Pressure Transducer Global Market Report 2024

The pressure transducer market size has grown rapidly in recent years. It will grow from $7.08 billion in 2023 to $7.83 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth observed in the historical period can be attributed to factors such as industrial automation, the expansion of oil and gas exploration activities, applications in healthcare, developments in aviation and aerospace, advancements in water and wastewater management, and increased focus on environmental monitoring.

The pressure transducer market size is expected to see rapid growth in the next few years. It will grow to $11.59 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The anticipated growth in the forecast period can be attributed to the development of smart cities, the adoption of precision agriculture practices, integration with wearable health devices, a heightened focus on water conservation, and the expansion of renewable energy initiatives. Major trends expected in the forecast period include the adoption of Industry 4.0 principles, the incorporation of MEMS (Micro-Electro-Mechanical Systems) technology, the integration of wireless pressure transducers, an emphasis on industry-specific customization, and advancements in sensing technologies.

The expansion of the automobile sector is anticipated to drive the growth of the pressure transducer market. The automotive industry encompasses companies involved in the manufacturing, selling, and maintenance of motor vehicles. Pressure transducers play a crucial role in the automotive industry as electronic pressure sensors, monitoring the pressure of vital components such as engine oil, gearbox, transmission oil, as well as hydraulic oil in braking systems, cooling systems, and fuel systems. As of July 2022, the European Automobile Manufacturers Association reported an annual trade of $81.7 billion (€79.5 billion) generated by the automobile industry in the European Union in 2021, marking a 4.6% increase. Hence, the growth of the automobile sector is poised to propel the pressure transducer market.

The increasing demand for consumer electronics is expected to contribute to the growth of the pressure transducer market in the future. Consumer electronics are electronic devices designed for everyday use by individuals and households, catering to entertainment and communication needs. Pressure transducers are utilized in consumer electronics to design physical buttons or touch-sensitive areas on devices such as smartphones and tablets, providing users with tactile responses during interactions. Notably, sales of electronics products reached $36.56 billion (Euro 33.7) from January to September 2022, as reported by gfu Consumer & Home Electronics GmbH, a Germany-based electronics provider company. Consequently, the rising demand for consumer electronics is a driving force behind the growth of the pressure transducer market.

Technological innovation emerges as a key trend gaining popularity in the pressure transducer market. Major companies in this market are directing their efforts towards developing technologically advanced products to maintain their market positions. For example, Xidas Inc., a US-based tech company, introduced the industry's first smart microfluidics in-line pressure sensor with near-zero dead volume, known as the 'Pascal' family of sensors. These low-voltage, fully digital sensors with on-board computation provide real in-line fluid sensing with less than 0.1 microliters of dead volume. They are designed for in-line monitoring of ultra-small amounts of fluid, catering to applications such as wearable medication delivery solutions, mobile diagnostics devices, tiny catheters, high throughput biological systems, and more.

Major companies in the pressure transducer market are focusing on product innovation, such as PCB-less pressure sensor integrated circuits (IC), to enhance customer services. PCB-less pressure sensor integrated circuits are innovative solutions that integrate pressure sensing elements and associated circuitry into a single chip, eliminating the need for a traditional printed circuit board (PCB). For instance, in November 2022, Melexis, a Belgium-based supplier of micro-electronic semiconductor solutions, launched MLX90824, featuring a microelectromechanical system (MEMS pressure sensor element) and an interface chip (CMOS technology) designed with a smart package and die assembly concept. This design ensures high output stability over time, even in demanding automotive temperature and stress conditions.

In August 2021, Danfoss, a Denmark-based manufacturer of fluid control equipment, pumps, seals, valves, and a climate & energy solution provider, acquired Eaton for a total amount of US$3.3 billion. This strategic acquisition positions Danfoss Power Solutions to offer the most comprehensive range of mobile and industrial hydraulics products and solutions, including fluid conveyance systems. Eaton, an Ireland-based power management company, is now part of Danfoss.

Major companies operating in the pressure transducer market report are Panasonic Holdings Corporation, Sensata Technologies Incorporated, ABB Limited, Honeywell International Incorporated, Validyne Engineering, Robert Bosch GmbH, NXP Semiconductors, Setra Systems Incorporated, ControlAir Incorporated, Kulite Semiconductor Products Incorporated, TE Connectivity Ltd., Endress+Hauser AG, Schneider Electric SE, Yokogawa Electric Corporation, Kistler Instrument Corporation, Emerson Electric Co., WIKA Instruments LP, Spectris plc, Hitec Products Inc., LCM Systems Limited, Zemic Group, Bosch Sensortec GmbH, All Sensors Corporation, Thermo Fisher Scientific Inc., Rockwell Automation Inc., Siemens Building Technologies AG, Omron Corporation, First Sensor AG, Gems Sensors Inc., Kavlico Corporation, Ashcroft Inc.

North America was the largest region in the pressure transducer market in 2023. The regions covered in the pressure transducer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the pressure transducer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary pressures measured by a pressure transducer include absolute pressure, gauge pressure, and differential pressure. Absolute pressure refers to the pressure created when there is a complete vacuum, indicating the absence of matter inside a space. Various technologies utilized in pressure transducers include capacitive, piezoresistive, thin film, ceramic thick film, MEMS (Micro-Electro-Mechanical Systems), and oil-filled technologies. These transducers serve various end-users such as the automotive industry, healthcare, consumer electronics, and the oil and gas sector.

The pressure transducer market research report is one of a series of new reports that provides pressure transducer market statistics, including pressure transducer industry global market size, regional shares, competitors with pressure transducer market share, detailed pressure transducer market segments, market trends, and opportunities, and any further data you may need to thrive in the pressure transducer industry. This pressure transducer market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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