01 November 2019
Pressure Sensor Market Report 2020-2030: Forecasts by Technology (Piezoresistive, Capacitive, Electromagnetic, Resonant Solid State, Optical, Others), By Type (Absolute, Differential, Gauge, Vacuum, Sealed), By Application (Consumer Electronics, Automotive, Medical, Oil & Gas, Industrial, Aviation, Marine), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) and profiling of leading international and domestic companies.
The market size of the pressure sensor was estimated at USD 9.050 million in 2019 and is expected to grow at a CAGR of 6.50 per cent over the forecast period. An electronic device used to measure the pressures of gases and fluids is a pressure meter. It is widely used in applications for control and surveillance. Due to increasing governmental regulations and increasing use of sensors in automotive and medical applications, demand for pressure sensors is forecast to increase substantially. Technology has led to reductions in pressure sensors in size and cost, which are in turn expected to open up new market avenues.
The increasing demand for consumer electronic products such as cell phones, personal digital assistants (PDAs), tablets and notebooks is expected to drive the market over the forecast period. In contrast, pressure sensors are commonly used in the automotive industry in devices such as Tire Pressure Monitoring Systems (TPMS), engine health management systems and exhaust gas recirculation systems. The increasing development of vehicles worldwide has a positive impact on the market for automotive stress monitoring devices.
Thanks to their large use in the semiconductor industry, microelectromechanical systems (MEMS) are expected to open up new market growth opportunities over the forecast period. MEMS consists of several components embedded in semiconductor chips that are nanoelectromechanical. Due to their wide use in medical devices for measuring barometric pressure, in vivo blood pressure, ex vivo blood pressure, intraocular pressure (IOP) and liquid or gas stream, the market for these sensors is gaining momentum.
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