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.