Pressure Sensor Market Value Anticipated To Reach US$ 24.5 Billion By 2027

The Global Pressure Sensor Market is expected to grow at a CAGR of around 8.8% from 2020 to 2027 and reach the market value of over US$ 24.5 Bn by 2027, according to new research.

A pressure sensor is a device used to sense pressure and convert it into an electric signal. These pressure sensors can alternatively be called pressure transmitters, pressure transducers, pressure indicators, pressure senders, piezometers, and manometers, among others. These are available in various designs, technology, performance, application suitability, and cost.

By technology, the market is divided across piezoresistive, capacitive, resonant, electromagnetic, optical, others. Additionally, pressure sensors have applications across automotive on-vehicle, medical devices, HVAC, process controls, test & measurement, and others. The end-user industry includes automotive, medical, industrial, utility, aviation, oil & gas, marine, consumer electronics, and others.

Based on the application, the automotive on-vehicle segment is leading the market with maximum revenue share and the segment is also projected to maintain its dominance throughout the forecast period from 2020 to 2027. The segment is accounted for the maximum revenue share owing to its high demand and usage across the globe.