Pressure Sensor Market Size USD 24.84 Billion By 2027 At CAGR of 10.3% - Valuates Reports

Pressure Sensor Market Size USD 24.84 Billion By 2027 At CAGR of 10.3% - Valuates Reports

PR Newswire

BANGALORE, India, Jan. 11, 2021

BANGALORE, India, Jan. 11, 2021 /PRNewswire/ -- The Global Pressure Sensors Market size is segmented 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): Global Opportunity Analysis and Industry Forecast, 2020–2027. This report is published on Valuates Reports in the Electronic & Electrical Category. 

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The global pressure sensor market size was valued at USD 11.38 Billion in 2019 and is projected to reach USD 24.84 Billion by 2027, registering a CAGR of 10.3% from 2020 to 2027.

Major factors driving the growth of Pressure Sensor Market size are increased use of pressure sensors in the automotive industry, a rise in demand for pressure sensors in consumer electronics, and favorable government regulations regarding the use of pressure sensors to drive the growth of the global pressure sensor market. 

This study includes the analytical depiction of the pressure sensor market forecast along with the current trends and future estimations to determine the imminent investment pockets. The report also provides Pressure Sensor Market size and share for the forecast period. 

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TRENDS INFLUENCING THE PRESSURE SENSOR MARKET SIZE 

The increasing adoption of the pressure sensor in the automotive industry is expected to drive the Pressure sensor market size growth. Pressure sensors are commonly used in the automotive industry in devices such as Tire Pressure Monitoring Systems (TPMS), engine health management systems, and exhaust gas recirculation systems. The increasing development of vehicles worldwide is expected to have a positive effect on automotive pressure sensor devices. 

Advancements in microelectromechanical (MEMS) sensors are expected to further fuel the pressure sensor market size. The MEMS pressure sensor is a sensing system that can sense and calculate external pressure and adjust mechanically to compensate for the change in pressure. They are used in biomedical devices, control systems, consumer goods, and weather forecasting to track external pressure.

Furthermore, growth in NEMS (Nanoelectromechanical systems ) technology due to  continuous R&D is expected to drive the pressure sensor market size. It is known as the integration of the functionality of electrical and mechanical devices into the nanoscale. The NEMS technology ensures an accurate calculation of very small displacements, extremely weak forces, often at the molecular level. NEMS pressure sensors have been found to have significant applications in medical devices, especially blood pressure monitoring systems.

An increase in trends towards the Internet of Things (IoT) and increased demand pressure sensors in smart cities is expected to provide lucrative opportunities for the growth of pressure sensors market size.

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PRESSURE SENSOR MARKET SHARE ANALYSIS

The Asia Pacific is expected to hold the largest pressure sensor market share during the forecast period. The growing demand for smart technology in emerging economies such as China, South Korea, and India is expected to drive the Pressure Sensor Market size in this region. Furthermore, the evolving automobile and industrial manufacturing companies are also expected to contribute to the growth of the market.

North America is expected to have a significant Pressure Sensor market share during the forecast period. This dominance of North America is attributed to the presence of numerous semiconductor companies, sensor manufacturers, and leading system suppliers in the region.

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KEY SEGMENTATION

By Type:

By Technology

By Application

BY REGION

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