Global Pressure Sensor Market Trends, Opportunities and Strategies Report 2023: A $25+ Billion Market by 2031 Featuring Sensata Technologies, Siemens, Rockwell Automation, Amphenol, & Honeywell
The pressure sensor market is segmented by product type into absolute pressure sensor, gauge pressure sensor, differential pressure sensor and others.
DUBLIN, March 7, 2023 /PRNewswire/ -- The "Pressure Sensor Global Market Opportunities and Strategies to 2031" report has been added to ResearchAndMarkets.com's offering.
The global pressure sensor market reached a value of nearly $10,648.87 million in 2021, having grown at a compound annual growth rate (CAGR) of 4.8% since 2016. The market is expected to grow from $10,648.87 million in 2021 to $17,040.07 million in 2026 at a rate of 9.9%. The market is then expected to grow at a CAGR of 8.6% from 2026 and reach $25,729.16 million in 2031.
Growth in the historic period resulted from usage of pressure sensors in IoT systems, an increase in the use of pressure sensors in the automotive industry and increasing military spending. Factors that negatively affected growth in the historic period were the COVID-19 pandemic and a decline in demand from oil and gas industry due to the COVID-19 pandemic.
Going forward, a rise in demand for pressure sensors in consumer electronics, growing trend towards industrial automation and IIoT in developing nations and rising adoption of pressure sensors in industrial activities will drive the growth. Factors that could hinder the growth of the pressure sensor market in the future include volatile cost.
The pressure sensor market is segmented by product type into absolute pressure sensor, gauge pressure sensor, differential pressure sensor and others. The absolute pressure sensor market was the largest segment of the pressure sensor market segmented by product type, accounting for 37.7% of the total in 2021. Going forward, the differential pressure sensor segment is expected to be the fastest-growing segment in the pressure sensor market, at a CAGR of 10.1% during 2021-2026.
The pressure sensor market is also segmented by technology into piezoresistive, capacitive, resonant solid-state, electromagnetic, optical, piezoelectric and others. The piezoresistive market was the largest segment of the pressure sensor market segmented by technology, accounting for 25.0% of the total in 2021. Going forward, the electromagnetic segment is expected to be the fastest-growing segment in the pressure sensor market, at a CAGR of 10.5% during 2021-2026.
The pressure sensor market is also segmented by output into analog and digital. The analog market was the largest segment of the pressure sensor market segmented by sensor type, accounting for 69.9% of the total in 2021. Going forward, the digital segment is expected to be the fastest-growing segment in the pressure sensor market, at a CAGR of 10.3% during 2021-2026.
The pressure sensor market is also segmented by sensor type into wired and wireless. The wired market was the largest segment of the pressure sensor market segmented by sensor type, accounting for 80.0% of the total in 2021. Going forward, the wireless segment is expected to be the fastest-growing segment in the pressure sensor market, at a CAGR of 10.1% during 2021-2026.
The pressure sensor market is also segmented by application into automotive, industrial, consumer electronics, healthcare, oil and gas, aerospace and defense and others. The automotive market was the largest segment of the pressure sensor market segmented by application, accounting for 26.9% of the total in 2021. Going forward, the consumer electronics segment is expected to be the fastest-growing segment in the pressure sensor market, at a CAGR of 10.5% during 2021-2026.
The Asia-Pacific was the largest region in the global pressure sensor market, accounting for 34.3% of the total in 2021. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the pressure sensor market will be Asia-Pacific, and North America, where growth will be at CAGRs of 11.3% and 10.5% respectively. These will be followed by Western Europe and South America where the markets are expected to grow at CAGRs of 8.7% and 8.7% respectively.
The global pressure sensor market is fragmented, with a large number of players. The top ten competitors in the market made up to 15.50% of the total market in 2021. Sensata Technologies, Inc. was the largest competitor with 2.84% share of the market, followed by Siemens AG with 2.69%, Rockwell Automation Inc. with 2.07%, Amphenol Corporation with 1.96%, Honeywell International Inc. with 1.28%, Robert Bosch with 1.23%, ABB Ltd. with 1.12%, Infineon Technologies AG with 1.07%, Emerson Electric Co with 0.71% and TE Connectivity with 0.53%.
Market-trend-based strategies for the pressure sensor market include developments in pressure sensors, miniature front-flush pressure sensors, strategic partnerships, barometric pressure sensors, technological advancements and product innovation.
Competitor-based strategies for the pressure sensor market include new product launches and strategic acquisitions.
To take advantage of the opportunities, the publisher recommends the companies in the pressure sensor market to focus on miniature front-flush pressure sensors, focus on barometric pressure sensors, focus on product innovations, focus on technological advancements, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use business-to-business (B2B) promotions and continue to target fast-growing applications.
Top Opportunities
- The top opportunities in the pressure sensor market segmented by product type will arise in the absolute pressure sensor market segment, which will gain $2,397.11 million of global annual sales by 2026.
- The top opportunities in the pressure sensor market segmented by sensor type will arise in the wired segment, which will gain $5,081.40 million of global annual sales by 2026
- . The top opportunities in the pressure sensor market segmented by application will arise in the automotive segment, which will gain $1,796.15 million of global annual sales by 2026.
- The top opportunities in the pressure sensor market segmented by output will arise in the analog segment, which will gain $4,369.95 million of global annual sales by 2026.
- The top opportunities in the pressure sensor market segmented by technology will arise in the piezoresistive segment, which will gain $1,660.25 million of global annual sales by 2026. The pressure sensor market size will gain the most in USA at $1,693.99 million.
Major Market Trends
- Developments In Pressure Sensors
- Miniature Front-Flush Pressure Sensors
- Strategic Partnerships
- Barometric Pressure Sensors
- Technological advancements
- Product Innovation
Company Profiles
- Sensata Technologies, Inc
- Siemens AG
- Rockwell Automation Inc
- Amphenol Corporation
- Honeywell International Inc
Key Mergers and Acquisitions
- Spectris plc Acquired Dytran Instruments Inc
- STS Sensor Technik Sirnach AG Acquired PMC Engineering LLC.
- Angst+Pfister AG Acquired Smartec B.V
- Stryker acquires OrthoSensor
- Mettler Toledo Acquired Pendotech
- TE Connectivity Acquired Silicon Microstructures Inc.
- Custom Control Sensors, LLC Acquired Pinnacle Sensors Inc
Key Topics Covered:
1. Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6. Introduction and Market Characteristics
6.1. General Market Definition
6.2. Summary
6.3. Pressure Sensor Market Definition and Segmentations
6.4. Market Segmentation By Product Type
6.4.1. Absolute Pressure Sensor
6.4.2. Gauge Pressure Sensor
6.4.3. Differential Pressure Sensor
6.4.4. Others
6.5. Market Segmentation By Technology
6.5.1. Piezoresistive
6.5.2. Capacitive
6.5.3. Resonant Solid-State
6.5.4. Electromagnetic
6.5.5. Optical
6.5.6. Piezoelectric
6.5.7. Others
6.6. Market Segmentation By Output
6.6.1. Analog
6.6.2. Digital
6.7. Market Segmentation By Sensor Type
6.7.1. Wired
6.7.2. Wireless
6.8. Market Segmentation By Application
6.8.1. Automotive
6.8.2. Industrial
6.8.3. Consumer Electronics
6.8.4. Healthcare
6.8.5. Oil And Gas
6.8.6. Aerospace And Defense
6.8.7. Other Applications
For more information about this report visit https://www.researchandmarkets.com/r/nze0ep
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