New York, USA, Dec. 15, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global pressure transducer market is estimated to generate a revenue of $9,986.2 million and rise at a healthy CAGR of 6.1% over the forecast period from 2021-2028.
As per our analysts, the growing demand for industrial automation and optimal utilization of pressure type transmitters to boost productivity, address industrial health and safety issues, lower operational costs, and many more, the market is expected to see striking growth over the forecast period. Moreover, the allowance of monitoring and maintaining process parameters at appropriate levels, with industrial automation is expected to bolster the growth of the market during the estimated timeframe. Besides, the increasing demand for automobiles which includes the usage of sensors for emission and battery control, and for other occupant detection is further expected to fuel the growth of the pressure transducer market over the forecast period. However, the high pricing of pressure transducers may impede the growth of the market during the analysis period.
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Segments of the Market
The report has divided the pressure transducer market into various segments based on technology type, pressure type, end-user, and region.
Technology Type: Piezoresistive Strain Gauge Sub-Segment to be Most Lucrative
The piezoresistive strain gauge sub-segment is predicted to generate a revenue of $4,436.6 million and is expected to continue a steady growth during the analysis period. This is mainly due to the increased vehicle demand in developing countries and the growing governmental concerns about safety. Moreover, the rising introduction of a wide range of products into the piezoresistive strain gauge is predicted to amplify the growth of the pressure transducer market sub-segment during the forecast period.
Pressure Type: Absolute Pressure Sub-Segment to be Most Productive
The absolute pressure sub-segment is expected to garner a revenue of $4,095.0 million during the estimated timeframe. This is mainly due to the increasing usage of an absolute pressure sensor in the automobile sector to measure biometric pressure and to assist the control module on engine load. In addition, the growing demand for error-free engine functionality in accordance with manufacturing more secured vehicles is further expected to foster the growth of the pressure transducer market sub-segment during the forecast period.
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End-User: Automotive Sub-Segment to be Most Profitable
The automotive sub-segment is expected to generate a revenue of $2,396.0 million over the analysis timeframe. This is majorly due to the growing adoption of advanced automotive technologies such as TPMS, ESC, airbags, and many more, along with the rising demands for passenger vehicles in the emerging markets. Furthermore, the increasing disposable income and constant rise in the adoption of vehicles in emerging economies is expected to amplify the growth of the pressure transducer market sub-segment during the forecast period.
Region: North America Region Anticipated to Have Maximum Market Share
The North America region is expected to generate a revenue of $3,858.7 million throughout the estimated timeframe. This is mainly because of the rising demand from the automotive sector to use pressure sensors for a variety of applications such as TPMS and EGR exhaust gas pressure systems in this region. Moreover, the increasing government mandates to use pressure sensors in automobiles is expected to boost the growth of the market sub-segment during the estimated time period.
Covid-19 Impact on the Market
The outbreak of the Covid-19 pandemic has had a negative impact on the pressure transducer market, likewise various other industries. The strict guidelines imposed by the governments of many countries have disrupted the supply chain and shut down many factories. This slowdown of the global economy has badly impacted the automotive industry which further caused a sharp decline in the demand and sales of pressure transducers. Further, the stringent lockdown and closure of international borders have resulted in a consequential drop in the global demand for pressure sensors in the automotive industry. These factors have affected the growth of the market during the period of crisis.
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Key Players of the Market
The major players of the pressure transducer market include
- Honeywell International Inc
- Sensata Technologies, Inc
- Robert Bosch Gmbh
- ABB Ltd
- Validyne Engineering
- Panasonic Corporation.
- NXP semiconductors
- ControlAir, Inc.
- Setra Systems, Inc. (Fortive)
- Kulite Semiconductor Products Inc. and many more.
These players are working on the development of new business strategies, such as product development, merger and acquisition, partnership, and collaboration to gain the leading positions in the global industry.
For instance, in July 2021, TWTG, the Netherlands-based leading IoT company, has announced its partnership with Badotherm, a renowned manufacturer of diaphragm seals, pressure gauges, to produce a wireless IoT sensor for pressure monitoring and measurement.
In addition, the report also summarizes other crucial aspects such as SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
Related Article Links:
- Surging Need for Industrial Automation Across the Globe to Propel the Growth of the Global Pressure Transducer Market by 2028
- Pressure Transducers: Basics, Applications, Advantages, and Disadvantages
