Pressure Sensor Market Size To Reach $26.37 Billion By 2030

Pressure Sensor Market Growth & Trends

The global pressure sensor market size is expected to reach USD 26.37 billion by 2030, registering a CAGR of 4.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing product demand in the automotive sector in applications, such as the measurement of oil pressure in power steering, intake manifold pressure, and fuel pressure measurements in tanks. Moreover, the development of new materials and sensing technologies have made pressure sensors more compact and more cost-effective, which is driving their demand in the market, thereby propelling the market’s growth.

Nemours companies are focusing on launching new products that are further expected to offer lucrative growth opportunities for the market players over the forecast period. For instance, in November 2022, Melexis, a global microelectronics engineering company, announced the launch of its new series of integrated pressure sensors. The pressure sensors are intended to be used in automotive engine management. The new sensors are factory-calibrated devices that measure pressure spans from 1 to 4 bar. These devices will allow accurate and stable pressure measurement, allowing optimal engine management to guarantee fuel savings and emission reductions.

The market is experiencing growth due to several factors, among which the increasing adoption of the Internet of Things (IoT) stands out. This trend is transforming the development of smart cities, smart homes, buildings, and factories, where pressure sensors play a critical role. The proliferation of IoT-connected devices is expected to further drive the demand for pressure sensors. In addition, the market is benefiting from the growing demand for miniaturized consumer devices, including IoT-connected devices and wearables. These factors are significant drivers of the market.

The COVID-19 pandemic adversely impacted market growth owing to global shutdowns and subsequent supply chain disruptions. However, the advancements in Microelectromechanical Systems (MEMS) technology and the rise in the demand from healthcare & automotive industries had a positive impact on the market. Moreover, stringent government regulations related to safety and an increase in demand for smartphones and other consumer electronics are anticipated to create significant product demand, thereby contributing to market growth over the forecast period.

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Pressure Sensor Market Report Highlights

• In terms of product, the absolute pressure sensor segment is expected to retain its dominance over the forecast period due to the high usage of these devices in applications that demand the provision of a low-pressure range for the measurement of the vacuum level in various industries

• In terms of type, the wired segment dominated the market in 2022 and is expected to witness significant growth over the forecast period. The growing demand for wired pressure sensors in the industrial and automotive sectors is driving the segment growth

• The piezoresistive technology segment dominated the market in 2022. The development of MEMS is anticipated to drive the segment growth over the forecast period

• The automotive application segment dominated the market in 2022. Increasing product demand in the automotive industry in equipment, such as tire pressure measurement systems, exhaust gas recirculation systems, engine health management systems, and Pressure Monitoring Systems (TPMS), is expected to fuel the automotive segment growth

• Asia Pacific is anticipated to witness the fastest CAGR over the forecast period due to the increasing product demand from the automotive industry, technological advancements, the growing healthcare industry, and high demand from emerging countries, such as China, India, and Japan

Pressure Sensor Market Segmentation

Grand View Research has segmented the global pressure sensor market on the basis of product, type, technology, application, and region:

Pressure Sensor Product Outlook (Revenue, USD Million, 2017 - 2030)

• Absolute Pressure Sensors

• Differential Pressure Sensors

• Gauge Pressure Sensors

Pressure Sensor Type Outlook (Revenue, USD Million, 2017 - 2030)

• Wired

• Wireless

Pressure Sensor Technology Outlook (Revenue, USD Million, 2017 - 2030)

• Piezoresistive

• Electromagnetic

• Capacitive

• Resonant Solid-State

• Optical

• Others

Pressure Sensor Application Outlook (Revenue, USD Million, 2017 - 2030)

• Automotive

• Oil & Gas

• Consumer Electronics

• Medical

• Industrial

• Others

Pressure Sensor Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Nordic Region

• Asia Pacific

  • China

  • Japan

  • India

  • Australia

• Latin America

  • Brazil

  • Argentina

• Middle East & Africa

  • UAE

  • Saudi Arabia

List of Key Players in Pressure Sensor Market

• AlphaSense

• City Technology Ltd.

• Dynament Ltd.

• Figaro Engineering Inc.

• Membrapor

• Nemoto Kyorindo co., Ltd.

• Robert Bosch GmbH

• ABB Ltd.

• Siemens

• GfG Europe Ltd.