Pressure Sensor Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1732
Pressure Sensor Market size is anticipated to witness growth during the forecast period pertaining to its increasing demand in automotive industry followed by favorable government regulations and advancements in the technology.
The pressure sensor market globally is mainly driven by industrial advancements in MEMS (microelectromechanical systems) technologies. The advancements have led to a miniaturization of these products resulting in increasing reliability, accuracy, & performance. The pressure sensor market growth is triggered due to various factors such as the growth in Asian economies, miniaturization, and vehicle production in emerging and developing countries. The market is evolving in compactness, sensitivity, reliability, and versatility owing to the technological developments.
Factors such as high installation and replacement cost are expected to hinder the pressure sensor market growth. Furthermore, shock and vibration associated with the system are expected to limit the industry growth. The industry was affected globally due to the economic recession and the growth was relatively flat as the crisis hit all the major OEMs and end user industries.
Increasing adoption of analog pressure sensors is replacing the digital output signals consequently driving the pressure sensor market. Demand for cost-efficient, reliable, and high-performance products has increased leading to high investments from various key industry players in R&D activities. Innovative technological developments such as microtechnology and nanotechnology production is providing the pressure sensor market with numerous opportunities such as low power consumption and mass production.
Based on technology, the pressure sensor market can be segmented into potentiometric, electromechanical, electromagnetic, inductive, capacitive, strain gauge, piezoelectric, and optical systems. The optical devices are capable to easily withstand electromagnetic intrusion and are progressively substituting the electromagnetic pressure sensors. The compact design and high reliability will enable optical systems to be used in miniaturized applications which will further increase the demand for the segment in the pressure sensor market.
Based on application, the pressure sensor market is segmented into oil & gas, automotive, consumer electronics, and utility among others. Increasing adoption of these products in sectors such as aerospace, automotive, electronics, industrial, healthcare, military & defense, oil & gas, and utility is anticipated to give the industry a substantial boost over the forecast period. Major industries using these systems include machinery, machine tools, packaging, plastics, and many others. Furthermore, industrial verticals such as automotive, electronics, and healthcare are expected to witness a wide implementation of these sensors. Other industries such as construction, aircraft building, shipbuilding, and household appliances also contributes to the pressure sensor market growth.
In the automotive industry, pressure sensors form a vital part of the engine and the car safety as well. These sensors are used in the engines to monitor the oil, coolant pressure, and control the power which is required to be delivered to attain a suitable speed. They are also used in exhaust gas recirculation, tire pressure monitoring systems, air-conditioning, and many other applications. They are also incorporated in the airbag systems of vehicles. In addition, favorable governmental initiatives such as the TREAD Act of U.S. has made the installation of Tire Pressure Monitoring System (TPMS) compulsory in all vehicular types to caution the driver about the under inflation of vehicle. In the healthcare industry, pressure sensors are used in devices for blood pressure monitoring & ventilators along with respiration & sleep apnea, optimizing the potential health, thus driving the pressure sensor market growth.
Pressure sensor market has a growing demand in the construction industry owing to the rapid infrastructural developments in the countries such as India and China. These sensors are also incorporated in the load monitoring systems, which helps in preventing the crane operator overloading. Furthermore, it helps in transmitting information associated with the forces acting on the crane, such as the motion and geometry of the crane and where the loads are applied. This information is then displayed by the load moment indicator, which warns the crane operator when the load is near or at capacity. This will boost the pressure sensor market demand over the forecast timeline.
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. In October 2014, Freescale Semiconductor, Inc. announced the launch of a compact tire pressure tracking device using these products to ensure that the tires are inflated properly.
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