Market Trends of Pressure Gauge Industry
Healthcare Segment is Projected to Show the Highest Growth During the Forecast Period
The healthcare segment will showcase remarkable growth during the forecast period. In the healthcare sector, analog and digital pressure gauges are used in various medical equipment, such as ventilators and oxygen cylinders. Digital pressure gauges with MEMS sensor technology also provide highly accurate and reliable methods for measuring pressure in situ, during various clinical conditions, such as brain injury, heart failure, compartment syndrome, airway obstruction, and spinal tumor. Medical pressure sensors measure the oxygen tank level (about 2,000 psi or more) and the flow of oxygen (about 4 kPa) being delivered to the patient.
Pressure sensors are also required in the module that concentrates oxygen (typically 2 bar) directly from the atmosphere. Moreover, the technological expertise required to design sophisticated pressure gauges and sensors that are sensitive to even minor fluctuations in pressure readings is encouraging merger and acquisition activities in the market.
The COVID-19 pandemic has sharply driven the demand for ventilators, as in extreme cases, patients require machine-assisted breathing due to irreparable damage to their lungs. For instance, in July 2022, Nanochip announced the launch of a gauge pressure sensor NSPGS5 series. The newly launched products use a CMOS mixed-signal conditioning chip to amplify, calibrate and compensate the output of the MEMS core. Such developments will drive the market growth during the forecast period.
Asia-Pacific Dominates Market Share in the Market During the Forecast Period
Asia Pacific is anticipated to dominate market share during the forecast period. The growth is attributed to the presence of the manufacturing and industrial sectors in countries, like China, Japan, India, and South Korea. China ranks first in the world in industrial output. The Made in China 2025 initiative aims to develop high-tech industries, including electric cars and other new energy vehicles, next-generation information technology (IT) and telecommunications, advanced robotics and artificial intelligence, agricultural technology, aerospace engineering, new synthetic materials, advanced electrical equipment, emerging bio-medicine, high-end rail infrastructure, and high-tech maritime engineering. Also, the rapid expansion of the aviation and defense sector in the Asia Pacific creates demand for new commercial as well as military aircraft and the rising number of local manufacturers will drive the market growth in coming years.
Furthermore, in the automotive sector, China, India, Japan, and South Korea are some of the leading manufacturers of passenger cars and commercial vehicles in the region. Also, the energy sector is growing in Australia, New Zealand, and Southeast Asian countries. The growth in various industries in the region is anticipated to propel market growth in the Asia-Pacific region during the forecast period.
