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Top 4 Trends Set to Drive the Pressure Sensors Market Forecast

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Top 4 Trends Set to Drive the Pressure Sensors Market Forecast

The growing adoption of pressure sensors across the oil & gas industry has significantly influenced the global pressure sensors market size. The deployment of pressure sensors has increased with numerous oil & gas manufacturers conducting large-scaled explorations for discovering crude oil reserves. This is crucial because pressure sensors are integrated across different oil & gas manufacturing components such as compressors, pipelines, offshore drills, pumping systems, and pressure vessels.

It would thus be sale to declare that with increasing crude reserve discoveries, the demand for pressure sensors will escalate over the forthcoming years.

According to the research conducted by Global Market Insights Inc., pressure sensors market is speculated to exceed USD 13.5 billion by the end of 2027.

Various industry players operating in the market are involved in strategic merger & acquisition activities to gain a competitive advantage and expand business operations. For instance, in March 2020, TE Connectivity acquired majority stakes of First Sensor AG. This acquisition is expected to help the company in expanding its product portfolio of advanced pressure sensors offering customized solutions across a range of industries.

Here are some trends that will propel pressure sensors market growth over 2021 to 2027:

Increasing adoption of gauge pressure sensors

Gauge pressure sensors are being increasingly used in HVAC control systems across industrial and residential sectors. These sensors calculate the relative pressure in reference to the varying atmospheric pressure. Calculating relative pressure is important for efficient functioning of HVAC control systems. Owing to this, gauge sensors accounted for a 13.5% market share in 2020 and are anticipated to proliferate at a substantial rate during the study time span.

Advancements in resonant solid-state technology to increase demand for pressure sensors

Pressure sensors developed using resonant solid-state technology are highly stable, consume low power, and measure pressure with utmost precision. In addition, the vigorous nature of these sensors allow them to sustain under extreme environments like high temperatures, thereby increasing their utility across the chemical, pharmaceutical, and aerospace industries. Driven by these factors, the resonant solid-state technology accounted for a 13% market share in 2020 and is predicted to proliferate at a CAGR of 7% through 2027.

Increasing demand for industrial applications

Amongst all the applications of pressure sensors, the industrial application acquired a market share of 22% in 2020 and is poised to proliferate at a CAGR of 7.5% during the stipulated time span. Increasing support from governments of developed economies like the U.S., 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 across a variety of components like pneumatic systems, compressors, hydraulics, and air pressure drives across smart manufacturing facilities. Owing to all these factors, the adoption of pressure sensors is likely to increase in the years to come.

Expanding automotive industry across Europe

Europe is home to some of the top automotive manufacturers like Daimler AG, PSA Group, Audi, and BMW Group. Automobiles are integrated with pressure sensors across their gearbox, transmission, braking system, cooling system, and fuel system. In addition, the automotive sector has inculcated advanced tech like ADAS in upcoming self-driving cars. Owing to all these factors, the market for pressure sensors in Europe will exhibit a CAGR of 6.5% over the forecasted time span.

Industrial Sensors

Three Key Aspects that will Influence the Demand for Industrial Sensors by 2027

Large-scale adoption of industrial robots across manufacturing & processing industries is expected to offer a considerable push to the industrial sensor market outlook. According to the International Federation of Robotics, around 2 million industrial robots are expected to be utilized across factories worldwide by 2022. Robotic Process Automation (RPA) technology in the manufacturing sector, as well as automation equipment such as HMI (human-machine interface) and PLC (programmable logic controllers) in assembly and production lines heavily, rely on industrial sensors.

The demand for such automation equipment may accelerate supported by favorable government initiatives designed to advocate the acceptance of industrial automation in the food & beverage sector. In March 2021, the Government of Australia announced an investment of USD 993 million to support the region’s F&B manufacturers under its MMI (Modern Manufacturing Initiative) scheme.

Projections from a report published by Global Market Insights, Inc., suggest that the industrial sensors market is expected to surpass USD 30 billion by 2027. Although, it is vital to note that the shortage of raw materials & components due to imposed COVID-19 restrictions have severely impacted the industrial sensors market growth in mid-2020. The shift of existing manufacturing facilities to new regions due to political and business obstacles might hinder the market growth during the pandemic.

Here are some of the trends to look for in the industrial sensors market until 2027:

Force Sensors Witnessing High Demand

Industrial IoT is steadily extending its reach across the pharmaceutical, food & beverage, chemical, and oil & gas sector. As a vital component in industrial IoT, industrial sensors are used to detect, measure, and analyze parameters such as level, temperature, pressure, force, and position, among others. Reports indicate that the force sensor segment held a market share of around 8% in 2020.

Force sensors are used to measure various physical parameters such as torque, mass, and weight of an object in the industrial sector. These sensors are commonly used in counting scales, hopper scales, bench scales, platform scales, truck scales, and belt scales. Force sensors have high capabilities to monitor the load and prevent industrial machinery from overloading and find application in force exertion control and industrial test benches in industrial robotics.

Demand Across the European Pharmaceutical Sector

Europe is home to some of the world’s leading pharmaceutical manufacturers such as AstraZeneca, Novo Nordisk, and Pfizer, Inc., among others. These companies are currently emphasizing on the mass production of vaccines and novel drugs. Certain equipment used in the medical industry are integrated with force sensors for fluid monitoring applications, endoscopic surgery, dialysis machines, physical therapy equipment, orthopedics and MRI devices.

Pharmaceutical companies in the region are extensively focusing on new research & development activities, increasing the adoption of industrial sensors. High-volume manufacturing and large-scale investments in the pharmaceutical sector will devise new opportunities for industrial sensor manufacturers in Europe. As per estimates, the industrial sensors of Europe is anticipated to register 7% CAGR from 2021 to 2027.

Use of Gas Sensors in Mining Application

The demand for industrial sensors such as gas sensors is escalating in mining & exploration activities. Generally, industrial gas sensors are used undermining conditions to monitor safety parameters to safeguard miners from toxic & flammable gases. Linking sensors with IoT systems will help mining companies to extract real-time & exact data about the temperature, pressure, and gases in the mines. The mining application segment held a 7% market share in 2020 and is projected to grow at 8% CAGR by 2027.