Pressure Sensor Market Size Forecast to 2025 with COVID-19 Impact Analysis

Leading players in Pressure Sensor Market

The latest Pressure Sensor market study offers an all-inclusive analysis of the major strategies, corporate models, and market shares of the players in this market. The global pressure sensor market is expected to grow from USD 13.6 billion in 2020 to USD 20.8 billion by 2025; it is expected to grow at a CAGR of 8.9% during 2020–2025.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=871&utm_source=Freprosonali&utm_medium=sonali&utm_campaign=sonali Key factors fueling the growth of this market include advancements in microelectromechanical (MEMS) sensors, increase in demand from automotive and medical industries, and stringent passenger safety regulations. Increasing use of pressure sensors in smartphones is also expected to support in growth of pressure sensor market, in the midst of COVID-19.

Lockdowns imposed in multiple countries to check the spread of COVID-19 have caused disruption to the manufacturing, as well as the supply chain of pressure sensors. The supply chain of major pressure sensor manufacturers, especially the ones based in the US, The UK, China, Brazil, India, and France, have been hit by the pandemic. Before the outbreak of COVID19, pressure sensor manufacturers were optimistic that 2020 would see a normalization in inventory levels fueled by rise in smartphones and automotive sales and increase in the adoption of smart manufacturing technologies. However, the demand for these sensors has reduced considerably post the outbreak of the disease. Nevertheless, the global demand for pressure sensors is expected to surge in the second half of 2020.

Driver: Advancements in microelectromechanical (MEMS) sensors Microelectromechanical system, or MEMS, is a technology used to create micro-miniature electronic-mechanical devices. A MEMS pressure sensor is a sensing device that can detect and measure external pressure and respond mechanically (for instance, with the rotation of a motor) to compensate for the pressure change. With significant advancements in various engineering fields, such as the automotive and aviation industries, the demand for MEMS pressure sensors is surging continuously. They are used in biomedical applications, control systems, consumer products, and weather forecasts to monitor external pressure. Blood pressure measuring systems, combined with an analog-to-digital converter (ADC), using these sensors, incur lower manufacturing costs compared to conventional blood pressure monitoring systems. MEMS pressure sensors are integrated into pills, known as smart pills, which are used to monitor the flow rate in the stomach and intestine.

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Restraint: Intense pricing pressure While the widespread application of pressure sensors in automated intelligent controls and wearable electronics leads to increased shipment of these sensors, the sales growth is significantly restrained by price erosion. This is partially a result of the intense competition among the rising number of sensor manufacturers, which leads to rapid innovation in new portable, consumer, and IoT applications. Several companies are channeling their research & development activities toward providing cost-effective solutions for existing pressure sensing technologies, such as piezoresistive pressure sensors manufactured using MEMS technology.

Due to the pricing pressure for high-volume applications, manufacturers are compelled to decrease the prices of pressure sensors. This fall in prices not only hampers the revenue growth in the highly competitive pressure sensor market but also reduces the margin for suppliers.

Opportunity: Advancements in nanoelectromechanical system (NEMS) technology NEMS technology is used to create nano-miniature electronic mechanical devices. It is defined as the integration of the functionalities of electrical and mechanical devices into a nano scale.

The technology assures the revolution of measurements of very small displacements, extremely weak forces, mostly at the molecular level. NEMS pressure sensors have found major applications in medical devices, especially in blood pressure measurement systems.

Challenge: High regulatory barrier Legislations imposed by regulatory authorities have a key role in creating a positive macroeconomic environment for different sectors that push the current development trends.

However, the economies that have been most successful in building and maintaining a healthy industry are those in which governments have decreased their involvement at the microeconomic level and allowed market principles to operate. In the current era of globalization, when countries are increasing trading activities, the benefits in terms of increase in exports are realized better through free trade policies. In such a scenario, excessively high tariffs are against the spirit of globalization and are required to be low. For example, after Brexit, there have been trade issues between the UK and the European Union (EU). Similarly, the ongoing trade war between the US and China is expected to further affect the overall pressure sensor market as manufacturing plants of several pressure sensor players are based in China.

Absolute pressure sensors held the largest market share of pressure sensor market in 2019 The absolute pressure sensors is expected to account for the largest share of the pressure sensor market by 2025, which can be attributed to its usage to measure pressure changes in

barometric pressure or as altimeters. Absolute pressure sensors are used to measure pressure, referred to as vacuum or zero pressure. Absolute pressure sensors find their application in food & beverages, medical equipment manufacturing, and consumer products.

Automotive end-user industry held largest share of pressure sensor market in 2019 The market for automotive end-user industry to hold the largest share during the forecast period, owing to the increasing usage of pressure sensors in the automotive industry to comply with the mandates laid down by governments. For instance, in the engine management systems, to enhance the efficiency of car engines, pressure sensors have to accurately monitor engine conditions, such as air volume and exhaust gas pressure of the EGR system.

Honeywell (US), ABB (Germany), Emerson (US), Amphenol (US), Sensata Technologies (UK), BD Sensors (Germany), First Sensor (Germany), Microsensor Co. Ltd. (China), Quartzdyne (US), and Crane Co. (US) are a few major companies in the pressure sensor market. Organic growth strategies, such as product launches and developments, is a focus of many of the companies mentioned above.

Prominent players have adopted product launches and developments, followed by partnerships, collaboration, contracts, and agreements the key business strategy to expand their share in the pressure sensor market. For instance, in May 2019, Emerson (US) launched a new product, “Pressure-Lock Valve design,” from the Rosemount pressure transmitters series.

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