Northbrook, IL 60062 -- (SBWire) -- 08/03/2022 --The global pressure sensor market is projected to reach USD 21.9 billion by 2026 from an estimated USD 14.8 billion in 2021, at a CAGR of 8.2% from 2021 to 2026. Major factors driving the growth of the market include increased demand for pressure sensors from the medical industry during the COVID-19 pandemic.
Based on technology, the piezoresistive technology accounted for the major share of the market and a similar trend is projected during the forecast period. The high growth can be attributed to the increased usage of piezoresistive pressure sensors due to their features such as robustness, rapid response time, and high frequency. They are often used in measuring dynamic pressure in engine combustion, turbulence, and blast.
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In 2020, the absolute pressure sensors accounted for the largest share of the market, and a similar trend is projected during the forecast period. The high growth can be attributed to their increased usage to measure changes in barometric pressure or altimeters. Absolute pressure sensors have applications in military agencies, scientific laboratories, and the aviation industry, among others. In addition, absolute pressure sensors are used in applications that require monitoring industrial high-performance vacuum pumps.
In 2020, the automotive segment accounted for the largest size of the pressure sensor market, and a similar trend is projected during the forecast period. The high growth can be attributed to implementation of pressure sensors in a wide range of automotive applications such as tire pressure monitoring system (TPMS), engine gas recirculation (EGR), and others. In addition, increasing government regulations are leading to the fitment of these safety systems in vehicles which is expected to further boost the industry.
The APAC is projected to account for the largest share of the market during the forecast period. Growth of the market in the region can be attributed to the rising demand for pressure sensors due to the high economic growth in emerging economies. Rising disposable income in the region contributes to APAC being an attractive market for pressure sensor manufacturers. In addition, the increase in demand for automotive, consumer durables, and medical devices are majorly leading to the high demand for pressure sensors in the region.
Pressure Sensor Market Is Likely to Experience a Tremendous Growth in Near Future