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Pressure Transducer Market To See Incredible Growth During 2021-2031
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The global pressure transducer market is expected to grow at a CAGR of 3.4% during the forecast period of 2021 to 2031. By 2031, the pressure transducer market is estimated to value more than US$ 5.61 Bn. Numerous factors are influencing the global pressure transducer market, such as increasing industrial automation and rising need for pressure transducers in the process industry. As a result, the market is expected to grow due to the rising applications of pressure transducers in the process industry.
Key Findings of Market Report
MEMS Technology-based Transducers Witness High Demand from Automation, Industrial Operations
Besides healthcare and medical devices business, pressure transducer producers are in high demand in aeronautics, hydraulics, and automation industries. Es Systems, a producer of high-quality and novel sensor solutions for the medical and industrial fields, is gaining acclaim for its capacitive micro-electromechanical systems (MEMS) technology-based transducers for various industrial as well as automation operations.
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In specialized medical technology applications, the MEMS technology is gaining prominence. With the aid of the MEMS technology, businesses in the pressure transducer market are able to uncover growth potential in blocked filter detection, pressure valves, and automated pneumatic assembly applications.
Integration of Cellular Communication with Pressure Transducer Open Up New Business Opportunities
Market players are ramping up the manufacturing of cellular pressure transducers that are simple to install and can connect directly to a provider's secure data portal, where they provide 24/7 customer and technical assistance. Wireless pressure transducers with built-in cellular communication are a new entry in the global pressure transducer market. As compared to traditional transducers, these devices make monitoring pressure and temperature simpler. An array of sensors can be monitored only by a single system utilizing these transducers. In addition to improving and innovating in pressure transducers, manufacturers provide lower pricing and minimal inventory costs to their customers.
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Pressure Transducer Market: Growth Drivers
In the pressure measurement application, new technologies and breakthroughs as well as the use of technologically sophisticated pressure transducers have grown in recent years. This has resulted in attractive lucrative prospects for the global pressure transducer market.
Pressure transducers are becoming more popular in liquid power application that need high-resolution and precise force measurement. These systems are used to assess pump operation features in closed-loop pumps.
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