Pressure Sensor Market Size, Share & Trends Analysis Report By Product, By Type, By Technology (Piezoresistive, Optical), By Application, By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global pressure sensor market was valued at USD 16.91 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 4.6% from 2021 to 2028. A pressure sensor is an electronic device that regulates, detects, and monitors the pressure in liquids or gases and converts it into an electrical signal. Pressure sensors are witnessing significant growth owing to their increasing use across industries for applications such as alarm systems, water purifiers, medical breathing appliances, refrigeration systems, and off-road constructions. The pressure sensors used in medical breathing appliances measure the flow of oxygen and oxygen levels being delivered to the patient. The increasing demand for medical breathing appliances owing to the COVID-19 pandemic is driving the demand for pressure sensors in recent days.

The growing use of pressure sensors in household appliances such as refrigerators and washing machines is driving the demand for pressure sensors. A pressure sensor plays a vital role in refrigeration as it provides feedbacks needed by the pump used to decrease the pressure in the compartment. Simultaneously, pressure sensors are used in washing machines to regulate the amount of water required for washing clothes, which significantly reduces water wastage. Thus, the increasing use of household appliances such as refrigerators, washing machines, and televisions is driving the demand for pressure sensors in current days.

Various companies across the globe are focusing on providing pressure sensors for IoT systems. Pressure sensors are used in IoT systems to monitor devices and systems driven by pressure signals. For instance, in October 2019, L-com, a brand of Infinite Electronics and a manufacturer of wireless and wired connectivity products, announced the introduction of level and pressure sensors developed to address IoT applications. These sensors offered better accuracy and the ability to operate in environments typically encountered in water and wastewater, oil & gas, food processing, and factory automation industries.

Pressure sensors are increasingly used in electric cars for monitoring the pressure of a vehicle’s critical fluids such as gearbox and transmission oil, engine oil, and hydraulic oil. Thus, the increasing sales of electric cars are driving the market growth. According to the IEA organization, the sales of electric cars amounted to 2.1 million in 2019. Electric cars accounted for 2.6% of global car sales and 1% of the global car stock in 2019. Technological progress in the electrification of buses, two-wheelers, and trucks is significantly driving the demand for electric vehicles.

As home and building automation technologies are becoming popular, the demand for pressure sensors is expected to increase owing to the need to maintain the relative duct pressure level. Coolants in HVACs, such as ammonia, can be hazardous for human health in the event of a leak. Pressure sensors monitor the pressure of ammonia as it passes through the system and ensures it stays within the limit. The growing number of smart homes worldwide is also driving the need for pressure sensors.

Product Insights

The absolute pressure sensor segment dominated the market in 2020 and accounted for more than 43% share of the global revenue. An absolute pressure sensor is a closed system that works by referencing a perfect vacuum and creates pressure readings that are unaffected by the atmospheric pressure. Absolute pressure sensors are used in applications that require monitoring of industrial, high-performance vacuum pumps. The application of an absolute pressure sensor can also be found in military agencies, scientific laboratories, and the aviation industry, among others.

The differential pressure sensor segment is anticipated to register the highest growth rate over the forecast period. Differential pressure sensors are used in industrial environments where a pressure difference is utilized to determine the flow of liquids and gases. These sensors are used in effluent treatment plants, subsea gas and oil processing, and so on. A differential pressure sensor can be easily retrofitted and mounted on the surface of vessels, which further contributes to the segment growth.

Type Insights

The wired segment dominated the market in 2020 and accounted for more than 85.0% share of the global revenue. A wired pressure sensor is available in different technologies such as photoelectric, capacitive, and inductive. The rising demand for wired pressure sensors in industrial, automotive, and other sectors owing to their lower radio frequency interference, smaller size, compatibility between manufacturers, and lower cost installation properties is expected to drive the growth of the wired pressure sensors segment over the forecast period. Lower power consumption by a wired pressure sensor is further contributing to the segment growth.

The wireless segment is expected to register the fastest growth over the forecast period. Wireless pressure sensors act as an effective replacement for traditional wired sensors. The increasing use of wireless pressure sensors in applications such as consumer products, industrial automation & manufacturing, air compressor monitoring, and pool pump systems is expected to drive the segment growth over the forecast period. Self-contained, wellhead pressure, battery-powered monitoring, and casing pressure monitoring solutions are propelling the growth of the wireless pressure sensor segment.

Technology Insights

The piezoresistive segment dominated the market in 2020 and accounted for more than 26.0% share of the global revenue. Piezoresistive pressure sensors are used in a wide range of aerospace and industrial applications owing to their robustness, rapid response time, and high frequency. They are often used in measuring dynamic pressure in engine combustion, turbulence, and blast. The lower power consumption and sensitivity of the sensors make them useful for medical applications as well. In medical applications, piezoresistive pressure sensors are used for real-time monitoring of the arterial pulse of the skin.

