Pressure Sensors Market worth over $13.5bn by 2027
Published Date: May 31, 2021 Authors: Preeti Wadhwani, Shubhangi Yadav
Pressure Sensors Market size is set to surpass USD 13.5 billion by 2027, according to a new research report by Global Market Insights, Inc.
The rising penetration of robotics and automation equipment in manufacturing & process industries will fuel the market growth. According to September 2020 press release by International Federation of Robotics, in 2019, around 2.7 million industrial robots were operational in factories across the globe with an y-o-y growth of 12% compared to 2018. These industrial robots are extensively integrated with pressure sensors, offering tactile sensing capabilities especially in robotic grippers, arms, and end-effectors. The proliferation of industrial IoT technology in robotics for remote monitoring and control applications will further amplify the pressure sensors market expansion over the forecast period.
Sustainability issues associated with a pressure sensor is one of the major factors restraining the market value. The piezoresistive and piezoelectric pressure sensors are composed of piezo crystals made up of lithium niobite, zinc oxide or gallium arsenide materials. These crystals are water soluble and get dissolved when operated in extreme humid environments. Adding to this, pressure sensors with piezo crystals have high temperature sensitivity and fail to provide precision pressure measurement in extreme temperature environments, further hampering the industry growth. To overcome this, the industry leader are focusing on developing pressure sensors with newer form factors such as ICs, MEMS, and chipsets, which are able to sustain high temperature environments.
Technological advancements in differential pressure sensing systems will propel the market revenue
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The differential pressure sensors market segment accounted for 35% of the market share in 2020 and is anticipated to witness 9.5% growth rate through 2027 led by several high-end characteristics offered by the technology such as high stability, reliability, and precision measurement at low differential pressures. These sensors are used to measure pressure difference between two points in a system, which are critically important in industries such as oil & gas and chemical & pharmaceutical. The industry players are extensively focusing on increasing operational range and sensor accuracy to stay competitive in the market.
High energy efficiency features will amplify the adoption of capacitive sensors
The capacitive segment held 17.5% of the pressure sensors market share in 2020 and is projected to grow at a CAGR of 8% by 2027 due to the several intuitive features offered by capacitive sensors such as robust architecture, high temperature stability, and high tolerance to over-pressure conditions. Additionally, the capacitive sensors are based on capacitor-element, which does not conduct direct (DC) current, further increasing the energy efficiency of pressure sensors. Companies are emphasizing on developing energy-efficient capacitive sensors to achieve a competitive advantage in the market.
Browse key industry insights spread across 180 pages with 231 market data tables and 29 figures & charts from the report, “Pressure Sensors Market Size, By Product Type (Absolute Pressure Sensor, Gauge Pressure Sensor, Differential Pressure Sensor), By Technology (Piezoresistive, Capacitive, Resonant Solid-State, Electromagnetic, Optical, Piezoelectric), By Output (Analog, Digital), By Application (Automotive, Industrial, Consumer Electronics, Healthcare, Oil & Gas, Aerospace & Defense) COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The growing uptake of consumer electronics devices will accelerate the acceptance of digital output
The digital segment in the pressure sensors market captured 33% of revenue share in 2020 and will grow at a CAGR of 8.5% through 2027 impelled by the increasing usage of digital sensors in consumer electronics and home appliances. The digital sensors have several advantages over analog output sensors such as high precision and easy to use. Several electronic appliances including air conditioners, refrigerators, heaters, etc., are highly integrated with digital components for pressure measurement. The rising uptake of consumer electronics from developing economies, such as Mexico, Brazil, the Philippines, and India, will further foster the industry expansion.
The rising demand for point-of-care medical devices will augment the pressure sensors market progression
The healthcare application accounted for 12.5% of revenue share in 2020 and is estimated to attain a CAGR of 9% by 2027 owing to the surging demand for pressure sensors in point-of-care medical devices. Point-of-care medical devices, such as ventilators, oxygen concentrators, blood pressure monitors, and portable O2 generators, are being extensively integrated with pressure sensors. The on-going COVID-19 crisis has increased the demand for these medical devices in various economies. Favorable government funding to support medical device manufacturing will add new growth opportunities for pressure sensor manufacturers.
Increasing defense spending by U.S. government will boost the growth for North America region
The North America pressure sensors market is predicted to expand at a CAGR of over 8.5% during 2021 to 2027 on account of the growing budget expenditure by the U.S. federal government on the defense sector. For instance, in February 2021, U.S. Congress announced a FY2021 budget requesting USD 740 billion on national security, of which USD 705 billion will be allocated to the Department of Defense (DoD). The proposed budget will increase the development of new aircraft, helicopters, and submarines that require pressure sensors in transmission systems, hydraulics, and landing gears. This rising defense expenditure will add new opportunities to region sensor manufacturers in the coming years.
Key companies operating in the market are Amphenol Corporation, Bosch Sensortec, Sensata Technologies, Inc., Honeywell International, Inc., Infineon Technologies AG, TE Connectivity, among others. The key participants are continuously focusing on new product development & innovations to achieve a competitive edge in the market.