Pressure Sensors Market New Innovations, Technology And Research 2019, Forecasts till 2026

The Global Pressure Sensors Market Report Forecast 2021 - 2026 is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report. 

The pressure sensor market was valued at USD 5457.4 million in 2020 and is expected to reach USD 8322.30 million by 2026 and grow at a CAGR of 7.3% over the forecast period (2021-2026). 

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Top Key Players in the Global Pressure Sensors Market: ABB Ltd., Bosch Sensortec GmbH, Honeywell International Inc., Rockwell Automation, Inc., Siemens Building Technologies AG (Siemens AG)

- April 2020 - Bosch Sensortec announced the BMP390, a barometric pressure sensor for altitude tracking in smartphones and wearable and hearable devices. According to Bosch, the new sensor can measure height changes below 10 centimeters and is 50 percent more accurate than its predecessor. The new BMP390 supports GPS applications for outdoor navigation and calorie expenditure estimation tasks and is available for high-volume smartphone, wearable, and hearable manufacturers.

- January 2020 - Honeywell announced the launch of a new, high-performance, value-priced line of Media Isolated stainless steel pressure sensors (MIP) for the industrial and HVAC market. The sensors were designed to withstand extreme temperatures and resist corrosion; the sensors are used by engineers to create high-performance HVAC systems, medical and biomedical processes, marine systems, aircraft systems, environmental engineering, laboratory, and wastewater and other industrial applications.

Key Market Trends

Automotive is Expected to Hold Significant Share

- The automotive industry, which is undergoing a technology transformation, with a significant objective of increasing safety, comfort, and entertainment, provides ample opportunities for pressure sensors. The miniature size of pressure sensors, such as MEMS, is influencing their demand in the automotive industry's design scheme, making them an essential factor for massive adoption. The miniature pressure sensors are best suited for measuring the pressure of the auto brake system, the pressure of the tires, the fluid pressure of the transmission system, the pressure of engine oil, and the pressure of intake pipe, as applications. Several parameters need to be controlled in the automotive sector, and pressure sensors add considerably to the developments of these aspects.
- With technological developments enabling the development of autonomous and self-driving cars, the adoption of sensors in vehicles is expected to witness subsequent growth. In the automotive sector, safety regulations enforced by governmental organizations also play a crucial role, in incorporating pressure sensors. Hence, the United States automotive sector has been leading the market studied, owing to the presence of a robust automotive industry. Thus, various countries' environmental and safety regulations are expected to lead to an increasingly stringent requirement for accuracy, quality, and price of automotive pressure sensors.
- The concept of hybrid vehicles has led to the widespread adoption of sophisticated vapor pressure measurement systems. This will emerge as a necessity since the measurement process is more complicated than it is with ICEs (internal combustion engines). Developments on the same have begun. For instance, in October 2019, Melexis announced a Pressure Sensing IC specifically for Engine EVAP Systems. The design of a relative pressure sensor IC to operate in and measure shallow pressures across automotive applications are indicative of the company's support of the rise in hybrid vehicles. The MLX90821 can detect the smallest vapor leaks, as a central part of EVAP systems.

Regional Analysis:

The report offers in-depth assessment of the growth and other aspects of the Pressure Sensors market in important countries (regions), including:
North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia)
South America (Brazil, Argentina, Colombia)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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North America is Expected to Hold Major Share

- Stringent government regulations regarding passenger safety and significantly growing automotive and aerospace industries are driving the market for pressure sensors in North America. For instance, the US government passed the TREAD Act to mandate the installation of the Tire Pressure Monitoring System (TPMS) in all automobiles so that drivers can be cautious about the under-inflation of automobiles within 20 minutes of its detection. The emergence of information technology, along with the growth in the usage of IoT across a wide range of manufacturing, industrial, and automotive applications, has added a new dimension to conducting business operations in the region.
- According to the American Automotive Policy Council, automakers and their suppliers are America's largest manufacturing sector, responsible for 3% of America's GDP. They are also America's largest exporters and have exported more than USD 690 billion in vehicles and parts over the last five years. According to the Consumer Technology Association, the overall US shipments of smart home connected devices reached 28.6 million in 2019. As the pressure sensor posses large applications in these areas, the region offers massive opportunities over the forecast period.
- An increase in the production of helicopters and commercial aircraft in the United States is expected to drive the market. The United States exports more than 60% of all aerospace production. Many foreign firms are attracted to the US aerospace market, as it is the largest in the world, characterized by the skilled and hospitable workforce, diverse offerings, and extensive distribution systems. According to the United States Department of Commerce, it is estimated that for the next 20 years, the number of large commercial planes may grow at a rate of 3.5% per year to reach a total of 34,000 units, valued at USD 4.5 trillion. Such production statistics prompt the need for the pressure sensors for the aircraft navigation systems.

Important Features that are under Offering and Key Highlights of the Reports:

– Detailed overview of Pressure Sensors Market
– Changing market dynamics of the industry
– In-depth market segmentation by Type, Application etc.
– Historical, current and projected market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Pressure Sensors Market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth.

The research includes historic data from 2015 to 2020 and forecasts until 2026 which makes the reports an invaluable resource for industry executives, marketing, sales, and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.

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Post Covid-19 Analysis:

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