Press release
Pressure Sensor Market was Worth USD 7.25 billion in 2014 and is Expected to Reach USD 11.59 billion by 2023
The Pressure Sensor Market was worth USD 7.25 billion in 2014 and is expected to reach approximately USD 11.59 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 5.35% during the forecast period. The development of this market is powered by progressions in MEMS innovation and its quick selection in connected devices, developing interest from medical and automotive device enterprises, expanding adoption of weight sensors in customer products and wearables, and stringent government directions. Advancements in the pressure sensor market through natural and inorganic development techniques, for example, product improvements, partnerships, merger and acquisition, collaborations, and agreements, additionally drive the development of this market.
Product Outlook and Trend Analysis
Among the distinctive product types, the market for differential pressures sensors is anticipated to develop at the most astounding CAGR in the following years. Differential pressure sensors give the difference between two pressure sources through two ports, enabling clients to give required pressure contributions to the device for estimating the readings. This adaptability offered by the device helps drive the development of the differential pressure sensor market at the most astounding CAGR amid the estimate time frame.
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Technology Outlook and Trend Analysis
The pressure sensor market for the optical technology is foreseen to develop at a high CAGR in the following years driven by the developing implementation of optical innovation over different advancements. In places that are remote or experience high temperature, optical pressure sensors are used for different applications.
Application Outlook and Trend Analysis
In applications where different innovations can fail because of electromagnetic impedance, optical pressure sensors can work exceptionally well because of their insusceptibility to obstruction. These sensors likewise function admirably within the sight of chemicals or explosive materials.
Regional Outlook and Trend Analysis
Asia Pacific (APAC) is anticipated to possess the biggest share of the pressure sensor market amid the forecast period. The pressure sensor market in nations such as India, China, Japan, and South Korea is foreseen to develop at the most elevated CAGR owing to the rising adoption of automated storage and retrieval systems (ASRS) and increasing awareness regarding the benefits of automated systems.
Competitive Insights
The leading players in the market are Endress+Hauser India Pvt. Ltd, Emerson Electric, Infineon Technologies India Private Ltd, SSI Technologies, STMicroelectronics, General Electric, Robert Bosch GmbH and Denso. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
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The Pressure Sensor Market is segmented as follows-
By Product:
Differential
Gauge
Sealed
Absolute
Vacuum
By Technology:
Electromagnetic
Resonant
Piezoresistive
Optical
Capacitive
Others
By Application:
Medical
Utilities
Oil & Gas
Marine
Automotive
Industrial
Consumer Electronics
Aviation
Others
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