Pressure Sensor Market Growth, Analysis, and Forecast by 2031

The pressure sensor market size is projected to reach US$ 27.30 billion by 2031 from US$ 15.19 billion in 2023. The market is expected to register a CAGR of 7.6 % in 2023–2031. Integration of Industry 4.0 and the Internet of Things (IoT) is likely to remain a key pressure sensor market trend.

Pressure Sensor Market Analysis

The market for pressure sensors has growth ahead of it because of a number of factors, including rising disposable income, improving standard of life, and growing health concerns. Sales of consumer items, including vacuum cleaners, refrigerators, washing machines, and coffee makers, are influenced by these factors. The widespread usage of pressure sensors in household appliances fuels the expansion of the pressure sensor market. Throughout the forecast period, the pressure sensor market is also anticipated to rise at a faster rate due to an increase in demand from the oil and gas sector.

Pressure Sensor Market Overview

A pressure sensor is a tool or apparatus used in many industrial verticals to measure the pressure in gases or liquids. A pressure sensor is made up of components to transform the information into an output signal and a pressure-sensitive element that measures the pressure applied to the sensor. Pressure sensors are frequently employed in factories, vehicles to detect tire pressure or engine combustion pressure, and aircraft to measure atmospheric conditions and altitude. Their uses are constantly expanding. The bulk of industry verticals, including oil and gas, healthcare, and automotive, have seen technological advancements that have increased demand for pressure sensors for a variety of applications.

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Pressure Sensor Market: Strategic Insights

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Pressure Sensor Market Drivers and Opportunities

Increasing adoption of pressure sensors in the automotive industry

Optimizing the fuel mixture for the current circumstances is crucial to achieving maximum efficiency from internal combustion engines. This covers both the intended and actual speeds, of course, as well as any necessary changes for the engine's current speed and manifold and engine temperatures. Measuring air pressure is just as crucial as measuring air temperature when it comes to modifying the fuel mixture and timing of ignition. The information required by the engine management system (EMS) is obtained through the use of absolute pressure sensors. Because air is pulled in from the surrounding region, the sensors are also utilized to measure the air pressure outside the manifold. Thus, with the adoption of pressure sensors in the automotive industry, the demand for air purifiers is increasing, driving market growth.

Increasing use of wireless pressure sensors

Real-time monitoring and analysis of pressure data is made possible by wireless pressure sensors, which facilitate quicker decision-making and more efficient process control. In industrial applications, this can result in increased productivity, less downtime, and minimized waste. The use of wireless pressure sensors is increasing in various industries, such as industrial automation, healthcare, automotive industries, environmental monitoring, energy sectors, and smart cities. Thus, the increasing use of wireless pressure sensors is anticipated to present new opportunities for the pressure sensor market players during the forecast period.

Pressure Sensor Market Report Segmentation Analysis

Key segments that contributed to the derivation of the pressure sensor market analysis are type and application.

• Based on the type, the pressure sensor market is segmented into piezoresistive, capacitive, piezoelectric, resonant solid state, optical, electromagnetic, and others.
• By application, the market is segmented into automotive, consumer electronics, oil & gas, medical, industrial applications, and others.

Pressure Sensor Market Share Analysis by Geography

The geographic scope of the pressure sensor market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. In terms of revenue, APAC accounted for the largest pressure sensor market share. However, because of the large number of important companies that are expanding the availability of pressure sensors in the region, North America is predicted to increase at the fastest rate of growth. Additionally, the petrochemical, medical, and oil and gas sectors' rising demand for pressure sensors is driving the market's expansion in North America.

Pressure Sensor Market Regional Insights

The regional trends and factors influencing the Pressure Sensor Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Pressure Sensor Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Pressure Sensor Market Report Scope

Pressure Sensor Market Players Density: Understanding Its Impact on Business Dynamics

The Pressure Sensor Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Pressure Sensor Market are:

1. ABB Ltd.
2. Analog Devices, Inc.
3. Denso Corporation
4. Emerson Electric Co.
5. Honeywell International Inc.
6. Infineon Technologies AG

Disclaimer: The companies listed above are not ranked in any particular order.

Pressure Sensor Market News and Recent Developments

The pressure sensor market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:

• In February 2024, Tekscan announced the launch of a new pressure mapping sensor designed specifically to suit the challenges of measuring interface pressure in battery R&D and manufacturing. This system gives our customers applied insights by identifying potential problems in battery design, leading to better, more reliable, and safer energy storage. (Source: Tekscan, Press Release)

• In September 2023, Baker Hughes, an energy technology company, announced the launch of its latest product for hydrogen – Druck hydrogen-rated pressure sensors. (Source: Baker Hughes, Press Release)

Pressure Sensor Market Report Coverage and Deliverables

The “Pressure Sensor Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles