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The global pressure sensors market size is estimated to grow by USD 10.12 billion, at a CAGR of 8.8% between 2023 and 2028.
Micro-electro-mechanical systems (MEMS) technology has been a major driver of advancements in pressure sensors. MEMS pressure sensors are characterized by their small size, low power consumption, and cost-effectiveness. They have found widespread adoption in various applications, including consumer electronics, automotive, and industrial sectors. Advances in microfabrication techniques enable the miniaturization of pressure sensors. Smaller sensor sizes are beneficial for applications with space constraints such as medical devices, wearables, and portable electronics. Pressure sensors are becoming increasingly smart, featuring embedded microcontrollers and communication capabilities. Further, MEMS sensors are ideal because of their tiny size and low energy consumption. Thus, the advancements in sensor technologies will enhance the global pressure sensors market during the forecast period.
Technavio has segmented the market into Type, Product, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our market report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
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Wired
The market share growth by the wired segment will be significant during the forecast period. Wired pressure sensors play a crucial role in industrial automation by providing real-time pressure data for process control and monitoring. As industries continue to embrace automation for efficiency and precision, the demand for wired pressure sensors grows. In manufacturing environments wired pressure sensors are used to monitor and control various processes, ensuring optimal operating conditions.
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The wired segment was the largest and was valued at USD 12.46 billion in 2018. Further, wired pressure sensors play a critical role in automotive applications such as engine control systems, tire pressure monitoring systems (TPMS), and hydraulic systems. The growth of the automotive industry, particularly in the development of electric and autonomous vehicles, contributes to the demand for pressure sensors. Moreover, infrastructure projects, including construction and civil engineering, often require pressure sensors for monitoring systems such as water distribution networks and HVAC systems. The growth of infrastructure development contributes to the demand for wired pressure sensors. Thus, these factors will boost the growth of the wired segment and propel the global pressure sensors market during the forecast period.
Absolute pressure sensors provide accurate and precise measurements of pressure by referencing a perfect vacuum. This accuracy is essential in applications where precise pressure readings are critical. Unlike gauge pressure sensors that measure pressure relative to atmospheric pressure, absolute pressure sensors eliminate the influence of atmospheric variations. This makes them suitable for applications where changes in atmospheric pressure are significant. Moreover, in medical devices such as ventilators, anaesthesia machines, and respiratory monitoring equipment, absolute pressure sensors are used to ensure accurate pressure control and monitoring in different parts of the system. Thus, these factors will drive the growth of the absolute pressure sensors segment and impel the global pressure sensors market during the forecast period.
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APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market trends and analysis and drivers will shape the market during the forecast period. The rapid growth of industrial automation across sectors such as automotive, electronics, and manufacturing in countries such as China, Japan, South Korea, and India has led to increased demand for pressure sensors. These sensors play a crucial role in monitoring and controlling various processes. The automotive industry in APAC, particularly in countries such as China and India, has been expanding rapidly. Pressure sensors are widely used in automotive applications, including tire pressure monitoring systems (TPMS), engine control systems, and fuel systems, contributing to the regional market growth.
In addition, the aerospace and defense industries in countries such as China and India are expanding, driving the demand for pressure sensors used in aircraft for altitude measurement, airspeed sensing, and other critical applications. The focus on renewable energy sources, such as solar and wind power, has increased the demand for pressure sensors in monitoring and controlling processes within these energy generation systems. Thus, these factors will drive the growth of the regional pressure sensors market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Avnet Inc. - The company offers pressure sensors such as NPA 500B 005G, MPXM2102AS, and MPXHZ6250AC6T1.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges.
The emergence of combination sensors is an emerging trend shaping the market growth. Combination sensors integrate pressure sensing capabilities with other sensor types such as temperature sensors, humidity sensors, gas sensors, and more. This integration allows for the simultaneous measurement of multiple parameters, providing a richer dataset for analysis. Multisensor integration expands the range of applications for pressure sensors.
Moreover, the integration of multiple sensor types facilitates data fusion, where data from different sensors are combined for more accurate and meaningful insights. Advanced analytics can then be applied to extract actionable information. Thus, the emergence of combination sensors will enhance the global pressure sensors market during the market forecast period.
Concerns associated with interference and cross-sensitivity are a significant challenge hindering market growth. Temperature changes can affect the performance of pressure sensors. Temperature fluctuations may lead to thermal expansion or contraction, influencing the sensor's sensitivity. Humidity and moisture in the environment can impact pressure sensor readings, especially in applications where sensors are exposed to varying levels of moisture. In industrial settings or applications with high levels of vibration, pressure sensors may experience interference. Mechanical stress can affect the structural integrity of the sensor and its ability to provide accurate readings. Sudden shocks or impacts can cause physical damage to pressure sensors, leading to calibration issues and increased sensitivity to environmental changes.
However, exposure to certain chemicals or gases hinders the performance of pressure sensors. The chemical composition of the environment in which the sensor operates should be considered to prevent interference. Moreover, the materials used in the construction of pressure sensors should be compatible with the operating environment. Incompatibility can lead to material degradation, negatively affecting the sensor's performance. Thus, the concerns associated with interference and cross-sensitivity will decline the growth of the global pressure sensors market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria, market growth and forecasting and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Global Pressure Sensors Market Customer Landscape
The pressure sensors market analysis and report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest market growth and trends, market research and growth opportunities from 2018 to 2028.
Pressure Sensors Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2023 |
Historic period |
2018-2022 |
Market forecasting period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.8% |
Market Growth 2024-2028 |
USD 10.12 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.79 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 39% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading comapanies, Market Positioning of comapanies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Avnet Inc., Balluff GmbH, DENSO Corp., General Electric Co., Glamox Group, GlobalSpec LLC, Infineon Technologies AG, Melexis NV, MICRO SENSOR CO. LTD., Millar Inc., NXP Semiconductors NV, OMRON Corp., Questex Media Group LLC, Robert Bosch GmbH, Schneider Electric SE, Sensata Technologies Inc., STMicroelectronics International N.V., TDK Corp., TE Connectivity Ltd., Texas Instruments Inc., and Zhengzhou Winsen Electronics Technology Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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