Top 4 Trends Set To Boost Pressure Sensors Market Forecast
The increasing adoption of pressure sensors in the oil and gas industry has significantly influenced the size of the global pressure sensors market. The deployment of pressure sensors has increased with many oil and gas manufacturers conducting large-scale explorations to discover crude oil reserves. This is crucial because pressure sensors are integrated into various components of oil and gas manufacturing such as compressors, pipelines, offshore drilling rigs, pumping systems and pressure vessels.
It would therefore be misleading to state that with the increase in discoveries of crude reserves, the demand for pressure sensors will intensify in the coming years.
According to research conducted by Global Market Insights Inc., the pressure sensor market is expected to exceed $ 13.5 billion by the end of 2027.
Various industry players operating in the market are involved in strategic M&A activities to gain competitive advantage and expand their business operations. For example, in March 2020, TE Connectivity acquired a majority stake in First Sensor AG. This acquisition is expected to help the company expand its portfolio of advanced pressure sensor products offering customized solutions across a wide range of industries.
Here are some trends that will propel the pressure sensor market growth from 2021 to 2027:
Growing adoption of gauge pressure sensors
Gauge pressure sensors are increasingly used in HVAC control systems in the industrial and residential sectors. These sensors calculate the relative pressure with reference to the variation in atmospheric pressure. The calculation of gauge pressure is important for the efficient operation of HVAC control systems. For this reason, gauge sensors accounted for a 13.5% market share in 2020 and are expected to proliferate at a substantial rate during the study period.
Advances in resonant semiconductor technology to increase demand for pressure sensors
Pressure sensors developed using resonant semiconductor technology are very stable, consume little power and measure pressure with the highest precision. Additionally, the sturdy nature of these sensors allows them to withstand extreme environments such as high temperatures, increasing their utility in the chemical, pharmaceutical and aerospace industries. Driven by these factors, resonant solid state technology accounted for a 13% market share in 2020 and is expected to proliferate at a 7% CAGR through 2027.
Growing demand for industrial applications
Among all the pressure sensor applications, the industrial application gained 22% market share in 2020 and is poised to proliferate at a CAGR of 7.5% during the stipulated period. The growing support from governments in developed economies like the United States, South Korea, and Germany for establishing smart manufacturing facilities can be attributed to this growth. Pressure sensors are used in smart factories for applications that need to measure or control pressure. They are deployed on a variety of components such as pneumatic systems, compressors, hydraulics and air pressure drives in smart manufacturing facilities. Due to all these factors, the adoption of pressure sensors is likely to increase in the coming years.
Development of the automotive industry in Europe
Europe is home to some of the biggest car manufacturers such as Daimler AG, PSA Group, Audi and BMW Group. Automobiles are built into pressure sensors on their gearbox, transmission, brake system, cooling system, and fuel system. Additionally, the automotive industry has instilled cutting edge technology like ADAS into future self-driving cars. Due to all these factors, the pressure sensor market in Europe will show a CAGR of 6.5% over the forecast period of time.