pressure-sensor-market-size-worth-$2448-billion-by-2028-|-cagr:-46%:-grand-view-research,-inc.

Pressure Sensor Market Size Worth $24.48 Billion By 2028 | CAGR: 4.6%: Grand View Research, Inc.

 

The global pressure sensor market size is expected to reach USD 24.48 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to register a CAGR of 4.6% from 2021 to 2028. The growth can be attributed to the growing application of pressure sensors in automotive, aviation, and consumer electronic appliances. The advancements in Microelectromechanical Systems (MEMS) technology and its rapid adoption in connected devices are expected to create opportunities for market growth over the forecast period.

Key suggestions from the report:

  • In terms of product, the absolute pressure sensor segment is expected to retain its dominance over the forecast period. The growing demand for absolute pressure sensors in applications that demand the provision of low-pressure range for the measurement of the vacuum level in industries is expected to drive the segment growth
  • In terms of type, the wired segment dominated the market in 2020 and is expected to witness growth over the forecast period. The growing demand for wired pressure sensors in the industrial and automotive sectors is driving the segment growth
  • In terms of technology, the piezoresistive segment dominated the market in 2020. The development of Microelectromechanical Systems (MEMS) is anticipated to drive the piezoresistive pressure sensor segment growth over the forecast period
  • In terms of application, the automotive segment dominated the market in 2020. Rapid growth in the usage of pressure sensors in the automotive industry, in equipment such as tire pressure measurement systems, exhaust gas recirculation systems, engine health management systems, and Pressure Monitoring Systems (TPMS), is expected to fuel the automotive segment growth
  • The increasing adoption of pressure sensors in emerging economies such as China and India is expected to create growth opportunities for the market players in the Asia Pacific region over the forecast period

Read 150 page research report with ToC on “Pressure Sensor Market Size, Share & Trends Analysis Report By Product, By Type, By Technology (Piezoresistive, Optical), By Application, By Region, And Segment Forecasts, 2021 – 2028” at: https://www.grandviewresearch.com/industry-analysis/pressure-sensors-industry

Furthermore, increasing consumer preference for compact electronic appliances is creating the need for MEMS pressure sensors. MEMS is the technology that miniaturizes electro-mechanical and mechanical elements that are made using microfabrication techniques. Various companies are focused on providing MEMS pressure sensors for selective industries. For instance, Robert Bosch is providing MEMS pressure sensors for the consumer and automotive industries while Honeywell and NXP are focusing on automotive, medical, industrial, and aviation verticals.

Government bodies across the globe are making it mandatory to implement a tire pressure monitoring system, which is driving the demand for pressure sensors. For instance, in September 2020, the Ministry of Road Transport and Highways in India announced that the tire pressure monitoring system would become mandatory in India in the coming days. India’s government is moving on the path of transforming the automotive industry to increase its contribution to GDP.

The COVID-19 pandemic is anticipated to impact market growth favorably in the near future. Heart failure is a major health problem and the leading cause of hospitalization in western countries. CardioMEMS is one of the therapeutic monitoring systems gaining traction in recent days. It is an advanced system that uses an implantable pulmonary artery pressure sensor. It was widely used for remote care for heart failure during the COVID-19 situation.

Grand View Research has segmented the global pressure sensor market on the basis of product, type, technology, application, and region:

  • Pressure Sensor Product Outlook (Revenue, USD Million, 2016 – 2028)
    • Absolute Pressure Sensors
    • Differential Pressure Sensors
    • Gauge Pressure Sensors
  • Pressure Sensor Type Outlook (Revenue, USD Million, 2016 – 2028)
    • Wired
    • Wireless
  • Pressure Sensor Technology Outlook (Revenue, USD Million, 2016 – 2028)
    • Piezoresistive
    • Electromagnetic
    • Capacitive
    • Resonant Solid-State
    • Optical
    • Others
  • Pressure Sensor Application Outlook (Revenue, USD Million, 2016 – 2028)
    • Automotive
    • Oil & Gas
    • Consumer Electronics
    • Medical
    • Industrial
    • Others
  • Pressure Sensor Regional Outlook (Revenue, USD Million, 2016 – 2028)
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • U.K.
      • Germany
      • France
      • Russia
      • Nordic Region
    • Asia Pacific
      • China
      • Japan
      • India
      • Australia
    • Latin America
      • Brazil
      • Argentina
    • Middle East & Africa
      • UAE
      • Saudi Arabia

List of Key Players in the Pressure Sensor Market

  • AlphaSense
  • City Technology Ltd.
  • Dynament Ltd.
  • Figaro Engineering Inc.
  • Membrapor AG.
  • Nemoto & Co., Ltd.
  • Robert Bosch LLC.
  • ABB Ltd.
  • Siemens AG.
  • GfG Europe Ltd

Find more research reports on Sensors & Controls Industry, by Grand View Research:

  • Industrial Refrigeration Systems Market  The global industrial refrigeration system market size is expected to reach USD 26.90 billion by 2027 and is expected to grow at a compound annual growth rate (CAGR) of 4.6% from 2020 to 2027.
  • Smart Homes Market  The global smart homes market is expected to reach USD 47.61 billion by 2020. Emphasis on reduced carbon emission and energy conservation are expected to be the key driving forces for the market over the forecast period.
  • Ammonia Market  The global ammonia market size is anticipated to reach USD 76.64 billion by 2025.  The rising demand for ammonia in the fertilizer industry is expected to boost industry growth.

Leave a Reply

Your email address will not be published. Required fields are marked *