Pressure Sensor Market 2019-2026 by CAGR of 6.4% (Growth, Trends, Forecast, Size and Global Share)

Technological advancements in terms of micro electromechanical system development, design of miniaturised sensors and growing end use industry demands for critical operational parameters monitoring and control are some of the major factors driving the global pressure sensor market.

The global pressure sensor market was valued at USD 9.24 billion in 2018 and is expected to reach USD 14.08 billion in 2026, growing at a CAGR of 6.4% during the forecast period.

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The pressure sensor is designed in order to provide pressure readings in the various industrial process control environments. These types of sensors identify, measure, and transmit the data related to externally applied pressure in order to assist in analyzing the instrument or operation performance and make critical process decisions. Pressure sensors are manufactured with integrated circuit fabrication technology on silicon wafers which involves operations such as lithography and etching. Pressure sensors are employed to monitor and control the pressure parameters of various gases and liquids. Different types of pressure sensors are used according to the nature of the process, such as absolute pressure sensor, differential pressure sensor and many more.

The global pressure sensor industry growth is positively impacted by various factors including rising demand for electric vehicles, stringent safety regulations imposed by various governments and rapid industrialization which is fuelling the demand for pressure sensors from multiple end-use industries globally. Steady growth from end-use industries of developing economies is anticipated to offer numerous growth opportunities during the forecast period.

Key Findings:

• Based on the type, the absolute pressure sensors is expected to grow at the highest CAGR of around 10.1% during the forecast period whereas differential pressure sensors is anticipated to hold its major market share in 2026
• Based on technology, piezoresistive pressure sensors are expected to grow at the highest CAGR during the forecast period
• Based on application, the oil & gas industry segment is expected to hold nearly 31% in the global market in 2018
• On the basis of region, North America region which is fuelled by growth in urbanization demand and accounted largest market share globally by contributing more than 33% share in 2018

Recent News:

• In May 2018, US based Silicon Microstructures, Inc. introduced a new SM933X series Ultra-Low Differential Pressure Sensor which is capable of offering long term stability. This product features a pressure range of as low as 125 Pa (0.50 inH2O).
• In April 2018, WEMS Limited (UK) launched a battery powered wireless differential pressure sensor with measuring range of -500 to +500 Pa for applications in ventilation systems to monitor filters and differential air pressure in clean rooms.

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