Global Pressure Sensor Market to Attain Valuation of $26.70 Billion by 2030, Recording 6.53% CAGR, Fueled by Surging Demand Across Diverse Industries, States Kings Research

DUBAI, UAE, Dec. 29, 2023 /PRNewswire/ -- As per the latest report published by Kings Research, the global Pressure Sensor Market valuation was recorded at USD 16.09 billion in 2022 and is estimated to grow to USD 26.70 billion by the year 2030, exhibiting a 6.53% CAGR through the projection period of 2023-2030. The pressure sensor market is experiencing rapid growth due to the rising need for automation and improved efficiency in production processes. Increased investments in production quality control and advancements in pressure sensor technology, such as miniaturization and wireless connectivity, have made them more accessible and user-friendly, resulting in the expansion of the market. Factors contributing to this growth include the increasing demand for pressure sensors in consumer electronics, their growing utilization in the automotive industry, and favorable government regulations governing their use.

A pressure sensor refers to an electronic apparatus utilized to identify, gauge, and convert pressure into an electronic signal. Depending on their measurement range, meter type, and installation method, pressure sensors can be categorized. These sensors are crucial components in numerous industrial and consumer applications, facilitating precise measurement and regulation of pressure. Engine control systems employ pressure sensors to monitor fuel pressure and optimize fuel injection for enhanced performance and fuel efficiency. In industrial machinery like pumps, compressors, and boilers, pressure sensors are utilized for pressure monitoring and control to ensure optimal performance and safety.

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Trending Now: Superior Sensor Technology Broadens CPAP Pressure Sensor Lineup for Enhanced Patient Synchrony

On September 27, 2023, Superior Sensor Technology launched two groundbreaking additions to its CP Series: the CP202 and CP302 pressure sensors designed for Positive Airway Pressure (PAP) devices, addressing conditions such as sleep apnea, COPD, Asthma, and home ventilator applications.

Leveraging the advanced dual pressure sensor architecture of the CP Series, these new models introduce closed-loop control functionality and an overpressure indicator, empowering manufacturers to seamlessly enhance their PAP devices, ultimately providing a superior patient experience.

Competitive Landscape

Leading companies in the global pressure sensor market are focusing on several business strategies such as product development to increase their market share. For instance, Druck introduced the Druck NG3000 pressure sensors in June 2023. These innovative sensors cater specifically to the aerospace industry, offering customization options, enhanced efficiency, and cost-reduction benefits.

Key participants in the global pressure sensor market include:

• Baker Hughes Company
• Eaton
• Honeywell International Inc
• Infineon Technologies
• Melexis
• Renesas Electronics Corporation
• Sensata Technologies, Inc.
• Siemens
• Endress+Hauser Group Services AG
• NXP Semiconductors
• Analog Microelectronics GmbH
• DENSO CORPORATION
• ABB

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The global Pressure Sensor Market is segmented as:

By Type

• Absolute Pressure Sensors
• Gauge Pressure Sensor
• Differential Pressure Sensors

Growing Use of Absolute Pressure Sensors in Several Industries to Fuel Product Demand

On the basis of type, the absolute pressure sensor segment led the market in 2022 due to its growing use in applications that involve the monitoring of industrial and high-performing vacuum pumps. The growth of this segment is primarily attributed to the rising need for error-free engine performance in the manufacturing of safe and secure vehicles. Additionally, the segment's revenue is being further boosted by the growing demand for absolute pressure sensors in the vacuum packaging of medical products within a hygienic environment.

By Application

• Automotive
• Oil & Gas
• Consumer Electronics
• Medical
• Others

Rising Utilization of Pressure Sensors in Automotive Sector to Propel Pressure Sensor Market Growth

In terms of application, the automotive segment is expected to dominate the global pressure sensor market over the forecast period. This regional growth is mainly attributable to the growing adoption of electric vehicles, where pressure sensors are utilized to identify any obstructions in the path of the doors. Additionally, manufacturers across the globe are actively engaged in developing and introducing new pressure sensor technologies and systems to accurately measure the dynamic pressure exerted on moving vehicles. Furthermore, pressure sensors also play a vital role in engine management systems by monitoring intake and manifold pressure and optimizing fuel delivery.

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Demand for Pressure Sensors is on the Rise Due to Their Key Role in Curbing Air Pollution

The demand for pressure sensors is rising due to their pivotal role in curbing air pollution and cutting fuel consumption. These sensors find crucial applications in the automotive sector, enhancing passenger safety through systems such as advanced driver assistance systems (ADAS), tire pressure monitoring systems (TPMS), and manifold absolute pressure sensors (MAPS). They play a vital role in airbag deployment, throttle positioning, weight sensing, and passenger identification.

In order to optimize fuel injection and raise engine performance and fuel efficiency, electronic pressure sensors are employed to measure the pressure of vital fluids including coolant, engine oil, and fuel. Diesel particulate filters (DPF) and exhaust gas recirculation (EGR) systems use pressure sensors to track flow rates and pressure, which helps lower emissions. TPMS uses these sensors to identify low tire pressure and notify drivers of it.

Asia Pacific to Lead Global Pressure Sensor Market Due to Extensive Manufacturing of Electronic Components

Asia Pacific led the global pressure sensor market in 2022 due to the extensive manufacturing of electronic components and the increasing consumer demand for products such as tablets, laptops, and smartphones. The regional market is largely dominated by India and China, as manufacturers of automotive pressure sensors expand their offerings to cater to various car models and vehicles in developing nations.

The automotive pressure sensor market is projected to experience significant growth due to the rapid increase in passenger and truck production. The regional market's expansion is driven by investments made by various manufacturers toward utilizing pressure sensors across different industries, including automotive, pharmaceutical, petrochemical, and others. Additionally, the rising demand for pressure sensor-enabled devices like washing machines, refrigerators, and oxygen concentrators further contributes to the market's overall growth in the forecast period.

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Key Points from TOC:

Chapter 1 Introduction of The Global Pressure Sensor Market 
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions

Chapter 2 Executive Summary

Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach

Chapter 4 Global Pressure Sensor Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis

Chapter 5 Impact of Russia-Ukraine War

Chapter 6 Global Pressure Sensor Market, By Type
Chapter 7 Global Pressure Sensor Market, By Technology
Chapter 8 Global Pressure Sensor Market, By Sensor Type
Chapter 9 Global Pressure Sensor Market, By Application
Chapter 10 Global Pressure Sensor Market, By Geography
Chapter 11 North America 
Chapter 12 Europe 
Chapter 13 Asia Pacific 
Chapter 14 Middle East & Africa 
Chapter 15 Latin America

Chapter 16 Global Pressure Sensor Market Competitive Landscape
16.1 Overview
16.2 Key Developments
16.3 Key Strategic Developments
16.4 Company Market Ranking
16.5 Regional Footprint
16.6 Industry Footprint

Chapter 17 Company Profiles
17.1 Baker Hughes Company
17.1.1 Key Facts
17.1.2 Financial Overview
17.1.3 Type Benchmarking
17.1.4 Recent Developments
17.1.5 Winning Imperatives
17.1.6 Current Focus & Strategies
17.1.7 Threat from competition
17.1.8 SWOT Analysis

17.2 Eaton 
17.2.1 Key Facts
17.2.2 Financial Overview
17.2.3 Type Benchmarking
17.2.4 Recent Developments
17.2.5 Winning Imperatives
17.2.6 Current Focus & Strategies
17.2.7 Threat from competition
17.2.8 SWOT Analysis

17.3 Honeywell International Inc
17.3.1 Key Facts
17.3.2 Financial Overview
17.3.3 Type Benchmarking
17.3.4 Recent Developments
17.3.5 Winning Imperatives
17.3.6 Current Focus & Strategies
17.3.7 Threat from competition
17.3.8 SWOT Analysis

17.4 Infineon Technologies
17.4.1 Key Facts
17.4.2 Financial Overview
17.4.3 Type Benchmarking
17.4.4 Recent Developments
17.4.5 Winning Imperatives
17.4.6 Current Focus & Strategies
17.4.7 Threat from competition
17.4.8 SWOT Analysis

17.5 Melexis
17.5.1 Key Facts
17.5.2 Financial Overview
17.5.3 Type Benchmarking
17.5.4 Recent Developments
17.5.5 Winning Imperatives
17.5.6 Current Focus & Strategies
17.5.7 Threat from competition
17.5.8 SWOT Analysis

Continued……..

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