COVID-19 pandemic brought a huge downfall in pressure sensor sales due to low demand from consumers electronics and automobile sectors.

World Geography

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MARKET PLAYERS

The reports cover key developments in organic and inorganic growth strategies in the pressure sensor market. Various companies are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Inorganic growth strategy activities witnessed in the market were acquisitions, partnerships, and collaborations. These activities have paved the way for expanding market players' business and customer base. The market players are anticipated to have lucrative growth opportunities in the future with the rising demand for pressure sensors. Below mentioned is the list of a few companies engaged in the pressure sensor market.

The report also includes the profiles of key pressure sensor market companies, their SWOT analysis, and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information for the last three years, and key development in the past five years.

  • AlphaSense
  • City Technology Ltd.
  • Dynament Ltd.
  • Figaro Engineering Inc.
  • Membrapor AG.
  • Nemoto & Co., Ltd.
  • Robert Bosch LLC.
  • ABB Ltd.
  • Siemens AG
  • GfG Europe Ltd

The dedicated research and analysis team of The Insight Partners consists of experienced professionals with advanced statistical expertise. It offers various customization options in the existing study.Market Research

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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, and Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

The List of Companies

1. ABB Ltd.
2. Analog Devices, Inc.
3. Denso Corporation
4. Emerson Electric Co.
5. Honeywell International Inc.
6. Infineon Technologies AG
7. NXP Semiconductors
8. Robert Bosch Gmbh
9. Schneider Electric
10. STMicroelectronics

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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