As per the latest report by IMARC Group, titled “Pressure Sensor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global pressure sensor market witnessed moderate growth during 2015-2020. A pressure sensor refers to a device used to measure the pressure applied on liquids or gases and translates it into an electrical output signal. It relies on different technologies to provide accurate results, such as integrated strain gauges for detecting strain and pressure-sensitive elements, pressure cavities, and diaphragms. As a result, pressure sensors are extensively utilized in steam systems employed in manufacturing facilities and as a level sensor in various industrial processes.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Pressure Sensor Market Trends:
A significant increase in the cases of coronavirus disease (COVID-19) represents the primary factor driving the market growth. The sudden outbreak of the COVID-19 pandemic has increased the need for pressure sensors in medical breathing apparatus to monitor oxygen levels in patients. Additionally, the emerging trend of automation in manufacturing processes is accelerating the product adoption in robotics and industrial hydraulics. Besides this, pressure sensors are widely used in household electronics, such as refrigerators, televisions and washing machines. The escalating demand for these household appliances and the growing inclination toward home automation are further escalating the demand for pressure sensors. Furthermore, the rising sales of electric vehicles (EVs) that utilize pressure sensors to monitor the pressure of oils and gearboxes is another major growth-inducing factor. In addition, several key players are focusing on developing next-gen product variants to expand the usage of pressure sensors in the Internet of Things (IoT) systems, off-road constructions and agricultural applications. On account of these factors, the market is expected to grow at a CAGR of around 6% during the forecast period (2021-2026).
- Based on the product, the market has been classified into absolute, differential and gauge pressure sensors.
- On the basis of the type, the market has been bifurcated into wired and wireless.
- Based on technology, the market has been divided into piezoresistive, electromagnetic, capacitive, resonant solid-state, optical and others.
- The market has been segregated based on the application into automotive, oil and gas, electronics, medical, industrial and others.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being ABB Ltd., All Sensors Corporation (Amphenol), Bosch Sensortec GmbH (Robert Bosch GmbH), Endress+Hauser Group Services AG, Honeywell International Inc, Infineon Technologies AG, Kistler Group (Kistler Holding AG), NXP Semiconductors N.V., Rockwell Automation, Inc., Sensata Technologies Inc., Siemens AG, and Texas Instruments Incorporated.
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