Pressure Sensor Market Trends

Growth Drivers

• Rising adoption of EVs: The surging global demand for pressure sensors, owing to the rising adoption of electric vehicles and hybrid vehicles, is fueling the market growth. As per a report from the International Energy Agency, in April 2024, the global electric car registrations reached nearly 14 million units in 2023, marking a 35% year-on-year increase. Modern vehicles demand efficient pressure and temperature monitoring systems due to the increasing sales of EVs, which is creating a critical need for managing battery performance, tire pressure, and thermal regulation.
  
  Automotive sensor manufacturers are continually developing advanced pressure sensor technologies that specifically meet the needs of EV applications. For instance, in Infineon Technologies AG, in September 2023, launched the XENSIV SP49 tire pressure monitoring sensor through the integration of MEMS and ASIC technologies to enable functionalities for auto-position sensing and blowout detection. The automotive companies are also adjusting their sales targets, with rising EV adoption rates, demonstrating how sensor technologies are adapting to changing vehicle design principles.
• Industrial automation and industry 4.0: Pressure sensors within industrial automation and Industry 4.0 serve as critical components for system health evaluation while enhancing operational performance levels. Pressure sensors provide real-time data monitoring capabilities while performing predictive maintenance tasks that boost operational performance. Manufacturers are developing improved product lines to address the changing requirements of industrial automation and IoT-based systems. For instance, in April 2024, TE Connectivity expanded its IoT wireless pressure sensor offerings with the introduction of the 65xxN and 69xxN series. These sensors support short-range (Bluetooth Low Energy) and long-range (LoRaWAN) communications, respectively, providing flexible solutions for various industrial monitoring challenges.

Challenges

• Complex calibration and maintenance: The industries such as oil & gas and medical device applications need highly precise pressure sensor calibration as it ensures accurate measurements throughout their operational life span. Specialized equipment and expertise typically make this process complicated. The operation of pressure sensors requires routine maintenance to stop them from drifting or malfunctioning, which can potentially compromise the system output. Accessing sensors operating in remote locations or harsh environments like offshore platforms or extreme temperatures creates barriers for accessing them due to the difficulty it causes to perform maintenance and calibration, extending the operational costs and system downtime.