The automotive segment holds a larger share. The pressure sensor is being increasingly deployed in the automotive industry for engine optimization, emission control, and safety enhancement
The pressure sensor market is estimated to grow at a CAGR of 6.35 per cent to reach US$4.896 billion in 2026. The same as per a report by Research and Markets was valued at US$3.183 billion in 2019.
“Intense competition in the pressure sensor market is paving the way for the strategies such as mergers and acquisitions and others to enhance their market share. However, pricing pressure on companies due to intense competition and huge expenditure on R&D activities will restrain the demand for pressure sensors during the forecast period,” read the report.
The global pressure sensor market is highly competitive on account of its wide consumer base and the presence of well-diversified international, local and regional players. The rising requirement of existing technology and the further investment in the technological upgrades is leading to the increase in the market share thus, attracting more players into the market.
What’s driving the market
Factors driving the growth of the pressure sensor market include a rise in applications especially in the automotive industry, increasing demand for the pressure sensor in consumer electronics, and favorable government regulations regarding the applications of the pressure sensor is boosting the market growth of the pressure sensor. Also, the rise in the trend of the internet of things (IoT) and the growing demand for pressure sensors in the development of smart cities are expected to augment the pressure sensor market.
In the IT dominant world, people are shifting their preference towards automation-based solutions and services. IoT is a technology that provides internet or networking for all applications and uses electronic software, actuators, and sensors to connect the devices to the common network. It incorporates various sensors such as proximity sensors, temperature sensors, and pressure sensors. Thus, the major adoption of IoT-connected devices is anticipated to boost the growth of the pressure sensor market.
The pressure sensor has application across different industries and the market by application is segmented by application as automotive, food, and beverage, aerospace and defense, consumer electronics, medical, industrial, and others.
The automotive segment holds a larger share. The pressure sensor is being increasingly deployed in the automotive industry for engine optimization, emission control, and safety enhancement.
By technology, the market is segmented into piezoresistive pressure sensor, electromagnetic pressure sensor, optical pressure sensor, resonant solid-state pressure sensor, capacitive pressure sensor, and others. Technology is enhancing pressure sensors and is leading to significant growth over the forecasted period on account of increasing applications across the industries.