Pressure Transducers Market Forecasts to 2028 – Global Analysis By Pressure Type (Gauge Pressure, Absolute Pressure, Differential Pressure, Multivariable Pressure), Technology (Capacitance, Piezoresistive Strain Gauge, Thin Film, Ceramic Thick Film, Oil-filled, MEMS, Other Technology), End user and By Geography
According to Stratistics MRC, the Global Pressure Transducer Market is accounted for $4.21 million in 2022 and is expected to reach $5.74 million by 2028 growing at a CAGR of 5.3% during the forecast period. A device that converts pressure into an analogue electrical signal is a pressure transducer. The strain-gage base transducer is one of the most common pressure transducer types, however there are other varieties as well, including absolute, gauge, differential, and multivariable transmitters. Mill volt, amplified voltage, and 4-20 mA are the three electrical output options that pressure transducers typically offer. The demand for pressure sensors is rising as they are used in more household appliances like refrigerators and washing machines.
According to the scenario for the oil & gas industry, Vision 2020, liquefied natural gas (LNG) production plants are likely to boom in the U.S., Australia, China, and Argentina. The world’s LNG gas production capacity is estimated to reach 70 billion cubic feet per day by 2036. According to BASF report 2019, the world’s leading chemical industry, excluding pharmaceuticals, is projected to expand by more than 3% during 2020-2022, and it would recover after COVID-19.
Increasing Demand for Automobiles
In the automobile industry, sensors are used to monitor the pressure inside pipes or chambers with many entrances as well as the outside air pressure that is sucked in from the outside. The number of automobiles is rising along with environmental and safety concerns as the world's population rises, which is pressuring governments to create rigorous rules on vehicle emission and safety requirements. This eventually leads to an increase in the number of cars with safety features like air bags, ABS, and exhaust gas recirculation (EGR), all of which depend on pressure sensors to work. These factors are boosting an increase in demand from the automotive sector, which is further anticipated to propel the market over the course of the projected period.
Intense Pricing Pressure
Due to intense competition in the pressure transducer market and an increase in the number of sensor manufacturers, which forces rapid innovation in new portables and consumer products, price erosion has a negative impact on the sales growth and increased shipment of pressure transducers in automated intelligent controls and wearable electronics. Frequent failures associated with pressure transducers are one of the factors limiting market growth for pressure transducers.
Rising Demand for Industrial Automation and Optimal Pressure Type Utilization
In industrial automation, it is crucial to have the proper amount of process control, as well as monitoring and maintaining process parameters. Industrial automation can address difficulties with industrial health & safety in a variety of process industries while also enhancing productivity, lowering operational costs, and improving product quality. The discrete and process sectors have stepped up their efforts to put best practises into place to cut waste and boost plant productivity. Important characteristics like pressure, flow, and level are continuously or periodically measured by pressure transmitters. These systems also gather data from other equipment, which is analysed and used to improve overall performance and productivity.
Rising environmental and safety concerns
Due to growing environmental and safety concerns, governments in industrialised countries are being obliged to impose severe automotive emission and safety rules. Because of this, more and more automobiles are outfitted with various safety measures like airbags and Anti-Skid Braking System (ABS), which all rely on pressure transducers to function. Therefore, the expansion of the pressure transducers market over the course of the predicted years will benefit from rising auto demand.
The COVID-19 pandemic had a significant impact on people's lives and a number of sectors around the world. In particular, the pressure transducer market lost money as a result of supply chain disruptions, personnel shortages, and factory closures. Due to the economic slowdown's negative effects on the auto sector and the covid-19's impact on the market for pressure transducers, demand for pressure sensors was reduced, as were sales of pressure transducers. Due to the COVID-19 lockdown that many nations experienced, as well as the restrictions placed on international borders and the implementation of regulations by regulatory authorities, the demand for automotive pressure sensors decreased significantly on a global scale.
The gauge pressure segment is expected to be the largest during the forecast period
Based on pressure type the market is segmented into Gauge Pressure, Absolute Pressure, Differential Pressure and Multivariable Pressure. During the projected period, the gauge pressure sub-segment is anticipated to develop at the fastest rate. In a variety of applications, fluid pressure is measured via pressure gauges. Pressure gauges are becoming more widely accepted in a variety of industries, including healthcare, automotive, and the automotive industry as air pressure sensors and other applications.
