The North American pressure sensor market is expected to reach US$2,216.113 million by the end of 2026, increasing from US$1,460.287 million in 2019, growing at a CAGR of 6.14% during the forecast period. A pressure sensor is a device that measures the pressure of gases or liquids. Pressure is the force necessary to stop a fluid from expanding, and it is generally expressed in units of force per unit area.
The increasing production of automobiles and significant investment in research & development are driving the expansion of the North American pressure sensor market. The availability of a skilled workforce, as well as the increasing adoption of new technologies such as electric cars, will drive up demand for pressure sensors in the future years. Numerous companies across the world are working on pressure sensors for IoT devices. In IoT systems, pressure sensors are used to monitor pressure-driven equipment and systems. In October 2019, for instance, L-com, a trademark of Infinite Electronics, a manufacturer of wireless and wired connection devices based in the United States, announced the introduction of level and pressure sensors aimed towards IoT applications.
Recently, the rising need for medical breathing apparatus due to the COVID-19 pandemic has further fueled the demand for pressure sensors.
In electric vehicles, pressure sensors are increasingly being used to monitor the pressure of vital fluids such as gearbox and transmission oil, engine oil, and hydraulic oil. According to the International Energy Agency's (IEA) Global EV Outlook 2021, the global electric vehicle stock in the United States increased from 1.5 million in 2019 to 1.8 million in 2020. According to the International Council on Clean Transportation (ICCT), at least 21 national and provincial governments, including Canada, China, France, Scotland, South Korea, the United Kingdom, and 15 US states, set new vehicle electrification objectives for 2020. By the end of 2020, more than 20 nations, provinces, and states throughout the world, primarily in Europe and North America, have planned to phase out new ICE passenger vehicle sales or to solely sell new electric models between 2025 and 2050. In June 2020, The California Air Resources Board (CARB) unanimously authorized the world's first mandate for electric truck sales. Starting in 2024, the electric truck requirement will compel medium-and heavy-duty truck manufacturers to sell an increasing percentage of zero-emission vehicles in the state. Thus, growing electric vehicle sales are driving the market forward.
The utilization of sensors facilitates automation of electronic equipment however it results in incurring additional expense. The inclusion of sensors enables new functionality and makes devices more automated; nevertheless, it incurs some additional expense and is thus avoided in cost-effective applications.
Lockdowns in a number of countries to prevent the spread of COVID-19 had hampered pressure sensor production as well as the supply chain. The pandemic had an effect on the supply chain of key pressure sensor manufacturers. Following the outbreak, there has been a significant decrease in the market for pressure sensors. Despite this, demand for pressure sensors is projected to rebound.
Recently, the rising need for medical breathing apparatus due to the COVID-19 pandemic has further fueled the demand for pressure sensors.
Growth Factors
Growing application in electric vehicles
In electric vehicles, pressure sensors are increasingly being used to monitor the pressure of vital fluids such as gearbox and transmission oil, engine oil, and hydraulic oil. According to the International Energy Agency's (IEA) Global EV Outlook 2021, the global electric vehicle stock in the United States increased from 1.5 million in 2019 to 1.8 million in 2020. According to the International Council on Clean Transportation (ICCT), at least 21 national and provincial governments, including Canada, China, France, Scotland, South Korea, the United Kingdom, and 15 US states, set new vehicle electrification objectives for 2020. By the end of 2020, more than 20 nations, provinces, and states throughout the world, primarily in Europe and North America, have planned to phase out new ICE passenger vehicle sales or to solely sell new electric models between 2025 and 2050. In June 2020, The California Air Resources Board (CARB) unanimously authorized the world's first mandate for electric truck sales. Starting in 2024, the electric truck requirement will compel medium-and heavy-duty truck manufacturers to sell an increasing percentage of zero-emission vehicles in the state. Thus, growing electric vehicle sales are driving the market forward.
Restraints
High cost of the device
The utilization of sensors facilitates automation of electronic equipment however it results in incurring additional expense. The inclusion of sensors enables new functionality and makes devices more automated; nevertheless, it incurs some additional expense and is thus avoided in cost-effective applications.
Impact of COVID-19 on the North America Pressure Sensor Market
Lockdowns in a number of countries to prevent the spread of COVID-19 had hampered pressure sensor production as well as the supply chain. The pandemic had an effect on the supply chain of key pressure sensor manufacturers. Following the outbreak, there has been a significant decrease in the market for pressure sensors. Despite this, demand for pressure sensors is projected to rebound.
Recent Developments:
- June 2021 - Alcon introduced revolutionary phacoemulsification (phaco) technology to Canadian physicians that automatically stabilize intraocular pressure (IOP) and minimizes surges. The Active Sentry Handpiece from Centurion Vision System is the first and only phaco handpiece with a built-in fluidics pressure sensor.
- June 2021 - Superior Sensor Technology created a customized differential pressure sensor for Particles Plus.
Market Segmentation:
By Type
- Absolute Pressure Measurement
- Differential Pressure Measurement
- Gauge Pressure Measurement
By Technology
- Piezoresistive Pressure Sensor
- Electromagnetic Pressure Sensor
- Optical Pressure Sensor
- Resonant Solid State Pressure Sensor
- Capacitive Pressure Sensor
By End-Users
- Energy and Power
- Oil and Gas
- Healthcare
- Manufacturing
- Consumer Electronics
- Automotive
- Others
By Geography
- North America
- United States of America
- Canada
- Mexico
- Others
Table of Contents
1. INTRODUCTION
2. RESEARCH METHODOLOGY
4. MARKET DYNAMICS
5. NORTH AMERICA PRESSURE SENSOR MARKET BY TYPE
6. NORTH AMERICA PRESSURE SENSOR MARKET BY TECHNOLOGY
7. NORTH AMERICA PRESSURE SENSOR MARKET BY END-USERS
8. NORTH AMERICA PRESSURE SENSOR MARKET BY GEOGRAPHY
9. COMPETITIVE INTELLIGENCE
10. COMPANY PROFILES
Companies Mentioned
- General Electric Company
- Robert Bosch GmbH
- ABB Group
- Siemens AG
- NXP Semiconductors
- Rockwell Automation, Inc.
- Schneider Electric SE
- Mitsubishi Heavy Industries
- Honeywell International, Inc.
- Texas Instruments
- PCB Piezotronics
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 98 |
| Published | December 2021 |
| Forecast Period | 2019 - 2026 |
| Estimated Market Value ( USD | $ 1460.29 Million |
| Forecasted Market Value ( USD | $ 2216.11 Million |
| Compound Annual Growth Rate | 6.1% |
| Regions Covered | North America |
| No. of Companies Mentioned | 11 |
