Pressure Sensors Market by Applications (Medical, Automotive, Industrial, Aerospace and Defense, Consumer Electronics, Food and Beverage, and HVAC) and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

The global pressure sensors market size was valued at USD 5457.4 million in 2020 and is expanding at a CAGR of 4.6% during the forecast period, 2021–2028. The growth of the market is attributed to the expanding applications across industries such as aerospace, automotive, healthcare, consumer goods, and others.
 

A pressure sensor is an electronic device that controls, detects, and monitors liquid or gas pressure and transforms it into an electrical signal. In many process applications, as well as hydraulics and pneumatics, pressure sensors are used to measure relative system pressure. Prior to the outbreak of COVID-19, pressure sensor manufacturers predicted that inventory levels will normalize in 2020, owing to increased smartphone and automobile sales, as well as increased use of smart manufacturing technologies. However, since the emergence of the illness, there has been a significant drop in demand for these sensors.

The Korea Advanced Institute of Science and Technology (KAIST), for example, created a highly sensitive wearable pressure sensor for health monitoring applications in December 2019. It has the ability to detect illnesses early on. The creation of smart homes and buildings, smart cities, and smart factories is being transformed by pressure sensors. Furthermore, with numerous smart city projects and initiatives in the works, it is predicted that by 2025, there will be about 30 worldwide smart cities, with half of them being in North America and Europe. These initiatives are backed up by worldwide investments, which the OECD estimates will total over USD 1 trillion between 2010 and 2030 for all urban infrastructure projects.

Melexis, for example, introduced a Pressure Sensing IC for Engine EVAP Systems in October 2019. The company's support for the growth of hybrid cars may be seen in the invention of a relative pressure sensor IC that can function in and monitor shallow pressures throughout automotive applications. As a key component of EVAP systems, the MLX90821 can detect even the tiniest vapor leaks.

Market Trends, Drivers, Restraints, and Opportunities

• Rising usage of the Internet of Things (IoT) is expected to fuel market growth in the coming years.
• Increasing industrial automation and the growing need for smaller consumer products, such as wearables and IoT-connected devices, among others, are estimated to drive market expansion during the forecast period.
• Growing need for digital infrastructure is projected to increase as a result of the investment in it, and thus push market growth during the forecast period.
• While the growing use of pressure sensors in automated intelligent controls and wearable electronics results in greater shipments of these sensors, price erosion is limiting sales growth.
• Technological transformation with a strong focus on improving safety, comfort, and entertainment, is anticipated to create immense opportunities for the market players.

Scope of the Report

The report on the global pressure sensors market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Automotive segment is projected to account for a large market share
In terms of applications, the pressure sensors market is segmented into medical, automotive, industrial, aerospace and defense, consumer electronics, food and beverage, and HVAC. The automotive segment is expected to account for a key share of the market during the forecast period owing to from a vendor's viewpoint, many expansion methods have been seen.
 

North America is anticipated to dominate the market
On the basis of regions, the pressure sensors market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to strict government requirements surrounding passenger safety and rapidly developing automotive and aerospace sectors. In addition, the market is projected to be driven by an increase in the helicopter and commercial aircraft manufacturing in the United States.

Canada is one of the world's largest makers of consumer electronics. Electronics and associated production account for roughly 4% of overall manufacturing output in Canada, according to statistics from Canadian producers and exporters. Canada is among the top ten largest car makers in the world, with over 540 OEM parts manufacturers and many other automotive-related companies, and this industry is the most important contributor to the country's manufacturing sector. Such factors are likely to have a favorable influence on the region's pressure sensor industry.
 

Segments

Segments Covered in the Report
The global pressure sensors market has been segmented on the basis of

Applications

• Medical
• Automotive
• Industrial
• Aerospace and Defense
• Consumer Electronics
• Food and Beverage
• HVAC

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• ABB Ltd.
• Bosch Sensortec GmbH
• Honeywell International Inc.
• Rockwell Automation, Inc.
• Siemens Building Technologies AG (Siemens AG)

Competitive Landscape

Key players competing in the global pressure sensors market include ABB Ltd.; Bosch Sensortec GmbH; Honeywell International Inc.; Rockwell Automation, Inc.; and Siemens Building Technologies AG (Siemens AG).