Pressure Sensor Market by Type (Absolute Pressure Sensor, Gauge Pressure Sensor, and Differential Pressure Sensor), Technology (Piezoresistive, Electromagnetic, Capacitive, Resonant Solid State, Optical, and Others), and Application (Automotive, Oil & Gas, Consumer Electronics, Medical, Industrial and Others) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Pressure Sensor Market size was estimated at USD 17.0 billion in 2023 and is projected to reach USD 29.2 billion in 2030 at a CAGR of 8.1% during the forecast period 2023-2030.
A pressure sensor serves as a highly significant and indispensable device that effectively detects and perceives pressure, subsequently transforming this physical phenomenon into a highly useful electric signal, whose magnitude is contingent upon the level of pressure exerted. By virtue of its innate capability to identify, quantify, and transmit relevant and valuable information, pressure sensors play an instrumental role in facilitating the comprehensive analysis and evaluation of the operational efficacy and performance of a given apparatus or system. Employing state-of-the-art integrated circuit (IC) fabrication technology, these sensors are meticulously manufactured and meticulously constructed on silicon wafers, thereby ensuring optimal precision and accuracy in their functioning.
The primary and overarching objective of a pressure sensor is to vigilantly and judiciously monitor and regulate the pressure levels, typically pertaining to gases and liquids. Furthermore, these sensors are also adept at measuring and quantifying diverse categories and variants of pressure, including but not limited to absolute, vacuum, gauge, and differential pressure. As a testament to their exceptional versatility and practicality, pressure sensors have garnered widespread and extensive utilization across multifarious and diverse domains and industries, most notably encompassing the domains of automotive engineering, manufacturing and production processes, aviation and aerospace technology, biomedical and healthcare measurements, air conditioning and climate control systems, as well as hydraulic and fluid pressure measurements.
The global COVID-19 outbreak had a significant impact on the production and supply chain of the market that is being examined. The disruptions caused by this unprecedented event were substantial, leading to a multitude of challenges for businesses operating within this industry. However, there have been some positive developments in the post-COVID scenario, as labor shortages have started to improve. This improvement has allowed many Chinese packaging and testing plants to enhance their production capabilities, as they strive to restore normalcy in these uncertain times. As the situation gradually stabilizes, these efforts to increase production are expected to contribute towards the recovery of the market under study.
Government regulations play a substantial role in the expansion of the pressure sensor market, particularly in relation to the automotive industry. In the United States, an enactment known as the Transportation Recall Enhancement, Accountability and Documentation (TREAD) Act has rendered the installation of tire pressure monitoring systems (TPMS) obligatory in all vehicles. TPMS sensors gauge tire air pressure and temperature, promptly notifying drivers within a time frame of twenty minutes upon identifying under-inflation of the tires. Furthermore, the US government mandates the inclusion of passenger airbags and side airbags, equipped with pressure sensors, in all commercial vehicles, thereby stimulating the market. Similarly, the European Union has stipulated regulations necessitating that all newly manufactured passenger car models (M1) be outfitted with a TPMS. Consequently, mounting concerns pertaining to road and human safety, as well as vehicle security, are expected to propel market growth. Moreover, the European Union has passed an act targeting zero-emissions vehicles, with the objective of reducing CO2 levels in the environment. In accordance with this act, passenger vehicles and freight vehicles weighing less than 3.5 tons must emit less than 50 g CO2 per km. Consequently, the adoption of electric vehicles in the Americas, Europe, and the APAC region has been stimulated, thereby presenting enhanced prospects for the automotive pressure sensor market.
Asia Pacific to Dominate the Market