Northbrook, IL -- (SBWIRE) -- 02/24/2022 -- The global pressure sensor market is projected to reach USD 21.9 billion by 2026 from an estimated USD 14.8 billion in 2021, at a CAGR of 8.2% from 2021 to 2026.
Major factors driving the growth of the market include increased demand for pressure sensors in automotive and stringent regulation for automotive.
Global Pressure Sensor Market with COVID-19 Impact
The outbreak and the spread of the COVID-19 pandemic had a negative impact on the pressure sensor market in 2020, resulting in decreased shipments of pressure sensors. This resulted in declined revenues leading to low growth trends of the market during the first half of 2020. This trend continued to prevail till the first quarter of 2021.
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The optical technology segment is projected to grow at the highest CAGR during the forecast period
Growth can be attributed to the increasing use of optical technology-based pressure sensors in harsh environments. These sensors are small in size, flexible, and are made with the use of non-toxic materials. They are resistant to electromagnetic interference and operate well in applications where other pressure sensing technologies fail due to such disturbances. These pressure sensors perform well in the presence of chemicals or explosive materials as well. Owing to this, they are highly suitable for medical and oil & gas applications.
The market for the differential pressure sensors segment is projected to grow at the highest CAGR from 2021 to 2026
Growth can be attributed to their extensive usage in the industrial environment. In industrial processes, differential pressure sensors are installed as core elements of numerous devices to measure the flow of liquids and gases due to the pressure differences across these. They are also used to measure pressure in air, acids, bases, compressed gases, water, steam, pressure drops across oil filters or air filters, fluid levels, and flow rates. In addition, differential pressure sensors can be easily retrofitted and mounted on the surfaces of vessels.
The consumer electronics segment is projected to grow at the highest CAGR from 2021 to 2026
The consumer electronics segment is projected to grow at the highest CAGR from 2021 to 2026. Growth can be attributed to the rising demand for pressure sensors in smartphones, wearables, and tablets due to their various advantages such as small size, lower cost, and high power efficiency. Due to advancements in the MEMS technology, these sensors can be further reduced in size and integrated with various consumer electronic devices. Along with the above-mentioned devices, pressure sensors have a demand from gaming and navigation applications and home appliances.
In 2026, the APAC is projected to hold the largest share of the overall pressure sensor market
The market in the APAC is expected to grow at the highest CAGR during the forecast period. The APAC is a manufacturing hub for automotive, consumer electronic devices and components. The growth of the pressure sensor market in the APAC can be attributed to the large-scale production of electronic components and increased investments in R&D activities related to pressure sensor in the region.
Countries such as China, Japan, India, and South Korea are major contributors to the growth of the pressure sensor market in APAC. Factors such as the acceptance of innovative technologies and the increased popularity of advanced consumer electronics are driving the growth of the pressure sensor market in this region.
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Key Market Players
Honeywell International Inc. (US), ABBv (Switzerland), Emerson Electric Co. (US), Amphenol (US), Sensata Technologies, Inc. (US), TE Connectivity Ltd. (US), Micro Sensor Co. Ltd (China), BD SENSORS GmbH (Germany), Quartzdyne, Inc. (US), and TT Electronics (UK) are some of the key players in the pressure sensor market.
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