PUBLISHER: Grand View Research | PRODUCT CODE: 1092576
PUBLISHER: Grand View Research | PRODUCT CODE: 1092576
The global pressure sensor market is expected to reach USD 26.44 billion by 2030, registering a compound annual growth rate (CAGR) of 4.4% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing demand for pressure sensors in the automotive sector, such as the measurement of oil pressure in power steering, intake manifold pressure, and fuel pressure measurements in tanks. Moreover, the growing application of pressure sensors in various end-use industries such as aviation and consumer electronic applications bodes well for the growth of the market during the forecast period.
Furthermore, several companies are also focusing on launching new products that are further expected to offer lucrative growth opportunities for the market players during the forecast period. For instance, in September 2020, Sensata Technologies, an industrial technology company that provides sensors, launched the new PTE7300 and PTE7100 hermetic pressure sensors suitable for industrial applications with a high and mid pressure range that provide high shock and vibration performance and high burst strength, which makes them robust and reliable solutions for the customer in challenging measurement environments.
The rising adoption of the Internet of Things (IoT) is another major factor that is contributing to the growth of the market. Pressure sensors are transforming the development of smart cities, smart homes and buildings, and smart factories. Hence, the increase in IoT-connected devices is further expected to fuel the growth of the market. However, the growing demand for miniaturized consumer devices, such as IoT-connected devices and wearables, is another significant factor driving the pressure sensor market.
The COVID-19 pandemic impacted the market growth due to the disruptions in supply chain activities. However, the advancements in Microelectromechanical systems (MEMS) technology and the rise in the demand from healthcare and automotive industries are further expected to impact the market positively. Moreover, stringent government regulations related to safety and an increase in demand for smartphones and other consumer durables are anticipated to contribute to the growth of the market during the forecast period.