The electromagnetic segment is anticipated to register the fastest growth over the forecast period. A growing focus on the property of converting applied pressure into an electrical signal by the electromagnetic pressure sensor is expected to drive the demand for these sensors in electrical applications over the forecast period. Benefits such as high efficiency, low cost, and suitability of electrical applications are further anticipated to propel the segment growth. According to the statistics provided by the Home Appliance World, consumers across the world spent USD 1.26 trillion on purchasing home appliances in 2020. Thus, the increasing sales of home appliances are driving the segment growth in the current days.

Application Insights

The automotive segment dominated the market in 2020 and accounted for more than 25.0% share of the global revenue. Pressure sensors are used in electric cars to stop the doors from catching fingers. The sensors developed for electric car doors are designed in compliance with the Peripheral Sensor Interface 5 protocol, which was developed as a reliable interface between ECUs and airbag sensors. These pressure sensors designed for this safety application operate over the range of 50 to 110 kPa.

The industrial segment is anticipated to register the fastest growth over the forecast period. Differential pressure sensors are used for monitoring process flows where fluid needs to pass through barriers such as a filter. A differential pressure sensor used in industrial applications provides benefits such as oil-free designs, high proof pressure ratings, increased resolution, and better accuracy. Furthermore, the increasing use of pressure sensors in applications such as transmissions and oil & gas equipment is driving the segment growth.  

Regional Insights

The Asia Pacific regional market dominated the pressure sensor market in 2020 and accounted for over 38.0% share of the global revenue. The increasing demand for consumer electronics such as tablets, wearable devices, and smartphones is driving the demand for pressure sensors in this region. India and China are contributing to a large share of the regional market. China is a mature marketplace and features strong business opportunities. Danfoss Group, a market leader in software and engineering technologies, has heavily invested in the pressure sensors market and is expected to accelerate the growth of China's pressure sensors market.

North America is expected to emerge as the fastest-growing regional market over the forecast period. The North American regional market is projected to witness growth owing to the high demand for pressure sensors in TPMS and EGR system applications in the automotive segment. The presence of key players in the region is also one of the major factors driving the market growth. At the same time, the increasing demand for pressure sensors in industries such as oil & gas, petrochemical, and medical is also accelerating the market growth in this region.

Key Companies & Market Share Insights

The competitive landscape of the market is highly fragmented in nature. Market players are focused on strategies such as partnerships, joint ventures, product innovation, research & development, and geographical expansion to strengthen their market positions. For instance, in June 2018, ABB acquired GE Industrial Solutions (GEIS) for enhancing its position in electrification and expanding its presence in the North American market. Additionally, in August 2017, Omron Corporation acquired Microscan Systems, Inc., a subsidiary of Spectris plc. The acquisition enabled Omron Corporation to improve the control of its manufacturing equipment and production lines.

The market players are focused on enhancing their product offerings to better cater to the changing needs of users and stay competitive. For instance, in January 2018, Continental AG launched the second generation of high-temperature sensors and differential pressure sensors in the Chinese market. These sensors were launched to decrease emissions from vehicles and were the latest innovations of the company in exhaust gas sensor technology. Some of the prominent players in the pressure sensor market are:

• AlphaSense

• City Technology Ltd.

• Dynament Ltd.

• Figaro Engineering Inc.

• Membrapor AG.

• Nemoto & Co., Ltd.

• Robert Bosch LLC.

• ABB Ltd.

• Siemens AG.

• GfG Europe Ltd

Pressure Sensor Market Report Scope

Segments Covered in the Report

The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For this study, Grand View Research has segmented the global pressure sensor market report based on product, type, technology, application, and region:

• Product Outlook (Revenue, USD Million, 2016 - 2028)

  • Absolute Pressure Sensors

  • Differential Pressure Sensors

  • Gauge Pressure Sensors

• Type Outlook (Revenue, USD Million, 2016 - 2028)

  • Wired

  • Wireless

• Technology Outlook (Revenue, USD Million, 2016 - 2028)

  • Piezoresistive

  • Electromagnetic

  • Capacitive

  • Resonant Solid-State

  • Optical

  • Others

• Application Outlook (Revenue, USD Million, 2016 - 2028)

  • Automotive

  • Oil & Gas

  • Consumer Electronics

  • Medical

  • Industrial

  • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

    • France

    • Russia

    • Nordic Region

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

  • Latin America

    • Brazil

    • Argentina

  • Middle East & Africa

    • UAE

    • Saudi Arabia