The Global Pressure Transducer Market Projected to Grow at a CAGR of 11.29% and Generate a Revenue of $19,466.1 million by 2030Download Sample Reports Overview
The global pressure transducer market is predicted to be valued at $19,466.1 million by 2030, surging from $7,400.7 million in 2021, at a noteworthy CAGR of 11.29%.
Impact Analysis of COVID-19 on the Pressure Transducer Market
The COVID-19 pandemic disrupted the supply chain activities of automotive industry causing a negative impact on the pressure sensor market. Initial phase of lockdown during the pandemic slowed down or temporarily shut down the manufacturing of goods and stopped the flow of finished goods and raw materials. There was a rise in the price of raw materials which eventually leads to manufacturing of finished goods at an expensive cost. Also another major issue during the outbreak was disruption of transportation such as port congestion which occurs when the terminal is full and the ship which is arriving can neither load nor unload.
The behavior of people changed during pandemic due to awareness regarding the COVID-19 and the way it spreads as it tends to happen after coming in close contact with people who are infected. This refrained people from travelling and visiting to each other’s places and since cars had very less or no use the demand for pressure transducer reduced as it is mostly used in automobiles. . There was lockdown due to the regulations imposed by government to restrict people at their homes. Post COVID-19 pandemic, the global pressure sensor market showed steady growth due to its demand in various applications such as car and washing machine and advancement of microelectromechanical systems technology.
Global Pressure Transducer Market Analysis
Pressure transmitters are extensively utilized in the process sector. The declared accuracy criterion of current pressure transmitters has become totally accurate. In line with the industry needs, the vendors strengthen their position in the pressure transmitter market by rolling out new products The automotive sector is the major end user of pressure sensors and they are widely used in vehicles with features such as high accuracy, high reliability, and low cost. Pressure sensors are used in various automotive applications such as collision avoidance systems, advanced braking systems, and tire pressure monitoring systems. The automotive companies use pressure sensors in the vehicles to improve driving experience by connecting the sensors to other devices such as mobile phones. . Doing so amplifies the functionality of the devices, and they can be used to collect other key customer behavior analytics.
Increase in application of pressure sensors in wearable is leading to increase in manufacturing and shipment of these sensors which is hampering revenue growth in sales causing price erosion. The intense competition and increasing number of manufacturers in the sensors market are also reducing the market growth. These factors are leading to rapid demand of innovations in developing new portables. Due to the competitive pricing, major players in the market have faced loss in revenue along with reduction in margins for suppliers. Import and export tariff is another restrain faced by the market players due to various policies of government and political relation between countries that affect the tariff rates.
Products in the consumer electronics industry such as smartphones, wearable, washing machines, navigation systems, and other electronic devices are witnessing exponential growth in recent years due to the developing technologies where pressure sensors are widely used. The benefits of sensors include high accuracy, cost-effectiveness, and durability. Increasing sensor applications in drones and Augmented reality (AR)/Virtual reality (VR) equipment, increasing military spending in drones such as Unmanned Aerial Vehicles (UAVs) is driving revenue growth of the global pressure transducer market. In June 2021, Finnish forest industry company UPM Forest selected Emerson Electric Co. as the main instrumentation vendor for its new eucalyptus pulp mill constructed in Central Uruguay. Emerson Electric Co.'s advanced measurement instrumentation, gas analytical solutions, and high-pressure control valves will be used to monitor and control the production processes. This will optimize operational efficiency and plant reliability, ensure excellent safety and environmental sustainability performance, and minimize operating costs.
Global Pressure Transducer Market, Segmentation
The global pressure transducer market is segmented based on technology type, pressure type, end-use industry, and region.
The technology type segment is further classified into piezoresistive strain gauge, capacitance, and others. Among these, the piezoresistive strain gauge sub-segment is anticipated to have a dominant market share and shall surpass $7,649.5 million by 2030, with an increase from $2,852.3 million in 2021. Piezoelectric pressure sensors operate on piezoresistive effect and they are also known as strain gauge pressure measurement sensors. The demand for vehicles is increasing as the population is rising which is influencing the rise in safety concerns of people and vehicle emissions causing pollution. Pressure from regulatory authorities for the safety of people is expected to drive revenue growth of the piezoresistive strain gauge sub-segment in the forecasting years.
Based on pressure type, the analysis has been divided absolute pressure, gauge pressure, and differential pressure measurement. Among these, the absolute pressure sub-segment is predicted to be the most dominant and the gauge pressure sub-segment is anticipated to show the fastest growth during the forecast period. The absolute pressure sub-segment will surpass $8,313.4 million by 2030, with an increase from $3,074.1 million in 2021. These sensors are widely used in the vehicle sector to monitor biometric pressure and the information delivered to powertrain control module is used to maintain & modify fuel enrichment and ignition timing under varied running situations. The rising need for error-free engine operation in order to create more safe automobiles is a primary reason driving the absolute pressure sub-segment growth.
The end-use industry segment is further classified into automotive, consumer electronics, industrial, healthcare, oil & gas, and others. Among these, the automotive sub-segment is anticipated to have a dominant market share and shall surpass $4,894.7 million by 2030, with an increase from $1,988 million in 2021. Increase in demand for passenger vehicles with concerns about safety of people is influencing integration of sensors in the vehicle to avoid severe injuries to people such as airbags and ABS, which is projected to drive the automotive sub-segment revenue growth.
The Asia-Pacific pressure transducer market is projected to be the fastest growing in the forecasting period. The Asia-Pacific pressure transducer market accounted for $1,606.7 million in 2021 and is projected to register a revenue of $4,662.1 million by 2030. The advancements in technology and growth of process industries is expected to drive pressure transducer market in the Asia-Pacific region in the forecasting years. The adoption of industrial automation and optimum utilization will achieve high efficiencies in pressure transducer market by increasing accuracy and reducing failures in the automated industry.
Key Players in the Global Pressure Transducer Market
Some of the leading pressure transducer market players are
- 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.
In March 2021, Bosch Sensortec, a pressure sensor provider, launched BMP384, which is a robust barometric pressure sensor. BMP384 is a high-performance and low-consumption sensor, which makes it ideal for home appliances, wearables, and industrial applications in harsh environments.