PUBLISHER: The Business Research Company | PRODUCT CODE: 1429920
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429920
A pressure sensor is a device comprising a pressure-sensitive element designed to ascertain the actual pressure applied to the sensor, employing diverse working principles and additional components to convert this information into an output signal. Its primary function is to measure the pressure of gases or liquids.
The principal categories of pressure sensors encompass absolute pressure sensors, gauge pressure sensors, differential pressure sensors, and others. An absolute pressure sensor employs absolute zero as its reference pressure, measured in relation to a full vacuum. Irrespective of fluctuations in ambient or process temperature, absolute pressure remains precise and accurate, making it suitable for testing against a consistent baseline. Various technologies employed in pressure sensors include piezoresistive, capacitive, resonant solid-state, electromagnetic, optical, piezoelectric, and others. Pressure sensors are available in wired or wireless formats, offering output in either analog or digital. These sensors find application in diverse industries such as automotive, industrial, consumer electronics, healthcare, oil and gas, aerospace and defense, among others.
The pressure sensor market research report is one of a series of new reports from The Business Research Company that provides Pressure Sensor market statistics, including global market size, regional shares, competitors with a Pressure Sensor market share, detailed Pressure Sensor market segments, market trends and opportunities, and any further data you may need to thrive in the Pressure Sensor industry. This Pressure Sensor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
The pressure sensor market size has grown strongly in recent years. It will grow from $13.7 billion in 2023 to $15.06 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The expansion observed in the historical period can be credited to the utilization of pressure sensors in IoT systems, a rise in the application of pressure sensors in the automotive industry, and an escalation in military spending.
The pressure sensor market size is expected to see strong growth in the next few years. It will grow to $21.88 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The anticipated growth in the forecast period can be ascribed to an increase in the demand for pressure sensors in consumer electronics, a growing trend towards industrial automation and IIoT in developing nations, and a rising adoption of pressure sensors in industrial activities. Prominent trends expected in the forecast period encompass advancements in pressure sensors, miniature front-flush pressure sensors, strategic partnerships, barometric pressure sensors, technological advancements, and product innovation.
The growth of the pressure sensor market is anticipated to be propelled by the increasing adoption of pressure sensors in various industrial applications. These sensors find application in automation and industry, measuring variables such as speed, fluid/gas flow, water level, and altitude in systems. For example, Schott, a German-based company specializing in the manufacture of glass and glass components, reports an annual production of approximately 2 billion pressure sensors, with an expected annual increase of 7%. This surge in the use of pressure sensors in industrial settings is a key factor driving the expansion of the pressure sensor market.
A significant driver for the pressure sensor market is the growth in military spending. Pressure sensors play a crucial role in the production of drones and uncrewed aerial vehicles (UAVs) used by the military for border defense and strategic operations. According to Stockholm International Peace Research Institute (Sipri), global military spending increased by 0.7% in 2021, reaching a total expenditure of $2,113 billion. The United States, as reported by the World Bank, witnessed an increase in military expenditure from $778.4 billion in 2020 to $800.67 billion in 2021. This uptick in military spending directly correlates with heightened demand for drones and UAVs, thereby fueling the pressure sensor market.
Technological advancements emerge as a prominent trend shaping the pressure sensor market. BD Sensors GmbH, a Germany-based manufacturer of pressure sensors, introduced the DS5 electronic pressure switch in 2021. Specifically designed for use in mobile working machines such as cranes and excavators, this switch enhances operational safety. With measuring ranges from 16 to 600 bar, the switch boasts a switching accuracy of 1% FSO and can withstand high overload, showcasing the innovative strides in pressure sensor technology.
A growing trend in the pressure sensor market is the increasing popularity of miniature front-flush pressure sensors. Major industry players are introducing innovative products to strengthen their market position. In November 2021, IFM Electronics, a Germany-based company in the pressure sensors sector, launched miniature front-flush pressure sensors that can be mounted flush with the internal surface of the vessel. These sensors, with high measuring accuracy, vibration and shock resistance, and corrosion-resistant stainless steel, cater to demanding environments such as mobile applications.
In March 2021, Mettler-Toledo International Inc., a US-based manufacturer of analytical instruments, acquired PendoTECH for $205 million. This strategic acquisition is expected to enhance Mettler-Toledo's product portfolio and update its existing product line. PendoTECH, a US-based manufacturer, specializes in single-use pressure sensors, transmitters, and control systems, contributing to the broader developments in the pressure sensor market.
Major companies operating in the pressure sensor market report are Sensata Technologies Inc., Siemens AG, Rockwell Automation Inc., Amphenol Corporation, Honeywell International Inc., Robert Bosch, ABB Ltd., Infineon Technologies AG, Emerson Electric Co, TE Connectivity, Shanghai Zhaohui Pressure Apparatus CO.Ltd., Alpha Instruments, Lefoo Industrial Co. Ltd., Xi'an UTOP Measurement Instrument Co. Ltd., TM Sensor, Sendo Sensor, Shaanxi Sutao Electromechanical Technology, Meokon Sensor Technology (Shanghai) Co. Ltd., JUMO Automation Dalian Co. Ltd., Changsha Taihe Electronic Equipment Co, Shaanxi Sier Electronics Co. Ltd., Xi'an Huaheng Instrument Co. Ltd., Sunsui Process System, Crystal Vision, SRI Electronics, Precision Mass Products Pvt. Ltd., Sunder Electronics, Rocksensor, TURCK India Automation Pvt, Trumen, MEIYO ELECTRIC Co Ltd., PURERON JAPAN, SENSEZ Corporation, VALCOM CO. Ltd., ADZ NAGANO GmbH, Analog Microelectronics, Barksdale GmbH, Baumer Group, BECKHOFF Automation GmbH & Co.KG, Bronkhorst High-Tech BV, DJB Instruments, E+E Elektronik Ges.m.b.H, ESI Technology Ltd., AHLBORN Mess- und Regelungstechnik GmbH, AMSYS GmbH, Angst+Pfister Sensors and Power, B+B Thermo-Technik GmbH, BCM Sensor Technologies, burster prazisionsmesstechnik gmbh & co kg, Delphin Technology AG, Driesen+Kern GmbH, ES Systems, ZETLAB, NPO Vakuummash, CJSC EMIS, KELLER Polska, Krohne Messtechnik GmbH, WIKA Bulgaria EOOD, COMECO SA, General Electric Company, Anfield Sensors Inc., XSENSOR Technology Corporation, Baumer Brazil, Parker Hannifin Argentina SAIC, Druck, Dubai Sensor, Caltrols Middle East FZCO, Control Tech Middle East, SICK FZE, Riken Keiki Middle East, SMC Corporation Middle East FZE, PHOENIX CONTACT Middle East FZ LLC, WIKA Middle East FZE, All Sensors Corporation, Bosch Rexroth SA Group, Thermon South Africa (Pty) Ltd., PROCONTROL INSTRUMENTATION, ASSTech Process Electronics + Instrumentation Cc, Blanes Pressure Solutions, Test And Measurement Instruments C.C., Parker, SA Gauge, Robertec
North America was the largest region in the pressure sensor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pressure sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the pressure sensor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The pressure sensor market consists of sales of gauge pressure sensors, absolute pressure sensors, differential pressure sensors, and other pressure sensors. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Pressure Sensor Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on pressure sensor market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for pressure sensor? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The pressure sensor market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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