Pressure Sensors Market Size

Pressure Sensors Market Analysis

The Pressure Sensors Market size is estimated at USD 18.22 billion in 2024, and is expected to reach USD 28.51 billion by 2029, growing at a CAGR of 9.37% during the forecast period (2024-2029).

• A pressure sensor is a device equipped with a pressure-sensitive element that measures the pressure of a gas or a liquid against a diaphragm made of stainless steel, silicon, etc., and converts the measured value into an electrical signal as an output.
• Gathering and collecting continuous data on static and dynamic pressure changes is vital for most manufacturing units and industrial institutions and for the proper operation of many consumer products. Overpressure could cause issues such as deterioration and negative shifts of outputs and generally harm the normal performance of applications. In recent years, pressure sensors have turned digital, miniaturized, lower-cost, and lower-powered, thus positively impacting its revenue surge. These changes have increased sensor efficiency and performance, generating a new wave of innovation.
• There are many different types of applications for pressure sensors, which create a need for a wide variety of sensor types and characteristics. Variants are available for harsh or corrosive environments and are aimed at high-integrity applications. For instance, in the last couple of decades, automotive has been one of the main sectors to drive demand for these devices. Companies that manufacture sensors for this industry must often maintain certification under IATF 16949, ISO 21750:2006, ISO 1550-2:2012, ISO 26262, and others. Pressure sensors in the automotive industry must also meet the requirements of ISO 1142-4 for resistance to electrical interference.
• The market's growth is attributed to the increasing demand for vehicle safety features, rising government regulations, and the growing automotive industry. With strict safety regulations coming into existence, the role of pressure sensors is expected to strengthen as designers use automotive pressure sensors primarily in three application areas: engine optimization, emission control, and safety enhancement.
• The market for sensors is getting diverse and growing, with design engineers packing more sensors into everything from automobiles to smartphones and applying them in new applications like smart toothbrushes and cat litter boxes. As sensors proliferate, concerns over cost continue to preoccupy engineers. The high costs associated with sensing products are expected to hinder the growth of the market.
• In the post-COVID-19 scenario, the start of 2022 was crucial as well as highly difficult for the global consumer electronics market due to numerous factors. For instance, the impact of the war in Ukraine and runaway inflation led consumer sentiment to plummet across the board. Additionally, in spring 2022, there were lockdowns in the largest sales market, China, which further negatively impacted sales. Notably, the football World Cup in the fourth quarter was expected to offer an opportunity to compensate for the weak first half of the year, but experience has shown that major events such as increased demand, particularly for TVs. However, given the poor consumer sentiment, this effect was not big enough to keep sales in the consumer electronics market from decreasing during 2022 overall.