Pressure Sensor Market

Key Revenue Pockets - Pressure Sensor Market

A sensor is a device that measures the changes in the physical quantity or environmental characteristics of any material and converts them into signals, which in turn, serve as inputs for controlling the device. A pressure sensor typically measures the pressure of various gases and liquids. It usually acts as a transducer that generates an electric signal due to applied pressure. These sensors find applications in several end-user verticals, including automotive, medical, industrial, utilities, consumer electronics, oil & gas, aviation, and marine.

The overall pressure sensor market is projected to grow from USD 17.4 billion in 2019 to USD 23.6 billion by 2024, recording a CAGR of 6.3%. Advancements in nanoelectromechanical system (NEMS) technology, large-scale adoption of the Internet of Things (IoT) platform, and remote connectivity provide major growth opportunities to pressure sensor market players. The pressure sensor market growth is mainly driven by advancements in microelectromechanical systems (MEMS), increase in demand from automotive and medical industries, stringent government regulations, and rise in the adoption of smart technology solutions.

The automotive on-vehicle segment is projected to hold the largest share in the pressure sensor market during the forecast period. This segment is projected to account for the largest market share during the forecast period due to the usage of pressure sensors for automotive on-vehicles in several applications including oil pressure in power steering measurement, intake manifold pressure measurement, fuel pressure measurement in tank, nitrous pressure measurement, brake pressure measurement, differential measurements, and tire pressure monitoring system.

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The piezoresistive segment is projected to hold the largest share in the pressure sensor market during the forecast period. This segment is projected to hold the largest market share during the forecast period, due to its suitability for measuring absolute, gauge, vacuum, and differential pressures. These sensors find applications in washing machines, dishwashers, vacuum cleaners, oil & gas level air pressure detection, blood pressure measurement, and others.

The absolute pressure sensor segment is projected to hold the largest share in the pressure sensor market during the forecast period. This segment is projected to account for the largest market share during the forecast period, due to its use for measuring pressure changes in barometric pressure or as altimeters.

The automotive segment witnesses the largest adoption of pressure sensors. This segment is projected to account for the largest market size during the forecast period due to the increasing usage of pressure sensors in the automotive industry and the focus of manufacturers to comply with the mandates laid down by governments. For instance, in the engine management systems, to enhance the efficiency of car engines, pressure sensors have to accurately monitor engine conditions, such as air volume and exhaust gas pressure of the EGR system.

The pressure sensor market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period. China, India, South Korea, and Japan are the major contributors to the growth of the pressure sensor market in Asia Pacific. The pressure sensor market in Asia Pacific is projected to be driven by the emerging automobile and industrial manufacturing companies and the rising demand for pressure sensors from the overseas markets of North America and Europe.

Related Reports:

Pressure Sensor Market by Product Type (Absolute, Gauge, Differential, Sealed, and Vacuum), Technology (Piezoresistive, Capacitive, Resonant, Electromagnetic, and Optical), Application, Function, End-User Industry, and Geography - Global Forecast to 2024

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Report Code
SE 1341
RI Published ON
12/3/2019
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