The global wireless pressure sensors market was valued at USD 0.46 billion in 2017 and is expected to reach a value of USD 1.43 billion by 2023 at a CAGR of 20.80% over the forecast period of 2018–2023.
Wireless pressure sensors are self-contained, battery-powered monitoring solutions that are useful for many industrial applications including wellhead pressure and casing pressure monitoring. Wireless pressure sensors find major applications in industries such as oil & gas, water & wastewater, and petrochemicals. The growth of the wireless pressure sensors market is largely affected by the dominance of legacy pressure sensor technologies in the current market. Most of the end-user segments are highly mature and largely depend on these legacy systems. It is very difficult for such industries to make a switch to the wireless equipment as they are very costly as compared to traditional systems. Other key challenges for wireless pressure sensors include highly fragmented market, scarcity of open bandwidth, low reliability, hopping challenge, and the constantly evolving standards.
The automotive industry has been a significant end-user segment for legacy pressure sensors. High quality and utmost reliability are always on the priority list of automotive manufacturing. To achieve the optimum condition regarding performance and system cost, the legacy pressure sensors have been a prime choice in many critical applications. However, with emerging applications, such as vehicle dynamics control, offline navigation, external airbag deployments, tire pressure monitoring, etc., the use of wireless pressure sensors is becoming increasingly popular in the automotive industry. With futuristic innovations, like electric cars and self-driving cars, the demand for these wireless pressure sensors in expected to grow rapidly from the automotive sector.
On the other hand, digitalization of hospital environments in order to eliminate medical errors and maintain accurate records of the patients are increasingly finding the use of wireless systems to monitor patient condition. Wireless pressure sensors are especially useful in monitoring key cardiac and physical activities of the patient without confining them to tangling wired systems. Moreover, these systems are increasingly finding their way into medical gadgets and consumer electronics that are creating new opportunities for the wireless pressure sensors market.
February 2018: Honeywell announced a strategic alliance with Kuehne Nagel, a prominent logistics provider, to become a technology partner supporting Kuehne Nagel's global innovation initiatives for connected distribution centers.
July 2017: SAIC Motor Corporation Limited and Infineon Technologies AG established a joint venture to manufacture power modules for the developing electric vehicle market in China. SAIC Motor holds a stake of 51% of the JV and 49% of Infineon. The partners have received all approvals by public authorities.
The major players include ABB Group, Honeywell International, Inc., Infineon Technologies AG, OleumTech Corporation, Phoenix Sensors LLC, TE Connectivity Ltd, and Texas Instruments, Inc., among others.
Current and future wireless pressure sensors market outlook in the developed and emerging markets.