Pressure Transducer Market Forecast: $7.40 Billion in 2021 to $19.47 Billion by 2030 with 11.29%

According to a new report published by Allied Market Research, titled, "Pressure Transducer Market," The pressure transducer market was valued at $7.40 billion in 2021, and is estimated to reach $19.47 billion by 2030, growing at a CAGR of 11.29% from 2022 to 2030.

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Pressure transducer is a device that converts mechanical pressure into an electrical signal. A pressure transducer consists of a pressure sensitive elements that helps to detect, measure, and monitor the input pressure and converts it into an electrical output signal. There are different types of pressure transducers depending on their size, capacity, measurement method, sensing technology, and output requirements. Strain gauge transducer is one of the most popular types of pressure transducers, while there are several available in the market, including absolute, gauge, differential, and multivariable transducers.

Here are some of the most common applications of pressure transducers, there are almost as many applications as there are different types of pressure transducers. It is used in an engine test setup to measure inlet, outlet, or system pressure and helps to monitor pressure drops in a line for preventive maintenance. It also aids in measuring the fluid level in tanks and a flush diaphragm pressure transducer is used to measure the pressure of a slurry or slush. Furthermore, sanitary pressure transducers are used in the biotech or pharmaceutical sector.

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A pressure transducer continuously measures parameters such as pressure, flow, and level in an industrial setting.

The information obtained from all of these devices is processed and used to increase process efficiency, decrease the need for maintenance, enhance product quality, and increase overall productivity. Thus, to reach high optimization and reduce performance failures of equipment the use of pressure transducers has increased and is predicted to drive revenue growth of the global pressure transducer market revenue.

Another important driver responsible for the expansion of pressure transducer market size is the rising adoption of the smart product portfolios having digital communication interfaces. The construction of smart factories, towns, and households is being revolutionized by pressure transducers. Thus, it is projected that the rise in smart products will spur the market expansion.

As pressure transmitters have largely taken the role of pressure transducers in most applications due to the developments in Information and Communication Technologies (ICT) it is predicted to hamper revenue growth of pressure transducer market share. Additionally, as the price of pressure transmitters have been decreasing continuously, choosing transmitters over transducers has become more and more appealing. Thus, the higher price of pressure transducer is anticipated to affect revenue growth of the pressure transducer market in coming future.

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The global pressure transducer market is segmented based on technology type, pressure type, end-use industry, and region. By technology type, it is classified into piezoresistive strain gauge, capacitance, and others. By pressure type, it is classified into absolute pressure, gauge pressure, and differential pressure. By end-use industry, it is classified into automotive, consumer electronics, industrial, healthcare, oil & gas, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Based on technology, the piezoresistive strain gauge segment held the largest market share in 2021, garnering nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The capacitance segment, on the other hand, is expected to cite the fastest CAGR of 12.0% during the forecast period.

Based on pressure type, the absolute pressure segment held the dominating market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The gauge pressure segment, on the other hand, is predicted to cite the fastest CAGR of 11.8% during the forecast period.

Based on end-use, the automotive segment held the largest market share in 2021, holding more than one-fourth of the global market, and is expected to maintain its leadership status during the forecast period. The industrial segment, on the other hand, is predicted to cite the fastest CAGR of 12.7% during the forecast period.

Based on region, the market across North America held the dominating market share in 2021, garnering nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is predicted to cite the fastest CAGR of 12.5% during the forecast period.

The key players analzyed in the global pressure transducer market report include Honeywell International Inc, Validyne Engineering, Robert Bosch Gmbh, NXP semiconductors, Setra Systems, Inc. (Fortive), Panasonic Corporation, Sensata Technologies, Inc., ControlAir, Inc, and Kulite Semiconductor Products Inc.

The key players profiled in the pressure transducer market analysis report include Panasonic Corporation, Sensata Technologies, Inc, ABB Ltd, Honeywell International Inc, Validyne Engineering, Robert Bosch Gmbh, NXP semiconductors, Setra Systems, Inc. (Fortive), ControlAir, Inc, and Kulite Semiconductor Products Inc,

Key Findings Of The Study:
• Based on technology type, the piezoresistive strain gauge sub-segment emerged as the global leader in 2021 and capacitance sub-segment is anticipated to be the fastest growing sub-segment during the forecast period
• Based on pressure type, the absolute pressure sub-segment emerged as the global leader in 2021 and gauge pressure sub-segment is anticipated to be the fastest growing sub-segment during the forecast period
• Based on end-use industry, the automotive sub-segment emerged as the global leader in 2021 and industrial sub-segment is predicted to show the fastest growth in the upcoming years
• Based on region, the North America market registered the highest market share in 2021 and is projected to maintain the position during the forecast period.

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