Pressure Sensor Market

Pressure Sensor Market Size

The global Pressure Sensor Market size was valued at USD 17.06 billion in 2023 and is projected to grow from USD 18.15 billion in 2024 to USD 29.28 billion by 2031, exhibiting a CAGR of 7.07% during the forecast period. The market is expanding due to innovations in sensor technology and increasing applications across diverse sectors.

Emerging market trends include the integration of sensors in smart infrastructure and advancements in wireless sensing technology. These developments are leading to increased demand by enhancing operational efficiency and enabling new, sophisticated applications across various industries.

In the scope of work, the report includes products offered by companies such as ABB, All Sensors, Bosch Sensortec GmbH, Endress+Hauser Group Services AG, TE Connectivity, Honeywell International Inc., Schneider Electric, Kistler Group, Rockwell Automation, Emerson Electric Co., and others.

The expansion of the automotive industry is a key factor propelling the growth of the pressure sensor market, supported by increased emphasis on vehicle safety and emission control. Pressure sensors are integral to critical automotive systems, including tire pressure monitoring systems (TPMS), engine control systems, and exhaust gas recirculation (EGR) systems. As the demand for electric vehicles (EVs) and autonomous vehicles continues to rise, the need for advanced pressure sensors with high precision and reliability is becoming increasingly critical.

• According to the International Energy Agency (IEA) reported that approximately 14 million new electric cars were registered worldwide in 2023, increasing the total number of electric vehicles (EVs) on the road to 40 million

The recent advancements in automotive innovation and increasing regulatory measures are contributing significantly to the expansion of the market.

Pressure sensors are devices designed to accurately measure and monitor the pressure of gases or liquids within a system. They convert physical pressure into an electrical signal, enabling straightforward interpretation and analysis. These sensors are crucial for various applications, including industrial processes, automotive systems, and consumer electronics. They function by detecting changes in pressure and providing real-time data, which facilitates process control and optimization, ensures safety, and improves efficiency. Pressure sensors are available in various types, including piezoelectric, capacitive, and strain gauge, each designed to meet different operational environments and requirements, making them versatile tools applicable across numerous industries.

Analyst’s Review

The integration of advanced sensors into innovative transportation technologies, such as electric vertical takeoff and landing (eVTOL) jets, is expected to augment market growth in the forthcoming years. As these sophisticated components become essential for ensuring precision and safety in emerging vehicles, the demand for high-performance sensors is anticipated to increase, propelling market expansion and fostering innovation.

• For instance, in April 2024, Honeywell announced its selection by Lilium to provide propulsion unit position sensors for the Lilium Jet. These sensors, known as "resolvers," were custom-engineered by Honeywell to meet the precise requirements of the Lilium Jet.

The initiatives undertaken by key industry players to develop and supply advanced components, including propulsion unit position sensors for emerging technologies such as electric vertical takeoff and landing (eVTOL) jets, are expected to significantly contribute to market growth. By providing specialized solutions that ensure precision and safety in innovative transportation systems, these advancements are anticipated to boost demand and facilitate market expansion.

Pressure Sensor Market Growth Factors

The increasing integration of IoT and smart devices across various sectors is propelling the growth of the pressure sensor market. This surge is further fueled by the critical role that pressure sensors play in ensuring operational efficiency and precision in connected environments. In the fields of home automation, healthcare, and industrial automation, the demand for accurate pressure measurements is rising as businesses seek to optimize processes, enhance safety, and improve user experiences.

• In April 2024, TE Connectivity expanded its portfolio of IoT wireless pressure sensors in response to increasing demand grew for advanced data acquisition and precise condition monitoring.

As the adoption of IoT increases, the reliance on advanced pressure sensors is emerging as a key factor in propelling market growth.

The pressure sensor market encounters several challenges, including stringent regulatory requirements, high development and production costs, and the need for ongoing technological advancements. To address these issues, key players are investing heavily in research and development to foster innovation and reduce manufacturing expenses. They are further focusing on achieving compliance with international standards to efficiently meet regulatory demands. Additionally, companies are forming strategic partnerships and collaborations to share knowledge and expedite the creation of advanced, cost-effective sensor technologies. These efforts are aimed at overcoming market obstacles and meeting the growing demand for precise and reliable pressure measurement solutions.

Pressure Sensor Market Trends

The rising trend toward miniaturization in sensor technology is bolstering the growth of the pressure sensors sector. As industries increasingly demand smaller, more efficient devices, there is a growing need for compact pressure sensors that maintain high performance standards. This is particularly significant in the consumer electronics and medical device markets, where the integration of miniaturized sensors is critical for product innovation and differentiation. The ability to incorporate high-precision sensors into compact designs is expanding the range of applications. This advancement allows manufacturers to meet evolving consumer demands and technological advancements, thereby contributing to the growth of the pressure sensor market.

• In January 2023, Bosch Sensortec introduced several new sensors at CES 2023, including an AI-enabled sensor and a next-generation magnetometer. Notable among these were the BMP585 barometric pressure sensors, which provide precise altitude tracking even in demanding conditions, such as wearables used for swimming. These sensors feature ultra-low power consumption, extending battery life while maintaining high accuracy and minimal noise levels.

The ongoing advancements in MEMS technology are propelling the growth of the market by enabling the production of highly sensitive, accurate, and reliable sensors at a lower cost. These enhancements are making MEMS-based pressure sensors increasingly attractive to diverse industries such as healthcare, automotive, and industrial automation, where precision and cost-effectiveness are critical.  As MEMS technology continues to evolve, it is driving market expansion by providing manufacturers with the tools to develop innovative, next-generation sensors. These advancements are meeting the increasing demands of modern applications and boosting the adoption and integration of pressure sensors across various sectors.