The piezoresistive strain gauge segment is expected to have the highest CAGR during the forecast period
Based on technology, the market is divided into Capacitance, Piezoresistive Strain Gauge, Thin Film, Ceramic Thick Film, Oil-filled, MEMS and Other Technology. During the projected period, the piezoresistive strain gauge sub-segment is anticipated to have the highest CAGR. Strain gauge pressure measurement sensors and piezoelectric pressure sensors both use the piezoresistive effect to measure pressure. Growing government concerns about safety regulations and rising vehicle demand in developing nations are two factors that have fueled the development of piezoresistive strain gauge and nanotechnology applications. Another emerging trend among pressure transducer producers is the introduction of various products in piezoresistive strain gauge.
Region with highest share:
The Asia-Pacific pressure transducer market forecast accounted to projected to grow with a highest share. The market is projected to experience expansion as a result of the presence of key industry players, technical advancements, and the growth of process industries nearby. Due to the adoption of industrial automation and optimal usage to achieve high-performance efficiencies to achieve optimization and reduce performance failures in the automated sector, the Asia-Pacific pressure transducer market is anticipated to rise favourably over the projected period.
Region with highest CAGR:
The North America pressure transducer market estimated to get a highest CAGR during the forecast period. The information that a pressure sensor gathers, measures, and transmits can be used to evaluate a device's performance. Due to the usage of pressure sensors in numerous applications, including the measurement of exhaust gas pressure in EGR systems, demand for pressure sensors has been growing tremendously. Pressure transducer demand has increased as a result of government rules on the integration of pressure sensors in automobiles brought on by the introduction of increasingly stringent safety standards.
Key players in the market
Some of the key players profiled in the Pressure Transducer Market include Panasonic Corporation., NXP semiconductors, Honeywell International Inc, ABB Ltd, Kistler Instrument Corp., Robert Bosch Gmbh, Amphenol Corporation, Superior Sensor Technology, IFM electronic GmbH, Kulite Semiconductor Products Inc., Setra Systems, Inc. (Fortive), Danfoss Sensing Solutions, ControlAir, Inc., MICRO SENSOR CO., LTD., Omicron Sensing Pvt Ltd., Yokogawa Electric Corporation, Wika Group, TE Connectivity.
In April 2022, Kistler launched the world’s smallest, media-isolated pressure sensor. Kistler's new 4017A piezoresistive (PR), absolute pressure sensor combines excellent measurement capability with suitability for a wide range of applications, especially power train development at the highest level of motorsport.
In January 2022, Danfoss Sensing Solutions expanded its production capacity by 130% and launched the next-generation DST P650 pressure transmitter. OEMs in the mobile hydraulics industry need to build smarter, safer, and higher-performance machines than before to cater to the digitally driven demands of the future.
In January, 2022, Superior Sensor Technology announced an extension to its ND Series with the launch of two new pressure sensor families for mid-pressure range applications. These new devices would enable manufacturers to cost-effectively develop more accurate and stable products for numerous industrial equipment applications operating at low to mid-pressure ranges.
In February 2020, Honeywell and Tech Mahindra announced the expansion of their collaboration to build digitized “Factories of the Future”. This is estimated to benefit their digital transformation, 5G, Industry 4.0 technologies, and engineering capabilities to enable customers in the manufacturing industry to scale-up faster.
Pressure Types Covered:
• Gauge Pressure
• Absolute Pressure
• Differential Pressure
• Multivariable Pressure
• Piezoresistive Strain Gauge
• Thin Film
• Ceramic Thick Film
• Microelectromechanical systems (MEMS)
• Other Technologies
End Users Covered:
• Oil & Gas
• Food & Beverage
• Consumer Electronics
• Heavy Engineering
• Heating, Ventilation, and Air Conditioning (HVAC)
• Water & Wastewater Management
• Other End users
• North America
Rest of Europe
• Asia Pacific
Rest of Asia Pacific
• South America
Rest of South America
• Middle East & Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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