The global pressure sensor market is estimated to reach USD 12 billion with CAGR 6% through the forecast period 2023
Primarily driving the market is the growing demand for pressure sensors in automotive and medical applications. Growing pressure sensor applications in consumer electronics and developments in MEMS (Micro-electromechanical Systems) are accelerating market development. Nevertheless, the extreme pressure sensor price environment hampers market growth. The growing demand from the automotive and medical industries and the rising adoption of pressure sensors in consumer electronics are the crucial factors driving growth in the sector. The rising Internet of Things ( IoT) adoption is driving growth in the industry. Growth in IoT-connected devices is expected to fuel market growth, As pressure sensors transform smart homes and buildings, smart cities and smart factories into developments. The extreme pressure on prices, however, hamperes business growth.
The pressure sensors market is led by piezoresistive and capacitive sensors, as they are widely used in the petrochemical, medical, automotive, oil and gas industries. Due to its applications in hazardous environments, optical and resonant solid-state sensors are projected to show high growth over the forecast period. Indoor navigation is one of the most widespread applications for this technology, where air pressure data is used to assess the current level of the user's floor in a building, which proves to be very useful to navigate your way around shopping centers or underground car parks. In addition to smartphones and tablets, pressure sensors are primarily used in wearables, personal computers, and consoles. As smartwatches and wearable fitness trackers penetrate the daily cloth, owners want to go further with their apps and track success through additional activities including swimming. Technological developments and applications in nanotechnology are potential prospects for the pressure sensor industry.
The global pressure sensor market is segmented into product type, technology, vertical, and region. Based on the product type, the market is further classified into absolute pressure sensors, differential pressure sensors, gauge pressure sensors, vacuum pressure sensors, and many others. Based on the technology, the market is further classified into piezoresistive pressure sensors, electromagnetic pressure sensors, capacitive pressure sensors, optical pressure sensors, and many others. Based on the vertical, the market is further classified into aviation, medical, marine, Oil & gas, automotive, consumer electronics, medical, and many others.
The global demand for pressure sensors is being studied for North America , Europe , Asia Pacific and the rest of the world. Among these areas, Asia Pacific currently dominates the market primarily due to a higher concentration of key players in countries such as China, Japan , and South Korea. In these regions, growing demand from the automotive and medical industries is fuelling market growth. Increasing the deployment of pressure sensors for automated storage and retrieval systems and raising awareness about the advantages of automated systems are driving this region 's market.
Nonetheless, over the projected period North America and Europe are predicted to show substantial growth rate. As regards the pressure sensor market, Europe is expected to show good business growth. The rising in technical advancements and demand for MEMS sensors are driving growth in the industry. The North America area is expected to show significant growth over the forecast period, however. Increasing smartphone use and growing medicine applications also drive the demand in this area. Consumer electronics demand across developed countries such as the United States drives the market in this area.
Some of the key players in the global pressure sensors market are Honeywell International Inc. (U.S.), Infineon Technologies (Germany), NXP Semiconductors (the Netherlands), Emerson Electric (U.S.), ABB (Switzerland), General Electric (U.S.), Siemens AG (Germany), STMicroelectronics (Switzerland), Texas Instruments (U.S.), Robert Bosch GmbH (Germany), MRON Corporation (Japan) and many others.