The global pressure sensors market has been experiencing significant growth owing to increasing demand for pressure sensors in the aerospace industry. Pressure sensors play a vital role in detecting and monitoring air pressure in aircraft and spacecraft. They find extensive application in cabin pressure control, air data systems, engine monitoring systems, and flight control actuation systems. Growing aircraft production as well as space exploration activities undertaken by various countries have boosted the demand for pressure sensors in recent years.
The pressure sensors market is estimated to be valued at USD 22.92 Bn in 2024 and is expected to reach USD 30.92 Bn by 2031. It is projected to grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.
Pressure sensors are electronic devices that are used to measure pressure of gases and liquids. They detect pressure levels and convert them into an electrical signal which can be read digitally. Some common types of pressure sensors include piezoresistive, capacitive, electromagnetic, optical, resonant solid state, and strain gauge pressure sensors. They offer numerous advantages such as high accuracy, small size, fast response time, and versatility for diverse operating conditions. Pressure sensors find widespread applications across several industries including oil & gas, automotive, medical, aviation, marine, and consumer electronics. The diversified usage is prompting manufacturers to develop highly sensitive and durable pressure sensors with increased functionality.
Key Takeaways
Key players operating in the Pressure Sensors Market are Bosch, TE Connectivity, Sensata, Amphenol, NXP+ Freescale, Infineon, STMicroelectronics, OMRON, Honeywell, Siemens, Schneider Electric.
Growing Pressure Sensors Market Demand from consumer electronics, healthcare systems, automotive components and industrial equipment is fueling the growth of pressure sensors market. increasing usage of smartphones, wearables, and other connected devices that require pressure sensors is a key factor boosting the demand.
Pressure sensor manufacturers are focusing on expanding their global footprint by establishing production plants across emerging nations to leverage low-cost manufacturing and tap the rising demand. Asia Pacific is expected to remain a key market for pressure sensors due to growing industrialization and presence of numerous Original Equipment Manufacturers.
Market key trends
One of the prominent trends in the pressure sensors market is the miniaturization of sensor size to meet the demand for compact mobile devices and IoT applications. Leading companies are investing heavily in R&D to develop microelectromechanical systems (MEMS) based pressure sensors with reduced dimensions. Furthermore, the introduction of piezoresistive sensor technology has enabled manufacturing of extremely miniature pressure sensors.
Another major trend is the increasing popularity of flexible pressure sensors. Flexible sensors can conform to curved or irregular surfaces and offer potential for innovative applications in robotics, artificial skin, and wearable technology. Organic transistors, carbon nanotubes and graphene are some materials being explored for fabricating flexible pressure sensors.
Porter's Analysis
Threat of new entrants: The pressure sensors market needs heavy capital investments to establish fabrication units. This creates high entry barriers for new companies.
Bargaining power of buyers: The bargaining power of buyers is moderate as pressure sensors are standard products available from numerous global and regional vendors.
Bargaining power of suppliers: Specialised raw materials and manufacturing technologies make it difficult for buyers to switch between suppliers. This gives suppliers moderate bargaining power.
Threat of new substitutes: There is no direct substitute for pressure sensors. Alternate technologies face limitations in terms of accuracy, reliability or affordability.
Competitive rivalry: Being a commodity market, companies compete based on technological innovation, quality, service and price. Larger vendors gain advantage through economies of scale.
Geographical Regions
North America accounts for the largest share in the global pressure sensors market owing to established automotive industry and presence of major manufacturers.
Asia Pacific is projected to grow at the fastest pace during the forecast period due to expanding automotive production in China and India along with growth in industries such as oil & gas, consumer electronics and healthcare sector across emerging nations.
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Author Bio:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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