Selbyville, Delaware, June 01, 2021 (GLOBE NEWSWIRE) --
According to latest report “Pressure Sensors Market by Product Type (Absolute Pressure Sensor, Gauge Pressure Sensor, Differential Pressure Sensor), Technology (Piezoresistive, Capacitive, Resonant Solid-State, Electromagnetic, Optical, Piezoelectric), Output (Analog, Digital), Application (Automotive, Industrial, Consumer Electronics, Healthcare, Oil & Gas, Aerospace & Defense), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of pressure sensor will cross $13.5 billion by 2027.
The market growth is attributed to the increasing deployment of pressure sensor in the oil & gas sector. In the oil & gas industry, pressure sensor is extensively incorporated into pipelines, compressors, pumping systems, offshore drills, and pressure vessels. Several oil & gas producers are emphasizing on new discoveries and exploration of crude oil reserves.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/1732
The gauge pressure sensor segment accounted for around 13.5% of the pressure sensors market share in 2020 owing to the increasing adoption of these sensors in industrial & residential HVAC control systems. The gauge pressure sensors measure relative pressure with respect to variable atmospheric pressure, which is critically important for HVAC control systems. Adding to this, the industry players are focusing on integrating new technologies into gauge type sensors to stay competitive in the market.
The resonant solid-state segment in the pressure sensors market held 13% of revenue share in 2020 and is projected to witness 7% growth rate through 2027 led by several intuitive features offered by the technology such as low power consumption, compact footprint, high stability, and precision pressure measurement. These pressure sensors can withstand high-temperature environments, increasing their acceptance in the aerospace, chemical, pharmaceutical sectors.
The industrial application segment in the pressure sensors market captured 22% of revenue share in 2020 and is expected to grow at 7.5% CAGR by 2027 on account of the rising government initiatives to support smart manufacturing in developed economies China, Germany, the U.S., and South Korea. According to the January 2020 press release by the South Korea Government, the country invested around USD 414.4 million for establishing smart factories in the region. These smart manufacturing facilities are installed with compressors, air pressure drives, pneumatic systems, hydraulics, and automation equipment, which require pressure sensor for measurement & control applications. The proliferation of IoT devices and programmable controllers in industrial facilities will further amplify the market demand over the forecast timeline.
The Europe pressure sensors market is predicted to expand at a CAGR of over 6.5% through 2027 due to the presence of major automotive manufacturers in Europe such as Daimler AG, BMW Group, PSA Group, and Audi, which are extensively focusing on increasing the automotive production in Europe. According to the European Automobile Manufacturers’ Association, the region produced 15.8 million units of passenger cars in 2019, which accounted for 21% of the global passenger cars production. The pressure sensors are heavily incorporated into various automotive systems such as transmission, gearbox, fuel system, braking system, and cooling system. Technological advancements in advanced automotive safety systems such as ADAS and self-driving cars will further impel the regional growth.
Key players operating in the pressure sensors market are Amphenol Corporation, Bosch Sensortec, Sensata Technologies, Inc., Honeywell International, Inc., Infineon Technologies AG, and TE Connectivity, among others. The companies are proactively focusing on research & development activities and new product launches to achieve a competitive edge over other players.
Request for customization of this research report @
https://www.gminsights.com/roc/1732
Some major findings of the pressure sensors market report include:
- Increasing demand for absolute pressure sensor in the food & beverage sector will support the industry expansion. These sensors offer specific vacuum pressure in each food item packaged individually. Favorable government initiatives supporting automation in F&B plants will drive the market.
- Growing usage of consumer electronics and smart home appliances will accelerate the adoption of digital output segment in the market. The smart home appliances such as air conditioners, refrigerators, etc., are incorporated with digital pressure sensor.
- Technological advancements in Micro-Electro-Mechanical Systems (MEMS) technology such as capacitive MEMS pressure sensor will support the market progression. The MEMS-based capacitive pressure sensor offers low power consumption and smaller footprint, augmenting their demand in consumer electronics devices.
- The COVID-19 pandemic has severely affected the market value in the first half of 2020. The stringent lockdown imposed by regional governments has resulted in temporary shutdown of consumer electronics and automotive OEMs. Adding to this, the shortage of raw materials and international trade restrictions have led several companies to relocate their manufacturing facilities in new locations by showcasing lesser dependency on China.
Table of Contents (ToC) of the report:
Chapter 3 Pressure Sensors Market Insights
3.1 Industry segmentation
3.2 Impact analysis of corona virus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 Impact by region
3.2.3 Industry value chain
3.2.3.1 Research and development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Raw material and component suppliers
3.3.2 Manufacturers
3.3.3 Distribution channel
3.3.4 End-user
3.3.5 Vendor matrix
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls and challenges
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/pressure-sensor-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.