Wireless Pressure Sensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The Wireless Pressure Sensors market was valued at USD 691.9 million in 2020 and is expected to reach USD 2803.5 million by 2026, and grow at a CAGR of 20.8% over the forecast period (2021 - 2026), majorly driven 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. The wireless sensors market is a rapidly growing field as many sensor manufacturers are focusing on technological research and improvements in wireless sensing technology.

• The increasing adoption of wireless pressure sensors in consumer goods and wearable devices, such as watches, tablets, and smartphones, is substantially contributing to market expansion. The use of MEMS wireless pressure sensors in industrial control applications and processes, HVAC applications, and level measurement is instrumental in driving market growth. Government regulations or laws to ensure passenger safety in automobiles are also expected to be a major growth driver.
• Key challenges for wireless pressure sensors include a highly fragmented market, scarcity of open bandwidth, low reliability, hopping challenge, and the constantly evolving standards.
• However, the demand for high-performance, cost-efficient, and reliable sensors has increased, leading to higher spending in R&D activities by market vendors. These technological advancements in nanotechnology and micro-technology are expected to propel the market growth wireless pressure sensors over the forecast period.

Scope of the Report

A wireless pressure sensor is a device that measures the changes in the physical quantity or environmental characteristics of any material and converts them into signals, which, in turn, serve as inputs for controlling the device. These sensors are self-contained, battery-powered monitoring solutions that are useful for many industrial applications including wellhead pressure and casing pressure monitoring. It typically measures the pressure of a variety of gases and liquids and usually acts as a transducer that generates an electric signal due to applied pressure.

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Key Market Trends

Wireless Pressure Sensors to Witness an Increased Demand from the Automotive Industry

• The automotive segment is anticipated to grow at a steady rate owing to progression in technology, the demand for concept cars, and automation, among others. The automotive industry has been an important end-user segment for legacy pressure sensors. High quality and absolute reliability are always on the preference list of automotive manufacturing.
• To achieve the optimum condition regarding performance and system cost, the pressure sensors have been a prime choice in many critical applications. However, with emerging applications, such as vehicle dynamics control, offline navigation, external airbag deployments, tire pressure monitoring, etc., the use of wireless pressure sensors is becoming increasingly popular in the automotive industry.
• With futuristic innovations, like electric cars and self-driving cars, the demand for these wireless pressure sensors is assumed to grow quickly from the automotive sector. Powertrain applications represent more than 50% of the business, followed by safety, with tire pressure management systems (TPMS) being the largest single automotive application. Driven by carbon dioxide emission reduction and automation, wireless pressure sensors will increasingly be adopted and used in the future.

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