New York, USA, April 19, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global pressure transducer market is expected to gather a revenue of $9,986.2 million by 2028, growing at a healthy CAGR of 6.1% in 2021-2028 timeframe. This holistic report puts forward a brief overview of the pressure transducer market’s current framework including cardinal aspects of the market such as growth drivers, growth opportunities, restraints, and hindrances during the forecasted period of 2021-2028. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market with ease.
Dynamics of the market:
Drivers: Advancements and enhancements in production efficiency are expected to be the major factor behind the growth of the global pressure transducer market by 2028. At the same time, business expansion by key market players is also predicted to further complement the growth of this market in the 2021-2028 forecast period.
Stay ahead of your Competitors, Grab an Exclusive PDF Sample of the Pressure Transducer Market@ https://www.researchdive.com/download-sample/8519
Opportunities: Growing demand for automobiles and industrial automation will offer abundant opportunities for the pressure transducer market during the 2021-2028 timeframe. Additionally, business acquisition by major market players is predicted to augment the growth potential of this market during the forecast period.
Restraints: The high cost associated with the pressure transducer may, however, prove to be the hurdle in the growth of the pressure transducer market during the analysis timeframe.
Impact of Covid-19 on the Pressure Transducer Market:
The Covid-19 pandemic has disrupted industrial processes across all sectors and hence has negatively impacted their corresponding global markets. The global pressure transducer market, unfortunately, is no exception to this phenomenon. The pandemic and the subsequent lockdown in various countries have disrupted global supply chains and manufacturing cycles and have led to an economic slowdown across the globe. This has negatively impacted the market as it has primarily restricted the global demand for automotive pressure sensors.
Segments of the Pressure Transducer Market:
The report has divided the market into certain segments based on technology type, pressure type, end-use, and region.
Technology Type: Piezoresistive Strain Gauge Sub-segment to be the Most Lucrative
The piezoresistive strain gauge sub-segment is predicted to be the most dominating sub-segment of the global pressure transducer market. This sub-segment is expected to gather a revenue $4436.6 million by 2028. Piezoresistive pressure sensors, or strain gauge pressure measurement sensors as they are called, basically work on the principle of piezoresistive effect, i.e., change in electric resistivity of a conductor or a semiconductor when mechanical strain is applied to it. Many factors including increased vehicle demand and rising awareness about safety are driving the growth of this sub-segment.
Pressure Type: Absolute Pressure Sub-segment to Generate the Highest Revenue
The absolute pressure sub-segment is estimated to generate the highest revenue among all other sub-segments of the pressure transducer market. The absolute pressure sub-segment is expected to surpass $4095.0 million by 2028. Absolute pressure sensors are used for obtaining absolute values of air and gas pressure by comparing the target pressure and the known pressure of an absolute vacuum. The error-free functionality offered by these pressure sensors makes them indispensable for manufacturing safe and secure vehicles. This has been a major factor behind the growth of this sub-segment.
End-Use: Automotive Sub-segment to be the Most Profitable
The automotive sub-segment of the global pressure transducer market is projected to have a dominant market share and surpass $2,396.0 million by 2028. The growing demand for passenger vehicles in developing countries and emerging economies. is expected to boost the growth of this sub-segment during the forecast years. Moreover, the adoption of new and advanced automotive technologies such as ABS, ESC, TPMS, and airbags is expected to further propel this sub-segment’s growth. In addition, the booming production of electric vehicles is another factor predicted to accelerate the sub-segments growth by 2028.
Region: North America Region to be the Most Dominant
The pressure transducer market in the North America region is expected to be the most dominant and gather a revenue of $3,858.7 million by 2028. Rising demand for pressure sensors from the automotive sector for applications like TPMS and EGR system exhaust gas pressure is projected to bolster the market growth in the North America region. Moreover, safety and government mandates regarding the use of pressure sensors in automobiles are also anticipated to be the major driving factors behind the massive market growth rate in this region during the 2021-2028 timeframe.
North America is the Most Dominant region to gather Highest Revenue.
Prominent Pressure Transducer Market Players:
Some of the prominent players in the pressure transducer market are
- Panasonic Corporation
- ABB Ltd.
- Sensata Technologies Inc.
- Honeywell International Inc.
- NXP Semiconductors
- Validyne Engineering
- Sestra Systems Inc.
- Robert Bosch Gmbh
- Control Air Inc.
- Kulite Semiconductor Products Inc., among others.
These players are adopting numerous business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market. – Inquire and get access to the key companies’ development strategy report
For instance, in March 2020, TE Connectivity, a Swiss-based sensors and connectors manufacturing company, acquired First Sensor AG, one of the leading manufacturers and suppliers of pressure sensors. This has helped in expanding the market share of TE Connectivity. Moreover, this strategic acquisition also catered to TE Connectivity’s aim to provide top-level production advancements and services to its customers.
Finally, the report also summarizes many crucial aspects of the pressure transducer market including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Some Related Trending Articles:
Analyst Review: Surging Need for Industrial Automation Across the Globe to Propel the Growth of the Global Pressure Transducer Market by 2028
Read Blog: Pressure Transducers: Basics, Applications, Advantages, and Disadvantages
