Dublin, Dec. 13, 2021 (GLOBE NEWSWIRE) -- The "Global Pressure Sensor Market Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global pressure sensor market is expected to grow from USD 14.8 billion in 2021 and is projected to reach USD 21.9 billion by 2026; it is expected to grow at a CAGR of 8.2% during the forecast period.
The rise in demand for pressure sensors is increasing continuously owing to their increasing applications in the IoT environment. The growth of the pressure sensor market can also be attributed to the rising global demand for miniaturized devices, technological advancements in electronic devices, and the availability of portable electronic devices for automotive, industrial, and healthcare applications.
The absolute pressure sensors segment is projected to lead the global pressure sensor market during the forecast period
The absolute pressure sensors segment is projected to lead the global pressure sensor market during the forecast period. Accurate measurements offered by these pressure sensors, along with reference vacuum and reference pressure value make it feasible for manufacturers to use absolute pressure sensors in the industry. The rising adoption of absolute pressure sensors in the automotive, medical, industrial, and utility applications drives the market.
Optical technology to witness the highest CAGR in the pressure sensor market during the forecast period
The market for optical technology is expected to grow at the highest CAGR within the global pressure sensor market during the forecast period. Optical pressure sensors are resistant to electromagnetic interference and can work very well in applications where other pressure sensing technologies fail due to such disturbances. These pressure sensors perform well in the presence of chemicals or explosive materials as well.
The pressure sensor market for HVAC systems is projected to grow at the highest CAGR during the forecast period
The pressure sensor market for HVAC systems is projected to grow at the highest CAGR during the forecast period. Coolants in HVAC systems such as ammonia can be hazardous for human health in the event of leaks. Pressure sensors are used to monitor the pressure of ammonia as it passes through the system to ensure that it stays within the required limits. HVAC systems are widely used in all verticals to maintain proper ventilation at workspaces. Their application in smart homes is also gaining momentum. Thus, the increasing number of smart homes worldwide is expected to drive the growth of the market for pressure sensors during the forecast period.
Automotive segment to hold the largest share of the pressure sensor market during 2021-2026
Pressure sensors are widely used in automotive applications to measure and control the pressure of various automotive fluids including engine oil, gearbox and transmission oil, and hydraulic oil in braking systems, cooling systems, and fuel systems. There is increasing demand for pressure sensors from the automotive industry owing to various safety mandates by governments. For instance, in engine management systems, to enhance the efficiency of car engines, pressure sensors are required to accurately monitor engine conditions such as air volume and exhaust gas pressure of the EGR system. Additionally, the tire pressure monitoring mandate is also fueling the growth of the pressure sensor market.
Premium Insights
- Increased Global Adoption of Pressure Sensors in IoT Applications Projected to Fuel Market Growth from 2021 to 2026
- Piezoresistive Technology to Account for the Largest Share of the Global Pressure Sensor Market in 2026
- Absolute Pressure Sensors to Account for the Largest Share of the Pressure Sensor Market in 2026
- Automotive On-Vehicle and Automotive Segment of the Pressure Sensor Market to Account for Largest Shares in 2026
- APAC to Account for the Largest Share of the Global Pressure Sensor Market in 2026
- Market in India to Grow at the Highest CAGR During the Forecast Period
Market Dynamics
Drivers
- Increased Demand for Pressure Sensors in Automotive
- Stringent Regulations for Automotive
- Increased Demand for Pressure Sensors from the Medical Industry During the COVID-19 Pandemic
Restraints
- Significant Pricing Pressure
Opportunities
- Increased Adoption of IoT by End-Use Industries
- Growth of the Consumer Electronics Industry
Challenges
- High Regulatory Barriers
- Decline in Demand from the Oil & Gas Industry due to the COVID-19 Pandemic
Company Profiles
- ABB
- Amphenol
- BD Sensors GmbH
- Emerson Electric Co.
- Endress+Hauser
- General Electric
- Honeywell International Inc.
- IFM Electronic GmbH
- Infineon Technologies Ag
- Jumo GmbH & Co. Kg
- Kita Sensor Tech. Co., Ltd.
- Micro Sensor Co., Ltd.
- Nidec Copal Electronics
- Phoenix Sensors, LLC
- Quartzdyne
- Sensata Technologies, Inc.
- Siemens
- TE Connectivity Ltd.
- Trafag Ag
- TT Electronics
For more information about this report visit https://www.researchandmarkets.com/r/30mydc
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