Prominent pressor sensor market players include Bosch Sensortec, Honeywell International Inc., Infineon Technologies AG, NXP Semiconductors N.V., Sensata Technologies, Inc., STMicroelectronics N.V., Texas Instruments Incorporated, Omron Corporation, TE Connectivity Ltd., and Robert Bosch GmbH,.
New York, Oct. 09, 2023 (GLOBE NEWSWIRE) — The global pressor sensor market size is slated to expand at ~10% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 30 billion by the end of 2035, up from a revenue of ~USD 11 billion in the year 2022.This market is poised to grow on account of growing demand for automotive. Around 65 million vehicles were sold globally in 2021, whereas 66 million vehicles were sold globally in 2022. Consequently, the market revenue for pressor sensor is predicted to grow.
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Hydraulic brakes are a key element of passenger safety in cars. Several intricate parts, including pressure sensors, work together to enable vehicle braking control. These may be used to check the pressure in the braking system’s chambers and warn both drivers and engine management systems if it falls too low. Systems can malfunction without the driver being aware of it, which can cause an abrupt decline of braking effectiveness and accidents if chamber pressure is not detected. Hence, also with the growing prevalence of car accidents the market is set to rise. Nearly 3,700 people per day die worldwide in accidents involving automobiles, buses, motorbikes, bicycles, lorries, or pedestrians. Therefore, the need for pressor sensor is growing.
Surge in Demand for Smartphones to Boost the Growth of Global Pressor Sensor Market
The demand for smartphones is surging in world. In 2023, there are expected to be about 5 billion smartphone users worldwide, which corresponds to approximately 84% of the global population possessing a smartphone. Most of the smartphones posse’s pressor sensor which has eliminated completely buttons from it. Moreover, various companies are bringing in more innovation in smartphones pressor sensor which would also impede the growth of the market.
Pressor Sensor Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Government Initiatives to Adopt Electric Vehicles to Drive the Market Growth in Asia Pacific
The pressor sensor market in Asia Pacific is estimated to generate the largest market share by the end of 2035. The major factor to influence the market growth in this region is growing government initiatives to adopt electric vehicles. In May 2021, the Indian government announced the beginning of a about USD 3 billion PLI project for the fabrication of ACC storage in order to create a 50 GWh local manufacturing capability. In addition to increasing capacity and localizing the EV supply chain, this would also lessen reliance on imports. Hence, with this the adoption of electric vehicle is projected to grow, further driving the market growth in this region.
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Rising Population Density to Expand the Market Growth in North America
The market in North America for pressor sensor is poised to have significant share in the market over the projected period. This could be owing to rising population density in this region. North America’s population density in 2023 is projected to be about 18 people per square kilometer, up from approximately 0.53% from 2022. The degree of air quality is much more of a worry as population density in metropolitan areas rises. Nowadays, many people prefer to utilize an air purifier, which traps airborne toxins using high efficiency particulate air (HEPA) filters in this region. However, the filters require to be cleansed or replaced as they accumulate impurities over time. When this occurs, a gauge or differential pressure sensor that can measure extremely low-pressure changes can identify it and notify the user. As a result, this factor is projected to influence market growth in this region.
Pressor Sensor, Segmentation by End User
- Automotive
- Aerospace & Defense
- Healthcare
- Oil & Gas
The automotive segment is set to garner the highest share by the end of 2035. The growth of the segment is poised to be influenced by growing production of automotive. About 84 million motor vehicles were generated globally in 2022, a close to 4% increase from 2021.
Pressor Sensor, Segmentation by Type
- Gauge Pressure Sensors
- Absolute Pressure Sensors
- Differential Pressure Sensors
The absolute pressure sensor segment is projected to capture the notable share over the coming years. This is set to be dominated by growing safety regulation for automotive safety. For instance, as part of the EU’s efforts to reduce the number of fatalities and serious injuries resulting from traffic accidents in the EU by halving by 2030, the European Automobile Manufacturers’ Association (ACEA) applauds the General Safety Regulation’s (GSR) entrance into force.
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A few of the well-known industry leaders in pressor sensor market that are profiled by Research Nester are Bosch Sensortec, Honeywell International Inc., Infineon Technologies AG, NXP Semiconductors N.V., Sensata Technologies, Inc., STMicroelectronics N.V., Texas Instruments Incorporated, Omron Corporation, TE Connectivity Ltd., Robert Bosch GmbH, and others.
Recent Development in the Pressor Sensor Market
- A memorandum of understanding (MOU) was signed by Honeywell and Hanwha Systems in South Korea to work together on developing technologies for unmanned aerial systems and urban air mobility (UAS/UAM).
- Cypress Semiconductor Corporation, a top supplier of embedded solutions including pressure sensors, was acquired by Infineon, according to an announcement. Infineon’s presence in the automotive, industrial, and consumer markets is strengthened by the purchase, which enables it to provide its clients with a wide range of sensors, microcontrollers, and connectivity solutions.
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