Asia Pacific Pressure Sensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Asia Pacific Pressure sensor market is expected to register a CAGR of 10.3% during the period 2021-2026. The market is expected to grow in the studied region due to rapid sales of smartphones, automotive and smart devices in manufacturing, and smart home devices.

Key Highlights

• Asia-Pacific is the largest region in the electrical and electronics manufacturing market, accounting for more than 50% of the global market share. The region is also a significant vendor of MEMS technologies, especially in China and Taiwan.
• On the other hand, China is the world’s largest car market and the world’s largest production site for cars, including electric cars, with much growth potential. There are 27 automotive manufacturing and assembly plants in Malaysia.
• As these industries account for a significant portion of the pressure sensor market, hence the region offers an excellent opportunity over the forecast period. The growing concept of connected cars and China’s regulations regarding automotive safety are also expected to drive the adoption of MEMS pressure sensors.
• The pandemic had a negative impact on the market as the market witnessed a decrease in demand for smartphones and less production of vehicles in the automotive industry. Most of the factories were discontinued, and many factory automation projects were put on hold. Such instances had a negative impact on the market.

Key Market Trends

Automotive Industry to Show Significant Growth

• The automotive industry, which is currently undergoing a technology transformation, with a major objective of increasing safety, comfort, and entertainment, provides various opportunities for pressure sensors. The miniature size of these sensors, such as MEMS, is influencing their demand in the design scheme of the automotive industry, making them a crucial factor for massive adoption.
• With technological developments driving the development of autonomous and self-driving cars, the adoption of sensors in cars is expected to witness subsequent growth. In the automotive sector, safety regulations enforced by governmental organizations also play a crucial role in incorporating pressure sensors. For instance, in the United States, the NHTSA has mandated the use of TPMS (tire pressure monitoring system) since 2002. Hence, the US automotive sector has been leading the market studied, owing to the presence of a robust automotive sector.
• Thus, environmental and safety regulations of various countries throughout the world are expected to lead to an increasingly stringent requirement for accuracy, quality, and price of automotive pressure sensors, in the future.

Medical sector to hold the highest market share

• The Medical industry is expected to hold the highest market share with its large set of applications in devices and monitoring equipment such as Continuous Positive Air Pressure, Ventilators, Inhalers, Blood Pressure Monitoring, Drug Delivery Systems, Endoscopic Procedures, Laparoscopic Devices.
• Companies such as Honeywell manufactures and market their TruStability RSC Series, a piezoresistive silicon pressure sensor that offers a digital output for reading pressure over the specified full-scale pressure span and temperature range. It is calibrated and temperature compensated for sensor offset, sensitivity, temperature effects, and non-linearity, using a 24-bit analog-to-digital converter with integrated EEPROM. It is widely used in sleep apnea machines.
• Moreover, the company also offers the 26PC SMT (Surface Mount Technology) Series pressure sensor. This small, low-cost, high-value pressure sensing solution replaces the need of the healthcare professional having to place a stethoscope under the pressure cuff to hear the noise of the rushing blood. The sensor measures blood pressure faster and more accurately than manual devices and is used directly with printed circuit boards (PCBs).

Competitive Landscape

The Asia Pacific Pressure Sensor market is moderately fragmented and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with innovative and sustainable technologies, many companies are increasing their market presence by securing new contracts and tapping new markets.

• August 2021 - MS Motorservice International GmbH has expanded its product portfolio with differential pressure sensors. Differential pressure sensors make up the third innovative product group in the area of exhaust gas sensors that the spare parts specialist offers in proven Pierburg quality. Currently boasting an impressive 19 different products, the company can cater for almost 90 million vehicles globally, with the range being continually expanded.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support