(MENAFN- PR Newswire) SAN FRANCISCO, May 31, 2023 /PRNewswire/ -- The global pressure sensor market size is expected to reach USD 26.37 billion by 2030, registering a CAGR of 4.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing product demand in the automotive sector in applications, such as the measurement of oil pressure in power steering, intake manifold pressure, and fuel pressure measurements in tanks. Moreover, the development of new materials and sensing technologies have made pressure sensors more compact and more cost-effective, which is driving their demand in the market, thereby propelling the market's growth.
Key Industry Insights & Findings from the report:
In terms of product, the absolute pressure sensor segment is expected to retain its dominance over the forecast period due to the high usage of these devices in applications that demand the provision of a low-pressure range for the measurement of the vacuum level in various industries. In terms of type, the wired segment dominated the market in 2022 and is expected to witness significant growth over the forecast period. The growing demand for wired pressure sensors in the industrial and automotive sectors is driving the segment growth. The piezoresistive technology segment dominated the market in 2022. The development of MEMS is anticipated to drive the segment growth over the forecast period. The automotive application segment dominated the market in 2022. Increasing product demand in the automotive industry in equipment, such as tire pressure measurement systems, exhaust gas recirculation systems, engine health management systems, and Pressure Monitoring Systems (TPMS), is expected to fuel the automotive segment growth. Asia Pacific is anticipated to witness the fastest CAGR over the forecast period due to the increasing product demand from the automotive industry, technological advancements, the growing healthcare industry, and high demand from emerging countries, such as China, India, and Japan
Read full market research report for more Industry Insights, "pressure sensor market size, share & trends analysis report by product (differential, absolute), by type (wireless, wired), by technology (capacitive, optical), by application (oil & gas, medical), and segment forecasts, 2023 - 2030 ", published by Grand View Research.
Pressure Sensor Market Growth & Trends
Nemours companies are focusing on launching new products that are further expected to offer lucrative growth opportunities for the market players over the forecast period. For instance, in November 2022, Melexis, a global microelectronics engineering company, announced the launch of its new series of integrated pressure sensors. The pressure sensors are intended to be used in automotive engine management. The new sensors are factory-calibrated devices that measure pressure spans from 1 to 4 bar. These devices will allow accurate and stable pressure measurement, allowing optimal engine management to guarantee fuel savings and emission reductions.
The market is experiencing growth due to several factors, among which the increasing adoption of the Internet of Things (IoT) stands out. This trend is transforming the development of smart cities, smart homes, buildings, and factories, where pressure sensors play a critical role. The proliferation of IoT-connected devices is expected to further drive the demand for pressure sensors. In addition, the market is benefiting from the growing demand for miniaturized consumer devices, including IoT-connected devices and wearables. These factors are significant drivers of the market.
The COVID-19 pandemic adversely impacted market growth owing to global shutdowns and subsequent supply chain disruptions. However, the advancements in Microelectromechanical Systems (MEMS) technology and the rise in the demand from healthcare & automotive industries had a positive impact on the market. Moreover, stringent government regulations related to safety and an increase in demand for smartphones and other consumer electronics are anticipated to create significant product demand, thereby contributing to market growth over the forecast period.
Pressure Sensor Market Segmentation
Grand View Research has segmented the global pressure sensor market on the basis of product, type, technology, application, and region
Pressure Sensor Market - Product Outlook (Revenue, USD Million, 2017 - 2030)
Absolute Pressure Sensors Differential Pressure Sensors Gauge Pressure Sensors
Pressure Sensor Market - Type Outlook (Revenue, USD Million, 2017 - 2030)
Pressure Sensor Market - Technology Outlook (Revenue, USD Million, 2017 - 2030)
Piezoresistive Electromagnetic Capacitive Resonant Solid-State Optical Others
Pressure Sensor Market - Application Outlook (Revenue, USD Million, 2017 - 2030)
Automotive Oil & Gas Consumer Electronics Medical Industrial Others
Pressure Sensor Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
North America Europe UK Germany France Nordic Region
Asia Pacific China Japan India Australia
Latin America Middle East & Africa
List of Key Players in
Pressure Sensor
Market
AlphaSense City Technology Ltd. Dynament Ltd. Figaro Engineering Inc. Membrapor Nemoto Kyorindo co., Ltd. Robert Bosch GmbH ABB Ltd. Siemens GfG Europe Ltd.
Check out more market research studies published by Grand View Research:
variable rate technology market - The global variable rate technology market size is anticipated to reach USD 10.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 12.3% over the forecast period. Variable Rate Technology (VRT) is a tool that allows farmers to apply water, fertilizer, seed, and chemicals at different and suitable rates across a field. When a producer uses VRT to apply the correct amount of nutrients blended with the ideal seeding rate, they can produce more agricultural produce from every acre of the land and also reduce the wastage of input materials. Produce can be maximized by customizing each field zone's seeding and crop nutrition applications. ambient commerce market - The global ambient commerce market size is expected to reach USD 65.82 billion by 2030, expanding at a CAGR of 33.6% from 2022 to 2030, according to a new report by Grand View Research, Inc. Ambient commerce helps retailers streamline their shops by automizing their checkout processes. Ambient commerce uses various advanced technologies to completely automate the customer shopping experience. irrigation automation market - The global irrigation automation market size is anticipated to reach USD 8.96 billion by 2027, expanding at a CAGR of 16.8% from 2020 to 2027, according to a new report by Grand View Research, Inc. Government subsidies and incentives in the form of low-interest loans for implementing automated irrigation systems are expected to increase usage of these systems in the forthcoming years. Also, government projects such as smarter irrigation for profit led by the Rural Industries Research and Development Corporation (RIRDC), the Cotton Research and Development Corporation (CRDC), and Department of Agriculture and Water Resources assist farmers and commercial irrigation system providers to save time and water by adopting smart automated irrigation systems.
Browse through Grand View Research's next generation technologies industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
Web:
grand view compass
| astra esg solutions
Follow Us: linkedin | twitter
Logo:
SOURCE Grand View Research, Inc.