Coherent MI: Pressure Transducer Market Size To Hit $29.8 Billion By 2031

Burlingame, Nov. 28, 2024 (GLOBE NEWSWIRE) -- Coherent MI: Pressure Transducer Market Size to Hit $29.8 Billion by 2031

According to the Coherent MI, The global Pressure Transducer Market Size was valued at USD 10.2 Billion in 2024 and is expected to reach USD 29.8 Billion by 2031, growing at a CAGR of 11.3% from 2024-2031.

Growing industrial automation is expected to drive the growth of the pressure transducer market over the forecast period. Pressure transducers are extensively used in process automation and control applications such as level measurement, flow monitoring etc. in various industries like oil & gas, chemical, food & beverages etc. According to International Federation of Robotics (IFR) report, spending on industrial robots grew 14% in 2021 to reach $16.5 billion globally. Rising demand for automation from manufacturing industries to improve productivity is creating demand for automation components like pressure transducers.

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Secondly, increasing adoption of pressure transducers in various healthcare applications including blood pressure and respiratory monitoring devices is also anticipated to support market growth. Small yet growing application areas like wearable medical devices, patient monitoring systems etc. require accurate pressure sensors which can drive lucrative opportunities for pressure transducer providers.

Market Trends :

Piezoelectric pressure transducer is gaining popularity in the pressure transducer market. Piezoelectric transducers use piezoelectric effect of certain materials which generate electric charge when mechanical stress is applied. They are being increasingly used in process control and monitoring applications requiring high accuracy and reliability. The inherent oscillating nature of quartz piezoelectric material inside these transducers enables measurements with fine precision and fast response times.

Another major trend gaining traction is the growing demand for digital pressure transducers. Compared to analog transducers, digital transducers provide benefits like noise immunity, high accuracy and simple process integration. They convert analog pressure signal into digital output which can be directly interfaced with digital controllers and automation systems. Their growing use in automation equipment, data loggers and process monitoring will support growth of digital pressure transducers over the forecast period.

Pressure Transducer Market Report Coverage

Market Opportunities:

The global pressure transducer market size was valued at US$ 10.2 billion in 2024 and is anticipated to witness a CAGR of 11.3% during the forecast period of 2024-2031.

Piezoresistive strain gauge technology segment held the largest market share in 2024 owing to its low cost, high reliability, compact size and good tolerance to shock and vibration. Piezoresistive strain gauge works on the principle that the electrical resistance of the material changes with applied mechanical stress. Its ability to handle both static and dynamic pressure measurement applications has increased its adoption across industries.

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Absolute pressure measurement finds widespread application in measuring true pressure independent of atmospheric conditions. Within the absolute pressure segment, absolute pressure transducers dominated with a market share of over 40% in 2024 due to their use in medical devices, weather monitoring equipment, and process applications involving gases and liquids.

The automotive end-use industry segment accounted for the highest pressure transducer sales in 2024 and is expected to maintain its dominance during the forecast period. Growing vehicle production along with stringent vehicular emission and safety regulations have increased the adoption of pressure transducers in automotive applications such as engine management systems, transmission control, and tire-pressure monitoring systems.

North America held the largest share of over 30% of the global pressure transducer market in 2024 owing to rapid industrialization and ongoing infrastructure development activities in the region. Stringent regulatory norms regarding safety and emissions in various industries have also propelled the demand for pressure transducers in the region.

Key Market Takeaways:

The global pressure transducer market is anticipated to witness a CAGR of 11.3% during the forecast period 2024-2031, owing to the growing adoption of Industry 4.0, industrial automation, and rising demand from consumer electronics and automotive industries.

On the basis of technology, piezoresistive strain gauge segment is expected to hold a dominant position, owing to its low cost, high reliability and good tolerance to shock and vibration. On the basis of end use, automotive segment is projected to dominate the market, due to stringent vehicular emission and safety regulations.

Regionally, North America is expected to hold a dominant position over the forecast period, due to rapid industrialization and ongoing infrastructure development activities in the region.

Key players operating in the pressure transducer market include ABB Ltd., Honeywell International Inc., Robert Bosch GmbH, Panasonic Corporation, TE Connectivity, Amphenol Corporation, Siemens AG among others. These companies are focusing on new product launches and partnerships to gain higher market share.

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Pressure Transducer Market Segmentation
By Technology

• Piezoresistive Strain Gauge
• Capacitance

By Pressure

• Absolute Pressure
• Guage Pressure
• Differential Pressure
  

By End-use

• Automotive
• Consumer Electronics
• Industrial
• Healthcare
• Oil & Gas
  

By Region:

• North America
  • U.S.
  • Canada
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of Latin America
• Europe
  • Germany
  • U.K.
  • Spain
  • France
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • ASEAN
  • Rest of Asia Pacific
• Middle East
  • GCC Countries
  • Israel
  • Rest of Middle East
• Africa
  • South Africa
  • North Africa
  • Central Africa

About Us:

At CoherentMI, we are a leading global market intelligence company dedicated to providing comprehensive insights, analysis, and strategic solutions to empower businesses and organizations worldwide. Moreover, CoherentMI is a subsidiary of Coherent Market Insights Pvt Ltd., which is a market intelligence and consulting organization that helps businesses in critical business decisions. With our cutting-edge technology and experienced team of industry experts, we deliver actionable intelligence that helps our clients make informed decisions and stay ahead in today's rapidly changing business landscape.

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