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Fluid Pressure Sensors: Forecasting Breakthroughs in 2024
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According to The Business Research Company's, The fluid pressure sensors market size has grown rapidly in recent years. It will grow from $16.76 billion in 2023 to $18.46 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to stringent environmental regulations, increased use of medical devices, the need for enhanced safety, increased demand for reliable equipment in the industry, and increased demand for efficient pressure sensors.
The fluid pressure sensors market size is expected to see rapid growth in the next few years. It will grow to $27.42 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to the rise of electric and autonomous vehicles, the need for remote monitoring and diagnostics, increasing adoption of renewable energy sources, ongoing innovations in healthcare, economic growth, and industrialization in emerging markets. Major trends in the forecast period include the increasing integration of fluid pressure sensors with IoT devices and smart technologies, automotive industry evolution, ongoing advancements in micro-electro-mechanical systems (MEMS) technology, increasing focus on energy efficiency and sustainability, industrial automation, and industry 4.0.
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Market Drivers and Trends:
The increasing industrial automation is expected to propel the growth of the fluid pressure sensor market going forward. Industrial automation refers to the use of control systems, such as computers or robots, and information technologies to handle different processes and machinery in an industry to replace human intervention. The rising adoption of industrial automation is due to technological innovation, economic imperatives, competitive pressures, and the need for operational agility and efficiency in a rapidly evolving global marketplace. Fluid pressure sensors are essential components in industrial automation systems, enabling precise control, monitoring, safety assurance, and efficiency optimization in a wide range of industrial applications. For instance, in May 2023, according to the International Federation of Robotics, a Germany-based non-profit organization, industrial robot installations in the manufacturing sector climbed by 12% overall in 2022 to reach 41,624 units. The automotive industry, consisting of US, Canadian, and Mexican businesses, was the top adopter with 20,391 installed units, a 30% rise from 2021. Therefore, increasing industrial automation is driving the growth of the fluid pressure sensors market.
Major companies operating in the fluid pressure sensors market are focusing on developing innovative products, such as smart pressure monitoring sensors for water utilities, to strengthen their position in the market. Smart pressure monitoring sensors for water utilities involve the use of advanced sensors and data analytics to continuously monitor and manage water pressure throughout a water distribution network. This technology helps water utilities optimize their systems' performance, ensure consistent water pressure, detect leaks and other issues early, and improve overall water management efficiency. For instance, in January 2024, Sensata Technologies, Inc., a US-based manufacturer of sensors and electronic controls, launched the 129CP series digital water pressure sensor. This innovative sensor boasts high precision and real-time monitoring capabilities, ensuring accurate pressure readings for efficient water distribution. It features robust, durable construction suited for harsh environments, and its compact design allows for easy integration into existing systems. The sensor offers advanced data connectivity options, facilitating seamless communication with IoT networks and enabling predictive maintenance to prevent leaks and optimize performance.
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Major Key Players of the Market:
Robert Bosch GmbH, Siemens AG, Schneider Electric SE, Honeywell International Inc., Texas Instruments, TE Connectivity, Emerson Electric Company, NXP Semiconductors N.V, Amphenol Corporation, Analog Devices Inc., Rockwell Automation Inc., Omron Corporation, Sensata Technologies Holding N.V., Keller Group, Yokogawa Electric Corporation, Pepperl+Fuchs GmbH, Baumer Group, Sick AG, Sensirion AG, Gems Sensors Inc., Druck GmbH
Fluid Pressure Sensors Market 2024 Key Insights:
• The fluid pressure sensors market size is expected to see rapid growth in the next few years. It will grow to $27.42 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%.
• Increasing Industrial Automation Drives The Growth Of The Fluid Pressure Sensor Market
• Fluid Pressure Sensors Market Focus On Developing Innovative Products For Water Utilities
• North America was the largest region in the fluid pressure sensors market in 2023
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