Pressure Sensor Market Master Unit Subscriber Connector Forecast Year 2028

According to Premium Market Insights new research study on "Pressure Sensor Market is expected to grow from US$ 14.05 billion in 2021 to US$ 23.22 billion by 2028 at a CAGR of 7.5% between 2022 and 2028.

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Some Of the Major Players Influencing are Some of the key pressure sensor market players are AlphaSense; City Technology Ltd.; Dynament Ltd.; Figaro Engineering Inc.; Membrapor AG.; Nemoto & Co., Ltd.; Robert Bosch LLC.; ABB Ltd.; Siemens AG; and GfG Europe Ltd; among others. These market players have been witnessing constant demand from SMEs and large enterprises globally.

A pressure sensor is an instrument or device used to measure the pressure in gases or liquids across various industry verticals. A pressure sensor consists of pressure sensitive element that determines the pressure applied to the sensor and components to convert the information into an output signal. The applications of pressure sensors are constantly evolving and. are widely used in automobiles to detect tire pressure or combustion pressure in an engine, factories, and aircraft to determine altitude and atmospheric conditions. Technological advancements in majority of industry verticals such as oil and gas, healthcare and automotive have led to increased need of pressure sensors for various applications, rapid industrialization and huge production of vehicles in Asian countries such as China, Japan, India, and South Korea provides lucrative opportunities for the pressure sensor market growth.

Market Dynamics

The pressure sensor market has promising growth potential due to several factors, such as growing health concerns, improving standard of living, and rising disposable income. Such factors drive the sales of consumer goods such as coffee machines, washing machines, refrigerators, vacuum cleaners and others. Pressure sensors are widely used in home appliances which drives the pressure sensor market growth. Additionally, increase in demand from the oil & gas industry is also expected to boost the pressure sensor market growth over the forecast period.

MARKET SCOPE

The "Global Pressure Sensor Market Analysis to 2028" is a specialized and in-depth study of the market with a special focus on the global market trend analysis. The report aims to provide an overview of the market with detailed market segmentation by type and application. The global pressure sensor market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading pressure sensor industry players and offers key trends and opportunities in the pressure sensor market.

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MARKET SEGMENTATION

The global pressure sensor market is segmented based on type, application, and geography. Based on type, the market is segmented into piezoresistive, capacitive, piezoelectric, resonant solid state, optical, electromagnetic, and others. In terms of application, the pressure sensor market is segmented into automotive, consumer electronics, oil & gas, medical, industrial applications, and others.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry, including qualitative and quantitative information. It provides an overview and forecast of the global pressure sensor market based on various segments. It also provides market size and forecast estimates from 2019 to 2028 with respect to five major regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). The pressure sensor market by each region is later subsegmented into respective countries and segments. The report covers an analysis and forecast of 18 countries globally, along with current trends and opportunities prevailing in the region.

From the regional perspective, Asia Pacific dominated the pressure sensor market with ~34% market share in 2021. However, North America is expected to grow at the highest CAGR, owing to the huge presence of key players that are increasing the availability of pressure sensors in the region. Furthermore, the increasing demand for pressure sensors from oil & gas, petrochemical, and medical industries is accelerating the market growth in North America

The report analyzes factors affecting the pressure sensor market from both demand and supply sides and further evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive PEST analysis, highlighting the factors affecting the pressure sensor market in these regions.

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IMPACT OF COVID-19 PANDEMIC

The COVID-19 outbreak dramatically impacted the global economy during its peak in 2020 in its initial days, hampering business activities in IT and business industries. The US, India, Brazil, France, Russia, Turkey, the UK, Argentina, and Colombia were among the worst-affected countries by the pandemic. The COVID-19 outbreak disrupted the functioning of various industry verticals, leading to serious volatility and instability in the business environment. Manufacturing operations were temporarily suspended across various countries leading to a substantial slowdown in the production of pressure sensors. Companies operating in pressure sensor manufacturing also suspended their manufacturing operations in China, South Korea, India, and other countries, as lockdowns prevailed in most countries, creating major supply disruptions for pressure sensors. Shortage of semiconductors impacted automotive, semiconductor, and consumer electronics production in 2020 and 2021, bringing down the sales of pressure sensors. Thus, the spread of the COVID-19 pandemic brought a huge downfall in pressure sensor sales due to low demand from consumers electronics and automobile sectors.

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This release was published on openPR.