According to the new market research report “Pressure Sensor Market by Product (Absolute, Differential, Gauge, Vacuum, and Sealed), Technology (Piezoresistive, Capacitive, Electromagnetic, Resonant), Application (Automotive, Medical, Industrial, Utilities) and Geography – Global Forecast to 2023″, the pressure sensor market is expected to grow from USD 8.30 Billion in 2017 to USD 11.30 Billion by 2023, at a CAGR of 5.27% between 2017 and 2023. The factors driving the growth of this market are advancements in MEMS technology and its rapid adoption in connected devices, growing demand from automotive and medical device industries, increasing adoption of pressure sensors in consumer goods and wearables, and stringent government regulations.
The growth of this market is fueled by advancements in MEMS technology and its rapid adoption in connected devices, growing demand from automotive and medical device industries, increasing adoption of pressure sensors in consumer goods and wearables, and stringent government regulations. Developments in the pressure sensor market ecosystem through organic and inorganic growth strategies, such as product developments, merger and acquisition, partnerships, collaborations, and agreements, further drive the growth of this market.
Among the different product types, the market for differential pressures sensors is expected to grow at the highest CAGR between 2017 and 2023. Differential pressure sensors provide the difference between two pressure sources through two ports, allowing users to provide required pressure inputs to the device for measuring the readings. This flexibility offered by the device helps drive the growth of the differential pressure sensor market at the highest CAGR during the forecast period.
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“Pressure sensor market for optical technology is expected to grow at the highest CAGR during the forecast period”
The pressure sensor market for the piezoresistive technology is expected to grow at a high CAGR between 2017 and 2023, driven by the growing adoption of the optical technology over other technologies due to its advantages. In remote or extremely hot areas, optical pressure sensors are useful for numerous applications. In applications where other technologies fail due to electromagnetic interference, optical pressure sensors work very well due to their immunity to interference. These sensors also work well in the presence of chemicals or explosive materials.
“Pressure sensor market for consumer electronics application is expected to grow at the highest CAGR during the forecast period”
The pressure sensor market for consumer electronics is expected to grow at a high CAGR between 2017 and 2023. The penetration of MEMS in pressure sensors has made them viable for various applications in consumer electronics. They are used in washing machines, dishwashers, and mobile phones. Mobile navigation (multi-path, slope detection) is one of the most commercially viable markets for pressure sensors in consumer electronics. Pressure sensors are now combined with inertial and magnetic sensors for dead reckoning and navigational applications in consumer products.
“Asia Pacific (APAC) expected to lead the pressure sensor market between 2017 and 2023”
Asia Pacific (APAC) is expected to hold the largest share of the pressure sensor market during the forecast period. The pressure sensor market in countries such as China, India, Japan, and South Korea is expected to grow at the highest CAGR due to the increasing deployment of automated storage and retrieval systems (ASRS) and rising awareness about the importance of automated systems.
The major players operating in the pressure sensor market include Honeywell (US), ABB (Switzerland), NXP Semiconductors (Netherland), Infineon Technologies (Germany), Emerson Electric (US), General Electric (US), Siemens (Germany), STMicroelectronics (Switzerland), and Robert Bosch (Germany).
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