Press release
Pressure Sensors Market 2022-2027 skyrocketed revenue with key players ABB Ltd., All Sensors Corporation, Bosch Sensortec GmbH
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).Latest research on Pressure Sensors Market report covers forecast and analysis on a worldwide, regional and country level. The study provides historical information of 2016-2021 together with a forecast from 2022 to 2026 supported by both volume and revenue (USD million). The entire study covers the key drivers and restraints for the Pressure Sensors market. This report included a special section on the Impact of COVID19. Also, Pressure Sensors Market (By major Key Players, By Types, By Applications, and Leading Regions) Segment’s outlook, Business assessment, Competition scenario and Trends. The report also gives 360-degree overview of the competitive landscape of the Pressure Sensors industry.
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The Pressure Sensors market is highly competitive and consists of a number of major players. Top Companies like ABB Ltd., All Sensors Corporation, Bosch Sensortec GmbH, Endress+Hauser AG, GMS Instruments BV (GE Measurement & Control), Honeywell International Inc., Invensys Ltd, Kistler Group, Rockwell Automation Inc., Rosemount Inc. (Emerson Electric Company), Sensata Technologies Inc., Siemens Building Technologies AG (Siemens AG), Yokogawa Corporation
Industry News And Developments:
- 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.
Regional Analysis:
Furthermore, to broaden the understanding, researchers have studied the global Pressure Sensors market from a geographical point of view, considering the potential regions and countries. The regional analysis will assist the market players in making sound decisions regarding their future investments.
Pressure Sensors Market report includes the following geographic areas such as North America, Europe, China, Japan, Southeast Asia, India and ROW.
Scope of the Report
- The increasing adoption of the Internet of Things (IoT), is another major factor spearheading the growth of the market. Pressure sensors are transforming the development of smart homes and buildings, smart cities, and smart factories. Hence, the increase in IoT connected devices is anticipated to fuel the growth of the market. Moreover, increasing industrial automation and the growing demand for miniaturized consumer devices, such as wearables and IoT-connected devices, among others, across regions, are among the significant factors driving the pressure sensors market.
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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 the 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.
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.
What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Pressure Sensors Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
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