Fort Collins, Colorado, April 10, 2024 (GLOBE NEWSWIRE) --
Industrial Automation to Impel the Market for High Temperature Pressure Sensors
The surge in industrial automation across diverse sectors has significantly fueled the demand for high-temperature pressure sensors. Industries such as oil and gas, energy and power, and manufacturing are increasingly adopting automation to bolster efficiency and productivity. This adoption has amplified the necessity for reliable pressure monitoring in high-temperature environments.
High-temperature pressure sensors are crucial in facilitating accurate, real-time monitoring of critical processes. By enabling precise measurement and monitoring, these sensors ensure the safe and optimal operation of industrial equipment in challenging conditions.
According to the International Federation of Robotics (IFR) report, global industrial robot installations will reach 584,000 units by 2024. This forecast underscores a robust growth trajectory for industrial automation, consequently driving the demand for high-temperature pressure sensors. As industries continue to embrace automation to streamline operations and enhance competitiveness, the market for high-temperature pressure sensors is expected to witness sustained growth in the foreseeable future.
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Segmentation Overview:
The high temperature pressure sensor market has been segmented into material, application, and region.
Stainless steel stood for a dominant position in the past few years.
- Based on material the high-temperature pressure sensors market includes ceramics, stainless steel, high-performance alloys, and sapphire. The largest sub-segment in 2023 was likely stainless steel. Stainless steel has been widely used in manufacturing high temperature pressure sensors due to its excellent corrosion resistance, durability, and ability to withstand harsh environments.
Industrial Manufacturing Accounted for a Significant Market Share in 2023
- Based on the segmentation by application, the market comprises aerospace, automotive, industrial manufacturing, and others. In 2023, the industrial manufacturing sub-segment is expected to hold the largest market share.
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High Temperature Pressure Sensor Market Report Highlights:
- The high temperature pressure sensor market growth is anticipated at a CAGR of 5.1% by 2032.
- The aerospace and defense sector presents significant growth opportunities for the high temperature pressure sensor market.
- North America currently dominates the high temperature pressure sensor market, accounting for a significant share of the global revenue. According to a report by the U.S. Department of Energy, the oil and gas industry in the United States alone is expected to invest over $200 billion in capital expenditures between 2021 and 2025, driving the demand for high temperature pressure sensors in the region.
- Some prominent players in the high temperature pressure sensor market report include Honeywell International Inc., TE Connectivity Ltd., Sensata Technologies, Inc., Denso Corporation, Emerson Electric Co., ABB Ltd., Amphenol Advanced Sensors, BD Sensors GmbH, Bosch Sensortec GmbH, Kulite Semiconductor Products, Inc., PCB Piezotronics, Inc., and Kistler Group.
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