Pressure Sensor Market Size

Pressure Sensor Market Size

Pressure Sensor Market size was valued at over USD 8.5 billion in 2020 and is estimated to grow at a CAGR of more than 7% from 2021 to 2027.

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Increasing trend toward fitness & healthier lifestyle has propelled the adoption of smart wearable and health monitoring devices for determining the patients’ vital signs. These wearable devices require micro or nano scale pressure sensor to measure tactile signals for various medical diagnostics applications. These sensors offer compact structure, low energy consumption, and high flexibility, increasing their acceptance in innovating smart wearable technologies. Integration of IoT technology into smart wearables will further boost the market growth.

Pressure sensor is an instrument that consist of pressure sensitive elements, which determine the actual pressure applied to sensors using various working principles such as piezoresistive and capacitive, among others. These sensors are used to convert pressure to small electrical signals and can be used to measure various applications including flow, pressure, level, and altitude, among others.

Rising government initiatives to accelerate the usage of IoT and AI technologies in the consumer electronics sector will further foster the market expansion. For example, in January 2021, the Ministry of Electronics and IT in India planned to develop a Standard Operating Procedure (SOP) along with a PLI scheme to drive the manufacturing of IoT devices, wearables, hearables, and VR devices in the country. To cater to the high demand in the industry, the companies are increasing their efforts toward product innovations, adding an advantage to the market.

Impact of COVID-19 pandemic

The COVID-19 pandemic has severely affected the pressure sensor market with the declining demand from industries such as automotive, industrial, and consumer electronics, among others. In the first half of 2020, lockdowns imposed by several nations around the globe halted the business operation of major, thereby hampering the market potential for pressure sensor manufacturers. For instance, the net sales for FY2020 declined by 9.5% from the previous year, majorly due to COVID-19 pandemic. However, the companies are initiating several measures to overcome the effects of pandemic in their business operations.