In various industries a pressure sensor is used to evaluate the pressure of either a liquid or a gas inside a chamber, while a transducer, or transmitter, is used to convert it into an analogue electrical signal proportional to the applied pressure. Pressure sensors are used in various industries, such as automotive, industrial, medical, consumer and building devices, which rely on precise and steady pressure measurements for smooth and reliable working of industrial equipment.
As a number of industries depend on pressure sensors to measure and control their processes, the demand for these sensors has extensively amplified. A steep growth in the usage of pressure sensors in home appliances like washing machines and refrigerators is being observed in the recent decades. Also, several electronics manufacturers are coming up with novel products, such as smartphones, washing machines, gaming consoles, navigation systems, and other electronic devices. These devices need advanced pressure sensors to offer precision. For instance, smartphone is the most used device that requires a pressure sensor to execute functions like navigation, level detection, weather forecasting, and many more. Also, massive developments in the arena of autonomous vehicles, drones, and augmented reality (AR)/ virtual reality (VR) based devices is fueling the demand for Microelectromechanical systems (MEMS) pressure sensors. All these factors are greatly enhancing the growth of the global pressure transducer market.
Newest Insights in the Pressure Transducer Market
As per a report by Research Dive, the global pressure transducer market is expected to surpass $19,466.1 million in the 2022–2030 timeframe. The North America region is expected to perceive leading growth with a CAGR of 10.58% in the years to come. This is because, the region has a gigantic demand for pressure transducers in various applications like EGR system exhaust gas pressure. As per market analysts, the region is expected to perceive enormous growth in the future years.
How are Market Players Responding to the Rising Demand for Pressure Transducers?
Market players are greatly investing in advanced product launches to cater the rising demand for pressure transducers. Some of the notable players of the pressure transducer market are ControlAir, Inc., Panasonic Corporation, Robert Bosch Gmbh, Sensata Technologies, Inc, Kulite Semiconductor Products Inc., ABB Ltd, Honeywell International Inc, Validyne Engineering, NXP semiconductors, Setra Systems, Inc. (Fortive), and others. These players are focused on planning and devising tactics such as mergers and acquisitions, collaborations, novel advances, and partnerships to reach a notable position in the global market.
- In May 2019, FISO Technologies, a designer, manufacturer and seller of fiber optic sensors & high-precision measuring equipment, launched FOP-M200, the smallest commercially available pressure transducer.
- In March 2021, Bosch Sensortec, a fully owned subsidiary of Robert Bosch GmbH focused on making consumer electronics parts and products, launched BMP384, a powerful barometric pressure sensor in a compact package.
- In October 2021, Rohm Semiconductor, a designer and manufacturer of integrated circuits (ICs), semiconductors, and other electronic modules, launched BM1390GLV-Z, a waterproof barometric pressure sensor built using piezoresistive MEMS technology.
COVID-19 Impact on the Global Pressure Transducer Market
The unexpected rise of the coronavirus pandemic in 2020 has negatively impacted the global pressure transducer market. The implementation of strict lockdown rules to prevent the spread of the virus had caused disruptions in the supply chain and normal functioning of several industries. This has greatly affected the demand as well as supply of pressure transducers, thus hindering its market growth. However, as the pandemic situation is relaxing, industries are resuming normal functioning, which is likely to thrust the growth of the global pressure transducer market in the near future.