New York, USA, Aug. 22, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s latest report, the global pressure transducer market is anticipated to rise at a stunning CAGR of 11.29%, thereby garnering a revenue of $19,466.1 million by 2030. This latest report by Research Dive provides a brief outlook of the contemporary architecture of the pressure transducer market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2022-2030. All the important market statistics are also provided in this report to help new market players gain insights about the market easily.
Dynamics of the Pressure Transducer Market
Drivers: Maintaining appropriate level of process control along with monitoring of crucial parameters is an indispensable part of working of any industry. Over the years, there has been an increase in adoption of automation to handle these processes which is expected to increase the scope and growth rate of the pressure transducer market. Along with this, the need to introduce efficiency and improve the overall productivity in industries is predicted to push the market forward.
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Opportunities: The massive growth in demand for automobiles is predicted to offer numerous growth opportunities to the market in the forecast timeframe. Moreover, the growing need to introduce industrial automation is expected to push the market forward in the analysis timeframe.
Restraints: Intense pricing pressure on key market players may, however, restrain the growth of the pressure transducer market.
Impact of Covid-19 on the Pressure Transducer Market
The novel coronavirus pandemic and the resulting lockdowns have negatively impacted numerous manufacturing and service industries by hampering both the supply-side and demand-side supply chains. The pressure transducer market, too, faced a similar fate. There was a fall in the demand for pressure transducers mainly on the account of halting of automobile manufacturing processes which, in turn, translated in to a fall in the growth rate of the market during the pandemic period.
Segments of the Pressure Transducer Market
The report has fragmented the pressure transducer market into certain segments based on technology type, pressure type, end-use industry, and region.
Technology Type: Piezoresistive Strain Gauge Sub-segment to Have the Highest Market Share
By technology type, the piezoresistive strain gauge sub-segment is expected to have a dominant market share and garner a substantial revenue of $7,649.5 million by 2030. The growth in demand for automobiles all over the globe and increasing governmental safety standards are expected to become the two main reasons behind the growth of this sub-segment.
Pressure Type: Absolute Pressure Sub-segment to be the Most Dominant
By pressure type, the absolute pressure sub-segment is expected to have a dominant market share and garner a revenue of $8,313.4 million by 2030. The wide usage of absolute pressure sensors in automobiles for assessing biometric pressure is expected to be the primary growth driver of this sub-segment in the forecast period.
End-Use Industry: Automotive Sub-segment to Flourish Immensely
By end-use industry, the automotive sub-segment is predicted to have the highest market share and surpass $4,894.7 million by 2030. Rise in demand for passenger vehicles along with increased adoption of automotive technologies such as ABS, ESC, airbags, etc. is predicted to boost the growth of this sub-segment in the forecast period.
Region: Market in North America Region to be the Most Profitable
By regional analysis, the pressure transducer market in the North America region is projected to be the most dominant and garner a revenue of $2,794.5 million by 2030. Increased governmental standards on integrating pressure sensors in automobiles is expected to help the market in this region to grow at such a fascinating rate.
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Prominent Pressure Transducer Market Players
Some leading market players of the pressure transducer market are
- Panasonic Corporation
- Validyne Engineering
- Setra Systems, Inc. (Fortive)
- Sensata Technologies, Inc
- Robert Bosch Gmbh
- ControlAir, Inc.
- ABB Ltd
- NXP semiconductors
- Kulite Semiconductor Products Inc.
- Honeywell International Inc, among others.
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market. – Inquire here before buying the Full Report
For instance, in June 2021, Superior Sensor Technology, a US-based pressure sensor developer, announced a collaboration with Angst+Pfister Sensors and Power, a sensor solutions provider. This partnership is primarily aimed at providing pressure sensors for industrial, medical, and HVAC applications in Europe and is predicted to help both the companies to expand their footprint in the market in the years to come.
Finally, the Research Dive report also summarizes many crucial aspects of the pressure transducer market including financial performance of the key players, SWOT analysis, latest strategic developments, and product portfolio.
More about Pressure Transducer Market:
- The Pressure Transducer Market to Obverse Widespread Growth with the Rising Applications of Pressure Transducers in Various Industries
- Where are Pressure Transducers Used and Which Factors Should be Considered Before Buying One?
