DUBLIN–(BUSINESS WIRE)–The “Pressure Sensor Market – Forecasts from 2021 to 2026” report has been added to ResearchAndMarkets.com’s offering.
The pressure sensor market is estimated to grow at a CAGR of 6.35% to reach US$4.896 billion in 2026 from US$3.183 billion in 2019.
Pressure sensors are devices equipped with pressure-sensitive elements to measure physical quantity such as length, force, temperature, and pressure and converted into an electrical or optical signal. The pressure sensor determines the actual pressure applied to the sensor and some parts to convert the value to an electronic signal as output data. The use of the pressure sensors is depending on the material and application for which the pressure needs to be measured. It is widely used to monitor relative systems pressure in process applications such as hydraulics and pneumatics. The global pressure sensor market is highly competitive on account of its wide consumer base and the presence of well-diversified international, local and regional players. The rising requirement of existing technology and the further investment in the technological upgrades is leading to the increase in the market share thus, attracting more players into the market.
Intense competition in the pressure sensor market is paving the way for the strategies such as mergers and acquisitions and others to enhance their market share. However, pricing pressure on companies due to intense competition and huge expenditure on R&D activities will restrain the demand for pressure sensors during the forecast period.
Market Drivers:
Factors driving the growth of the pressure sensor market include a rise in applications especially in the automotive industry, increasing demand for the pressure sensor in consumer electronics, and favorable government regulations regarding the applications of the pressure sensor is boosting the market growth of the pressure sensor. Also, the rise in the trend of the internet of things (IoT) and the growing demand for pressure sensors in the development of smart cities are expected to augment the pressure sensor market.
In the IT dominant world, people are shifting their preference towards automation-based solutions and services. IoT is a technology that provides internet or networking for all applications and uses electronic software, actuators, and sensors to connect the devices to the common network. It incorporates various sensors such as proximity sensors, temperature sensors, and pressure sensors. Thus, the major adoption of IoT-connected devices is anticipated to boost the growth of the pressure sensor market.
COVID-19 Impact:
The outbreak of covid-19 pandemic and lockdown globally has negatively impacted the manufacturing activities especially in the Asia-Pacific region where major pressure sensors and other semiconductor components are manufactured. Pandemic interrupted the supply chain causing delay and also, the fear of being infected led to the absence of the factory workers causing a delay in the manufacturing process. However, by May 2020 many of the manufacturing had started their operations and were recovering their loss.
Companies Mentioned
STMicroelectronics TE Connectivity General Electric Emerson Electric Co. Robert Bosch GmbH ABB Denso Corporation NXP Semiconductors Siemens AG Omron Corporation Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Global Pressure Sensor Market Analysis, By Product
5.1. Introduction
5.2. Absolute Pressure Sensor
5.3. Differential Pressure Sensor
5.4. Gauge Pressure Sensor
6. Global Pressure Sensor Market Analysis, By Technology
6.1. Introduction
6.2. Piezoresistive Pressure Sensor
6.3. Electromagnetic Pressure Sensor
6.4. Optical Pressure Sensor
6.5. Resonant Solid State Pressure Sensor
6.6. Capacitive Pressure Sensor
6.7. Others
7. Global Pressure Sensor Market Analysis, By Application
7.1. Introduction
7.2. Automotive
7.3. Food and Beverage
7.4. Aerospace and Defence
7.5. Consumer Electronics
7.6. Medical
7.7. Industrial
7.8. Others
8. Pressure Sensor Market Analysis, By Geography
8.1. Introduction
8.2. North America
8.3. South America
8.4. Europe
8.5. Middle East and Africa
8.6. Asia Pacific
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. STMicroelectronics
10.2. TE Connectivity
10.3. General Electric
10.4. Emerson Electric Co.
10.5. Robert Bosch GmbH
10.6. ABB
10.7. Denso Corporation
10.8. NXP Semiconductors
10.9. Siemens AG
10.10. Omron Corporation
For more information about this report visit https://www.researchandmarkets.com/r/k657r0