Post Covid-19 Update: PRESSURE SENSOR MARKET TO REACH USD 25.7 BILLION BY 2027 | CAGR 5.6% — FORENCIS RESEARCH
Global Pressure Sensor Market: Key Highlights
- According to the new market research report “Pressure Sensor Market by Type (Aneroid Barometer Sensors, Manometer Sensors, Bourdon Tube Pressure Sensors, Vacuum Pressure Sensors, Sealed Pressure Sensors, Others), by Technology (Inductive Pressure Sensors, Potentiometric Pressure Sensors, Capacitive Pressure Sensors, Piezoelectric Pressure Sensors, Piezoresistive Pressure Sensors, Variable Reluctance Pressure Sensors, Optical Pressure Sensors, Others), by Function (Pressure Sensing, Flow Sensing, Altitude Sensing, Depth Sensing), by End-User Industry (Manufacturing, Aerospace & Defense, Healthcare, Oil & Gas, Marine, Consumer Electronics, Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2019 to 2027)”, the global pressure sensor market is estimated to reach USD 25.7 Billion by 2027 at a CAGR of around 5.6% during the review period.
- A pressure sensor is an instrument which consists of pressure sensitive element to determine the actual pressure applied to the sensor and some parts to convert the information into output data
- These sensors use IC fabrication technology made up on silicon wafer to measure different types of pressures such as absolute, gauge, and differential pressures
- Pressure sensors are widely used in the various fields such as manufacturing, automotive, bio medical measurements, aviation, hydraulic measures, and air conditioning
Global Pressure Sensor Market: Key Market Dynamics
- Increasing demand for pressure sensors in automotive and medical applications as they play a vital role in to fulfill various end-user demands has expected to drive the growth of pressure sensor market
- Advancement in microelectromechanical system (MEMS) for higher accuracy, better resolution, and lower energy consumption has expected to drive the growth of pressure sensor market during forecasted period
- Growing awareness about Nano Electro- Mechanical systems (NEMS) Technology due to low power consumption, faster response, and multi-variable output such as temperature, acoustic, and pressure properties will become an opportunity for the product market
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Global Pressure Sensor Market: Regional Overview
- North America
North America is expected to dominate the pressure sensor market during the forecasted period owing to high rate of automation with growing market for consumer electronics. According to Consumer Technology Association, the U.S. sales of connected devices in 2018 are projected to reach 715 million units. Moreover, government regulations for passenger safety in automotive sector are expected to drive the market growth in the region. For instance, TREAD Act is passed by the US government for installation of Tire Pressure Monitoring System (TPMS) in all types of automobiles.
Asia-Pacific is expected to experience a substantial growth in pressure sensor market owing to the evolution of automotive and industrial manufacturing companies in emerging economies. Moreover, the rising demand for smart technologies in emerging economies such as China, South Korea, and India have anticipated surge regional demand for pressure sensors. For instance, according to India Brand Equity Foundation (IBFE), the electronic hardware production in India reached USD 11.2 billion in 2019.
Global Pressure Sensor Market: Key Players Overview
- Honeywell International Inc.:
Honeywell International Inc. is a US-based company engaged in the invention and commercialization of technologies for overcoming the challenges across energy, safety, security, productivity, and global urbanization. The company operates through major business segment including performance material & technologies, aerospace, Honeywell building technologies, and safety and productivity solutions. In October 2019, the company entered into contract with Surrey Sensors (UK), with an aim to deliver HSC Series and RSC Series pressure sensors having application in aerospace industry.
ABB is a Swiss-based company which operates mainly in robotics, power, heavy electronic equipment, and automotive technology areas. The company operates through four business segments electrification, industrial automation, motion, and robotics & discrete automation. In May 2019, ABB received a contract from Arctic Offshore Farming, an offshore farm located in the Norwegian Sea (Arctic Ocean). This contract will help the company to provide a comprehensive package of automated technology solutions, electrical, telecom, and instrumentation technologies for a submersible fish farm in the Arctic Ocean.
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