The global pressure sensor market is expected to grow from USD 16.91 billion in 2020 to USD 23.10 billion by 2027; it is expected to grow at a CAGR of 4.6 % during 2020-2027. Key factors fueling the growth of this market include advancements in micro-electromechanical (MEMS) sensors, increase in demand from automotive and medical industries, and stringent passenger safety regulations. Increasing use of pressure sensors in smartphones is also expected to support in growth of pressure sensor market, in the midst of COVID-19.
Micro-electromechanical system, or MEMS, is a technology used to create micro-miniature electronic-mechanical devices. A MEMS pressure sensor is a sensing device that can detect and measure external pressure and respond mechanically (for instance, with the rotation of a motor) to compensate for the pressure change. With significant advancements in various engineering fields, such as the automotive and aviation industries, the demand for MEMS pressure sensors is surging continuously. They are used in biomedical applications, control systems, consumer products, and weather forecasts to monitor external pressure. Blood pressure measuring systems, combined with an analog-to-digital converter (ADC), using these sensors, incur lower manufacturing costs compared to conventional blood pressure monitoring systems. MEMS pressure sensors are integrated into pills, known as smart pills, which are used to monitor the flow rate in the stomach and intestine.
While the widespread application of pressure sensors in automated intelligent controls and wearable electronics leads to increased shipment of these sensors, the sales growth is significantly restrained by price erosion. This is partially a result of the intense competition among the rising number of sensor manufacturers, which leads to rapid innovation in new portable, consumer, and IoT applications. Several companies are channeling their research & development activities toward providing cost-effective solutions for existing pressure sensing technologies, such as piezoresistive pressure sensors manufactured using MEMS technology. Due to the pricing pressure for high-volume applications, manufacturers are compelled to decrease the prices of pressure sensors. This fall in prices not only hampers the revenue growth in the highly competitive pressure sensor market but also reduces the margin for suppliers.
NEMS technology is used to create nano-miniature electronic mechanical devices. It is defined as the integration of the functionalities of electrical and mechanical devices into a nano scale. The technology assures the revolution of measurements of very small displacements, extremely weak forces, mostly at the molecular level. NEMS pressure sensors have found major applications in medical devices, especially in blood pressure measurement systems.
The key players in the pressure sensor market include ABB Ltd., Denso Corporation, Honeywell International, Inc., General Electric, Freescale Semiconductor, Inc., and OMRON Corporation. Other notable industry players include Measurement Specialties, Inc., Robert Bosch GmbH, The Emerson Electric Company, and STMicroelectronics N.V. Various R&D activities are being carried out by these industry participants to improve the power consumption levels of the appliances in which these sensors are being used.
The North American market accounted for a major share of the global revenue in 2019. The presence of numerous semiconductor companies, sensor manufacturers, and leading system suppliers in North American countries are propelling the demand in the region.
The Asia Pacific region accounted for a major share of the overall revenue in 2019 on account of growth in areas such as automotive, healthcare, and industrial sectors. The rising demand for smart technologies in emerging economies such as China, South Korea, and India is predicted to spur the regional demand for these sensors. The growth in the industrial sector in Brazil is expected to be a major driver for the growth in Latin America.
Report : Pressure Sensor Market - By Function (Pressure Sensing, Altitude Sensing, Flow Sensing, Depth Sensing) By Application (Automotive On-vehicle, Medical Devices, HVAC, Process Controls, Test & Measurement, Others) By Technology (Piezoresistive, Capacitive, Resonant, Electromagnetic, Optical, Others) By Product Function (Absolute Pressure Sensors, Gauge Pressure Sensors, Differential Pressure Sensors, Sealed Pressure Sensors, Vacuum Pressure Sensors) By Geography (North America, Europe, Asia Pacific, Middle East & Africa, Rest of the World) - Industry Analysis, Opportunity and Forecast 2020 To 2027