“Pressure Sensor Market is expected to grow from USD 13.6 billion in 2020 to USD 20.8 billion by 2025; it is expected to grow at a CAGR of 8.9% during 2020–2025. Key factors fueling the growth of this market include advancements in microelectromechanical (MEMS) sensors, an increase in demand from the automotive and medical industries, and stringent passenger safety regulations. Increasing use of pressure sensors in smartphones is also expected to support the growth of the pressure sensor market, in the midst of COVID-19.
Absolute pressure sensors are expected to gain a significant share of the pressure sensor market by 2025
They are expected to account for the largest share of the pressure sensor market by 2025, which can be attributed to its usage to measure pressure changes in barometric pressure or as altimeters. Absolute pressure sensors are used to measure pressure, referred to as vacuum or zero pressure. Absolute pressure sensors find their application in food & beverages, medical equipment manufacturing, and consumer products.
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Piezoresistive technology is expected to gain a significant share of the pressure sensor market by 2025
The piezoresistive technology is expected to account for the largest share of the pressure sensor market by 2025. The growth of the segment can be attributed to the suitability of piezoresistive technology for measuring absolute, gauge, vacuum, and differential pressures. These sensors find applications in washing machines, dishwashers, and vacuum cleaners, where they are used for oil & gas level air pressure detection, blood pressure measurement, and others.
Based on end-user industry, the market for consumer electronics end-user industry to grow at the highest CAGR from 2020 to 2025
The market for the oil & gas industry is expected to grow with the highest CAGR during the forecast period, owing to pressure sensors becoming smaller in size, less costly, and more power-efficient than those in the past. These developments have encouraged their use in portable devices (smartphones, wearables, and tablets), gaming, navigation, and home appliances.
Pressure sensor market in APAC to grow at the highest CAGR during the forecast period
The market in APAC is expected to grow at the highest CAGR during the forecast period. China, India, South Korea, and Japan are the major contributors to the growth of the pressure sensor market in APAC. The pressure sensor market in the Asia Pacific is likely to be driven by the evolving automobile and industrial manufacturing companies and the rising demand for pressure sensors from the overseas markets of North America and Europe.