Mexico Pressure Sensor Market is estimated to grow at a CAGR of 8.21% during the forecast period to reach US$277.037 million by 2029, from US$154.523 million in 2022.
A pressure sensor is a device or an instrument that measures the pressure in gases or liquids. It consists of a pressure-sensitive element that can determine the applied pressure and components to convert the information into an output signal. A pressure sensor will generate a signal based on the measurement of the pressure applied in units such as “Pascal,” “Bar,” and “PSI.”
The Mexican economy is the second-largest in Latin America and has established trade relations globally. The economy has undergone several changes in the past decades and has shifted to secondary and tertiary production sectors. Mexico is the sixth-largest global passenger vehicle manufacturer, producing approximately three million vehicles annually (source: International Trade Administration, USA). As these numbers from the automotive industry continue to grow, the pressure sensor market is being primarily profited. Moreover, the government launched several policy initiatives to attract manufacturing businesses to the country, benefiting the pressure sensor market. The advent of MEMS and NEMS technologies and their rising eminence in the manufacturing of pressure sensors is another vital driver plying in the country.
Market Drivers:
The automotive sector is one of Mexico’s most significant industries, comprising 20 percent of the nation’s GDP and employing over one million people nationwide (source: International Trade Administration, USA). The majority of the vehicles manufactured are exported to the United States. Established makers like Audi, Baic Group, BMW, Stellantis, Ford, General Motors, Honda, Kia, Mazda, Nissan, Toyota, and Volkswagen operate their manufacturing plants in the country. Auto parts and OEM technologies are also manufactured in the country. The pressure sensor is a crucial component in these manufacturing plants and is employed to check the pressure of critical fluids, monitor exhaust recirculation, etc. The market is likely to proliferate owing to these applications in the automobile industry.
The Mexican government has adopted several plans and policies to diversify the economy, and as such, the aviation and aerospace, medical device, apparel and textile, and consumer products industries have marked their presence in the economy’s GDP. Despite the changes and uncertainty of NAFTA being renegotiated as the new United States-Mexico-Canada Agreement (USMCA), the major manufacturing industries in Mexico are expected to see continual growth in the following years. Other than that, the labor cost is lesser in the country, which is advantageous for the industries.
Pressure sensors play an increasing role in applications such as bottle and equipment leak detection, variable air volume systems, air blades, compressed air pressure monitoring, industrial flow monitoring, filter pressure monitoring, duct airflow, gas detection, mine safety instrumentation, etc. Owing to these many uses in the industry the market is likely to grow by a large margin in the country.
Market Restraint:
Even though pressure sensors have a thorough implementation in several industry verticals, there are some disadvantages like material constraints, sensitivity to vibration, and temperature dependence. These cons may act as a limiting factor in the pressure sensor market and restrict the market growth rate. However, recent developments to overcome these limitations are expected to beat the restraints.
Market segment by technology-
By technology, piezoresistive and capacitive sensors dominate the market as they are heavily used in the automotive, medical, petrochemical, oil, and gas industries. By end-user, the automotive segment is presumed to record the highest growth in this market owing to the production and export trends in the country.
Market Developments:
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market Size Value in 2022 | US$154.523 million |
| Market Size Value in 2029 | US$277.037 million |
| Growth Rate | CAGR of 8.21% from 2022 to 2029 |
| Base Year | 2022 |
| Forecast Period | 2024 – 2029 |
| Forecast Unit (Value) | USD Million |
| Segments Covered |
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| Companies Covered | |
| Customization Scope | Free report customization with purchase |
Market Segmentation: