Global Pressure Transducer Market Anticipated to Generate a Revenue of $9,986.2 Million, Growing at A CAGR Of 6.1% from 2021 to 2028Download Sample Reports Overview
The global pressure transducer market is estimated to be valued at $9,986.2 million by 2028, surging from $6,271.8 million in 2020, at a noteworthy CAGR of 6.1%.
COVID-19 Impact on Pressure Transducer Market
Lockdowns imposed in a number of countries to halt the spread of COVID-19 have hampered pressure sensor manufacturing as well as the supply chain. Because of the COVID-19 outbreak, which resulted in a lack of staff and raw materials, the majority of factories remained closed or were unable to reach full production capacity. These actions have had a negative impact on global pressure transducer market, across the world. Pressure sensors of various types, including absolute pressure sensors, differential pressure sensors, and gauge pressure sensors are used in a variety of end-user industries. In healthcare it is used as blood pressure devices and in many other devices. The pressure transducer market is highly dependent on the growth of end-user industries, which primarily include automotive, industrial, utility, aviation, oil & gas, and marine. There has been a marked decline in the growth of the above-mentioned industries, particularly in developing countries due to the large number of cases of COVID-19.
Pressure Transducer Market Insight
A pressure transducer also referred as a pressure transmitter, converts pressure into an analogue electrical signal and is widely used in a variety of industries including telemetry, HVAC, oil & gas, automotive, consumer electronics, and so on. The use of barometric pressure sensor, air pressure sensor in different healthcare devices and applications such as blood pressure devices and use of barometric pressure sensing for elderly or patient who needs healthcare monitoring is growing. A pressure transducer is used in the oil & gas industry to monitor pressure in liquid tanks, outlet, inlet, or system pressure, and for a variety of other purposes. The pressure transducer market's key players are already working on the development and introduction of advanced pressure transducers. For instance, in July 2020, ABB ltd, Multinational Corporation operating mainly in robotics, power, heavy electrical equipment, and automation technology areas, introduced a new line of pressure transmitters designed to meet critical requirements in most manufacturing and production industries. The PxS100 series is appropriate for use in the water, mining, pulp & paper, cement, and power ancillary industries. Additionally, the healthcare industry pressure transducer manufacturers are pursuing incremental chances due to the introduction of the wireless pressure transducers with inbuilt cellular connection. The launch of these types of devices makes monitoring pressure and temperature easier over traditional pressure transducers.
Pressure transducer demand is likely to be hampered by fluctuating market trends in end-use industries.
One of the key factors driving the market growth is the emerging trend of automation for industrial optimization. The incorporation of digital communication interfaces, which provides remote calibration and diagnostics, is rapidly replacing analogue pressure transducer. Apart from being increasingly used in industrial machinery, these transducers are also widely used in consumer electronics for indoor navigation and creating an overall user-friendly interface, among other things. Also tbe multivariable pressure transmitter is a significant advancement in multi-sensing technology. The mass flow as a function of temperature, absolute pressure, and differential pressure is measured and calculated by multivariable transmitters. The use of pressure transducers is increasing very rapidly in the world, the growing need and the benefits of using it are making the way for pressure transducer market opportunity.
Global Pressure Transducer Market Share, Segmentation
The global pressure transducer market is segmented based on technology type, pressure type, end-use, and region.
The technology type segment is further classified into piezoresistive strain gauge, capacitance pressure transducer, and others. The piezoresistive strain gauge sub-segment is expected to have the largest market share, with revenues exceeding $4,436.6 million by 2028, up from $2,825.8 million in 2020. Pressure sensors that use the piezoresistive effect are known as piezoelectric pressure sensors; strain gauge pressure measurement sensors are another name for piezoelectric pressure sensors. Rising demand for vehicles in developing countries, along with rising government safety concerns are expected to result into the piezoresistive strain gauge growth, and nanotechnology applications are anticipated to have a positive impact on market growth in the coming years. The strain/pressure applied to the strain gauge is detected by piezoelectric pressure sensors. A growing trend among pressure transducer manufacturers is the incorporation of a diverse range of products into the piezoresistive strain gauge.
The pressure type is further classified into absolute pressure, gauge pressure, differential pressure measurement sensors. The absolute pressure sub-segment is expected to have a dominant market share of $4,095.0 million by 2028, up from $2,509.5 million in 2020. Absolute pressure sensors are used to measure the absolute pressure of air or gas by measuring the target pressure relative to the known pressure of an absolute vacuum. In the automotive industry, these sensors are commonly used to measure biometric pressure and the powertrain control module is informed about the engine load. Fuel enrichment is maintained and adjusted using the data supplied to the powertrain module and the ignition timing under a wide range of operating conditions is also monitored. The increased demand for error-free engine functionality in order to manufacture more secure vehicles is a major factor driving absolute pressure measurement growth in the pressure transducer market.
The end-use sub-segment is further divided into automotive, consumer electronics, industrial, healthcare, oil & gas, and others. The automotive sub-segment is expected to have a dominating market share and surpass $2,396.0 million by 2028, up from $1,544.0 million in 2020. The safety mandates in the automotive sectors are fueling the growth of the pressure transducer market. The rapidly expanding automotive market in emerging economies such as China and India has resulted in a significant increase in demand for pressure transducer.
The pressure transducer market for the North America region is projected to have the largest share and Asia pacific region predicted to be the fastest growing for the pressure transducer market forecast in the coming years. The market in North America generated a revenue of $2,502.4 million in 2020 and is projected to reach up to $3,858.7 million by 2028. The market in the North America region is expected to grow due to the rapid sales of smartphones, automotive, and smart devices. The growing concept of connected cars, as well as automotive safety regulations, are expected to drive MEMS pressure sensor adoption and be some of the key driving factors of the market in this region.
Key Players in the Global Pressure Transducer Market
- Panasonic Corporation.
- Sensata Technologies, Inc
- ABB Ltd
- Honeywell International Inc,
- Validyne Engineering
- Robert Bosch Gmbh
- NXP semiconductors
- Setra Systems, Inc. (Fortive)
- ControlAir, Inc.
- Kulite Semiconductor Products Inc
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Pressure Transducer Market:
- Bargaining Power of Suppliers: The global pressure transducer market has a large number of suppliers, and they are much larger and more globalized.
Thus, the bargaining power of the supplier is low.
- Bargaining Power of Buyers: Buyers want a low-cost, effective pressure transducer. This has put additional pressure on pressure transducer manufacturers to provide low-cost products. As a result, many suppliers have started to offer the best yet most affordable pressure transducer. This enables buyers to freely choose the pressure transducer that best meets their requirements.
Thus, the bargaining power of the buyers is high.
- Threat of New Entrants: Companies entering the global pressure transducer market are implementing technological innovations to attract customers. Furthermore, these businesses are putting in place a variety of effective strategies, and government assistance is available in some countries.
Thus, the threat of the new entrants is high.
- Threat of Substitutes: There are very few pressure transducer substitutes in the market, and they are less efficient and in the early stages of development when compared to pressure transducers.
Thus, the threat of substitutes is low.
- Competitive Rivalry in the Market: Because of the large number of players in the pressure transducer industry who are focused on improving transducer efficiency, business expansion, and product innovations, competitive rivalry among industry leaders is fierce.
Therefore, competitive rivalry in the market is high.