The Air Pressure Sensor Market value is projected to reach US$ 38,485.7 MN in 2032 with a CAGR of 8.0%. The market for air pressure sensors is primarily driven by the growing industrial and automotive sectors as well as the increasing demand for cutting-edge technologies around the globe.
Pressure sensors are experiencing rapid growth as a result of their expanding use in a variety of industries for products like alarm systems, water purifiers, medical breathing apparatuses, refrigeration systems, and off-road projects.
| Attributes | Details |
|---|---|
| Market Size (2021) | US$ 16,562.7 Million |
| Market Size 2022 | US$ 17,814.6 Million |
| Market Size 2032 | US$ 38,485.7 Million |
| Value CAGR (2022 to 2032) | 8.0% |
The market has been significantly impacted by the expansion of industries, an increase in exploration activities, and rising disposable incomes, which encourage the sale of automobiles.
The development of pressure sensors for use in medical and automotive applications is finding new opportunities owing to the advancement of technology, like real-time monitoring for automobiles. The MEMS technology is anticipated to dominate the worldwide air pressure sensor market in the coming years.
Additionally, as more automation-based solutions and services become prominent, IoT-based devices are focusing more and more due to their cutting-edge and advanced applications globally.
The market is expected to grow owing to the rising demand for reliable sensors, low maintenance costs, and excellent performance. Due to their widespread application in a variety of industries, including petrochemicals, construction, shipbuilding, aviation, and the medical sector, air pressure sensors are in high demand.
MEMS-based pressure sensors are widely employed in the construction, medical, and automotive industries. Additionally, the change from analogue to digital has stimulated the development of more intelligent air pressure sensors that work efficiently. New developments in ICT and nanotechnology applications are the developing trends in the global market for air pressure sensors.
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The analysis of the air pressure sensor market estimates its value at US$ 17,814.6 MN in 2022 and reveals a historical growth rate of less than 6.3% CAGR for the period of 2017 to 2021. The market is being fueled by overall technological innovation in the automotive sector as well as consumer electronics as a result of advanced demand from end users.
The market started growing, and the COVID-19 epidemic came with its detrimental effects on various sectors, including the industrial automation and equipment sector. There is no exception on the market for air pressure sensors. Government restrictions, such as social segregation rules and shelter-in-place orders, have caused companies in the air pressure sensor industry to stop operating at their production sites.
However, after the reduced percentage of COVID spread and flattening of infection curves in 2022, the production activities and supply chain resumed with strong demand. As a result of this, FMI’s Air Pressure Sensor Market demand projection predicts a CAGR of 8.0% by 2032.
The market is expanding due to a wide range of factors, such as growing demand for technologically advanced wearables and health monitoring systems, the growing use of automobile safety systems, and growing trends towards industrial automation and IIoT in developing countries. Additionally, the market is significantly boosted by MEMS technology improvements and rising adoption in marine and defense applications.
The rising interest in the electromagnetic pressure sensor's ability to transform applied pressure into an electrical signal is anticipated to fuel the global market demand for electrical applications. It also offers features like great efficacy, affordability, and suitability for electrical applications.
The advantages provided by wireless-type air pressure sensors, such as their portability, increased safety, and affordability, are anticipated to propel the segment's expansion. The market is anticipated to grow during the forecast period due to the rising use of wireless air pressure sensors in applications such as consumer goods, industrial automation and manufacturing, air compressor monitoring, and pool pump systems.
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The installation of sensors enables more functionality and increases automation in electronic systems, but it comes as an additional expense, thus it is avoided in cost-effective applications. Smartphones, computers, and cameras are gadgets that are continuously used for prolonged periods.
These devices feature temperature-sensitive components, thus the use of these sensors causes heating problems and may reduce the device's life span.These factors can impact negatively on the global market sales.
Regulatory restrictions as well as the cost of developing and installing these pressure sensor devices are some other factors that are limiting the worldwide air pressure sensor market's revenue growth.
The high development costs connected with R&D operations to develop new products provide a significant challenge, especially for small and medium-sized pressure sensor companies that are struggling with profitability. Only high-end cars now use these sensors due to the high costs involved with the sensor's overall production process.
The demand for sensors is growing as a result of the insufficiency of suppliers who can make them at a high standard. Additionally, the process of integrating these sensors into functional systems is expensive, particularly in the automotive industry. Other market challenges would include a lack of product differentiation, excessive power consumption, and accuracy.
In terms of market share and revenue, the Asia-Pacific region dominated the global market for air pressure sensors in 2021. The large production of electronic components as well as increasing R&D expenditures can be considered for the segment's expansion.
The need for pressure sensors in this region is being driven by the rising popularity of consumer electronics like smartphones, wearables, and tablets. A significant portion of the regional market for pressure sensors is contributed by China and India. China has a developed economy and offers many business opportunities.
North America is anticipated to have the highest growth rate. The regional market is anticipated to expand due to the significant demand for pressure sensors in the automotive industry's TPMS and EGR system applications.
One of the main reasons fueling market expansion is the presence of large corporations in the region. The market in this region is expanding at a faster rate due to the rising demand for air pressure sensors in industries including oil and gas, petrochemicals, and medicine.
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Key players operating in the Air Pressure Sensor market include ABB, General Electric, Emerson Electric, Honeywell, NXP Semiconductors, Infineon Technologies, Siemens, STMicroelectronics, Continental, SSI Technologies, Delphi, Robert Bosch, Endress+Hauser Management AG, Sensata Technology Inc., BD|SENSORS GmbH, ChampionX Corporation, Texas Instruments, MRON Corporation, Denso Corporation, Analog Devices, Inc., Freescale Semiconductor, Others.
Key market players are enhancing their regional and worldwide product networks through the introduction of new products, joint ventures, and partnerships with significant industry players.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 8.0% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million, Volume in Units and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Product Type, Sensor Type, Technology, Application, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; Middle East and Africa |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Germany, Italy, France, UK, Spain, Benelux, Russia, China, Japan, South Korea, India, ASEAN, ANZ, GCC Countries, Turkey, South Africa, North Africa |
| Key Companies Profiled | ABB; General Electric; Emerson Electric; Honeywell; NXP Semiconductors; Infineon Technologies; Siemens; STMicroelectronics; Continental; SSI Technologies; Delphi; Robert Bosch; Endress+Hauser Management AG; Sensata Technology Inc.; BD|SENSORS GmbH; ChampionX Corporation; Texas Instruments; MRON Corporation; Denso Corporation; Analog Devices, Inc.; Freescale Semiconductor; Others |
| Customization & Pricing | Available upon Request |
In 2021, the value of the Air Pressure Sensor Market reached over US$ 16,562.7 Mn.
During the forecast period, the Air Pressure Sensor Market is estimated to expand at a CAGR of 8.0% during 2022-2032.
The Air Pressure Sensor Market is projected to reach US$ 38,485.7 Mn by the end of 2032.
Asia-Pacific region is projected to lead the Air Pressure Sensor market in the forecast period.
The key players operating in the Air Pressure Sensor market are ABB, General Electric, Emerson Electric, Honeywell, NXP Semiconductors, and Infineon Technologies.
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Air Pressure Sensor Market
