The global pressure sensor market is projected to reach USD 21.9 billion by 2026 from an estimated USD 14.8 billion in 2021, at a CAGR of 8.2% from 2021 to 2026. Major factors driving the growth of the market include increased demand for pressure sensors in automotive and stringent regulation for automotive.
Honeywell International Inc. (US), ABB (Switzerland), Emerson Electric Co. (US), Amphenol (US), Sensata Technologies, Inc. (US), TE Connectivity Ltd. (US), Micro Sensor Co. Ltd (China), BD SENSORS GmbH (Germany), Quartzdyne, Inc. (US), and TT Electronics (UK); are some of the key players in the pressure sensor market. These players have adopted various growth strategies, such as product launches, expansions, contracts, collaborations, and acquisitions to retain their presence in the pressure sensor market. Product launches has been the most dominating strategy adopted by the key players from January 2019 to December 2021 to help them strengthen their product portfolio and broaden their customer base.
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Honeywell International Inc. is a multinational conglomerate specializing in inventing and commercializing technologies to address critical challenges in energy, safety, security, productivity, and urbanization. It offers wired and wireless pressure sensors for medical, HVAC, and process control applications. The company has gained significant traction in the pressure sensor market across different geographies such as the US, Europe, and other international countries. The company has a giant distribution network that gives them an edge over their competitors in seamless product and service delivery.
ABB is a leading global technology company that energizes the transformation of society and industry to achieve a more productive and sustainable future. The company has adopted the contract and business expansion growth strategy to remain competitive in the pressure sensor market. The company utilizes the latest smart sensor technology and offers its customers a range of wired and wireless pressure sensors. It invests a significant portion of its revenue in R&D activities, which has helped it maintain a leading position in the pressure sensor market.
ABB witnesses high business prospects due to the major changes in industrial automation and Industry 4.0. The advancements in communications technology, processing power, and new sensors enable ABB to control offshore oil & gas platforms remotely.
Emerson Electric Co. (US)
Emerson Electric Co. offers various technology solutions and designs, manufactures, and supplies a range of electrical, electromechanical, and electronic products and services. The company is an established brand name and has a strong product portfolio. It has its presence in all major markets across regions. For instance, it accounts for a major share and significantly contributes to the growth of the US market. Its broad product portfolios are impacting significant projects across the globe, leading to low costs and increased innovation in areas such as the energy-rich Permian Basin. This helps in ensuring high quality and food safety through the critical cold chain infrastructure.
Amphenol is one of the worlds largest designers, manufacturers, and marketers of electrical, electronic, and fiber-optic connectors and interconnect systems, antennas, sensors and sensor-based products, and coaxial and high-speed specialty cable. These products and solutions find applications in several verticals, including aerospace & defense, industrial manufacturing, automotive, semiconductor & electronics, and IT & infrastructure. Amphenol focuses on conducting R&D primarily on those product areas that it believes have the potential for broad market applications and significant sales within less period. By developing application-specific products, the company focuses on shifting its focus from developing standard products to customize products, as they are more likely to witness increased pricing pressure.
Sensata Technologies, Inc. is among the leading players in the pressure sensor market. Compared to its competitor, the company offers a diverse range of pressure sensors, including wired and wireless sensors. These sensors find applications in the automotive, appliance, aircraft, industrial, military, data, telecommunications, recreational vehicles, marine, heavy vehicles, heating, air-conditioning, and ventilation industries. The company invests increasingly in R&D activities to develop innovative products and enhance its existing product portfolio. The companys growing focus on expanding its product portfolio has led to the expansion of its business.
Pressure Sensor Market with COVID-19 Impact Analysis by Sensor Type (Wired, Wireless), Technology (Piezoresistive, Capacitive, Optical), Product (Absolute, Gauge, Differential), End Use, Vertical, and Geography-Global Forecast to 2026
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