Pressure Sensor Market Size, Share, Growth Analysis, By Connectivity(Wired Sensors, Wireless Sensors), By Sensing Method(Piezoresistive, Capacitive, Resonant Solid-State, Electromagnetic), By Sensor Type(Absolute Pressure Sensors, Gauge Pressure Sensors, Differential Pressure Sensors, Sealed Pressure Sensors), By Pressure Range(Up To 100 PSI, 101–1,000 PSI, Above 1), By End Use(Automotive, Medical, Manufacturing, Utilities), By Region - Industry Forecast 2024-2031

Global Pressure Sensor Market size was valued at USD 10.3 billion in 2022 and is poised to grow from USD 10.98 billion in 2023 to USD 18.31 billion by 2031, growing at a CAGR of 6.60% during the forecast period (2024-2031).

The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Honeywell International Inc. (US) ', 'ABB (Switzerland) ', 'Emerson Electric Co. (US) ', 'Amphenol Corporation (US) ', 'TE Connectivity (Switzerland) ', 'Sensata Technologies, Inc. (US) ', 'TT Electronics (UK) ', 'Rockwell Automation (US) ', 'Schneider Electric (France) ', 'Siemens (Germany) ', 'STMicroelectronics (Switzerland) ', 'Infineon Technologies AG (Germany) ', 'NXP Semiconductors (Netherlands) ', 'Yokogawa Electric Corporation (Japan) ', 'Endress+Hauser Group Services AG (Switzerland) ', 'Bosch Sensortec GmbH (Germany) ', 'IFM Electronic GmbH (Germany) ', 'Jumo GmbH & Co. KG (Germany) ', 'Kita Sensor Tech. Co., Ltd. (South Korea) ', 'Nidec Corporation (Japan) ', 'Phoenix Sensors (US) ', 'Micro Sensor Co., Ltd. (China) ', 'Kistler Group (Switzerland) ', 'Omega Engineering, Inc. (US)'

An important driver of the market's expansion is the growing adoption of the Internet of Things (IoT). The creation of smart factories, towns, and households is being revolutionized by pressure sensors. Hence, it is projected that the rise in IoT-connected devices will spur market expansion. Moreover, among the key drivers propelling the pressure sensors market globally are the rise in industrial automation and the rising need for smaller consumer electronics, including wearables and IoT-connected gadgets.

Increasing demand from automotive industry: The automotive industry is a major consumer of pressure sensors, as they are used in a variety of applications such as engine management systems, tire pressure monitoring systems, and brake systems.

In 2022, North America & Asia-Pacific regions held significant share in the global Pressure Sensor market. In 2022, the Asia Pacific region held a commanding position in the pressure sensor market, contributing more than 38.0% of global sales. The mass manufacture of electronic components and increased R&D expenditures are both responsible for the segment's expansion. The demand for pressure sensors in this area is being driven by the rising demand for consumer electronics like tablets, wearable technology, and smartphones. A sizable portion of the regional pressure sensor market is contributed by China and India. China has a developed economy with several commercial options. The Danfoss Group, a leader in engineering and software technologies, has made significant investments in the pressure sensor industry and is predicted to hasten the expansion of the pressure sensors market in China.