Segmentation Analysis

The global market is segmented based on technology, sensor type, sensing method, application, and geography.

By Technology

Based on technology, the pressure sensor market is categorized into wired and wireless. The wired segment garnered the highest revenue of USD 11.20 billion in 2023. Industries are increasingly adopting wired pressure sensors due to their stable performance and minimal signal interference in critical applications. As companies increasingly focus on enhancing operational efficiency and precision in industrial automation, automotive systems, and infrastructure monitoring, the demand for wired sensors is growing. Advances in sensor technology and the integration of wired sensors into complex control systems are propelling the expansion of the segment.

By Sensor Type

Based on sensor type, the market is categorized into absolute pressure sensors, gauge pressure sensors, sealed gauge pressure sensors, differential pressure sensors, and vacuum pressure sensors. The absolute pressure sensors segment captured the largest pressure sensor market share of 31.74% in 2023. These sensors are essential in industries such as aerospace, automotive, and medical devices, where accurate and reliable pressure readings are crucial for both safety and performance. The segment is expanding as technological advancements that enhance sensor accuracy and durability, along with an increase in applications in emerging fields such as advanced manufacturing and environmental monitoring. The demand for absolute pressure sensors is rising as industries actively prioritize high-precision measurements and seek solutions that offer consistent performance across diverse environmental conditions.

By Application

Based on application, the market is categorized into automotive, oil & gas, consumer electronics, medical, industrial, and others. The automotive segment is expected to garner the highest revenue of USD 9.78 billion by 2031, mainly fueled by technological advancements aimed at enhancing safety, comfort, and entertainment features in vehicles. The compact size and versatility of pressure sensors have facilitated their widespread adoption in automotive design, including applications in harsh or corrosive environments. This increased adoption is further bolstered by the rising sales and production of electric vehicles (EVs), which require pressure sensors for crucial functions such as battery cooling fluid management and vapor detection.

• According to the International Energy Agency (IEA), under the Net Zero Scenario, electric vehicle sales are expected to account for approximately 65% of total car sales by 2030.

Furthermore, Manufacturers are adhering to stringent industry certifications, including IATF 16949 and ISO 26262, to meet the rigorous standards required for automotive applications. This adherence is contributing significantly to the expansion of segment.

Pressure Sensor Market Regional Analysis

Based on region, the global market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

Asia-Pacific pressure sensor market share stood around 38.04% in 2023 in the global market, with a valuation of USD 6.49 billion, mainly due to continual advancements in both medical and automotive industries. China, in particular, plays a major role in global medical device manufacturing.

• According to the National Medical Products Administration in 2023, the China National Medical Products Administration (NMPA) approved and issued 117 industry standard projects for medical devices.

This growth, facilitated by small and medium-sized enterprises, creates substantial opportunities for pressure sensors in medical applications, where they are essential for monitoring and regulating pressure levels during treatments. Furthermore, Japan’s automotive sector is also experiencing growth, which is boosting demand for pressure sensors. These sensors are crucial for measuring the pressure of fluids, such as engine oil and hydraulic oil in various automotive systems. Additionally, Japan’s emphasis on increasing electric vehicle (EV) sales is further driving demand for pressure sensors used in EV applications. The rapid adoption of EV in the region is expected to fuel the market demand in the region.

North America is anticipated to witness significant growth at a robust CAGR of 7.05% over the forecast period. The region's strong automotive industry highlights the need for pressure sensors in applications such as tire pressure monitoring systems (TPMS) and engine control. Additionally, the expanding industrial automation sector, including both manufacturing and process control, is increasing the demand for precise pressure measurement. The rising adoption of in electric vehicle (EV) is further stimulating regional market growth, as pressure sensors play an essential role in monitoring battery systems and fluid management. North America's growing focus on technological innovation and regulatory standards continues is consistently fueling the development of the market.

Competitive Landscape

The global pressure sensor market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. Companies are implementing impactful strategic initiatives, such as expanding services, investing in research and development (R&D), establishing new service delivery centers, and optimizing their service delivery processes, which are likely to create new opportunities for market growth.

List of Key Companies in Pressure Sensor Market

• ABB
• All Sensors
• Bosch Sensortec GmbH
• Endress+Hauser Group Services AG
• TE Connectivity
• Honeywell International Inc.
• Schneider Electric
• Kistler Group
• Rockwell Automation
• Emerson Electric Co.

Key Industry Development

• June 2023 (Product Launch): Infineon Technologies AG launched two advanced XENSIV barometric air pressure (BAP) sensors, the KP464 and KP466, specifically for automotive applications. The KP464 sensor is designed for precise engine control management, whereas the KP466 BAP sensor is optimized to improve seat comfort functions.

The global pressure sensor market is segmented as:

By Technology

• Wired
• Wireless

By Sensor Type

• Absolute Pressure Sensors
• Gauge Pressure Sensors
• Sealed Gauge Pressure Sensors
• Differential Pressure Sensors
• Vacuum Pressure Sensors

By Sensing Method

• Piezoresistive
• Electromagnetic
• Capacitive
• Resonant Solid-State
• Optical
• Others

By Application

• Automotive
• Oil & Gas
• Consumer Electronics
• Medical
• Industrial
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America