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Pressure Sensor Market Size, Latest Trends, Growth Status, Top Major Players And Forecast To 2033
Pressure Sensor Market Size
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According to The Business Research Company's, The pressure sensor market size has grown strongly in recent years. It will grow from $13.7 billion in 2023 to $15.06 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to usage of pressure sensors in iot systems, an increase in the use of pressure sensors in the automotive industry and increasing military spending.
The pressure sensor market size is expected to see strong growth in the next few years. It will grow to $21.88 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to a rise in demand for pressure sensors in consumer electronics, growing trend towards industrial automation and iiot in developing nations and rising adoption of pressure sensors in industrial activities. Major trends in the forecast period include developments in pressure sensors, miniature front-flush pressure sensors, strategic partnerships, barometric pressure sensors, technological advancements and product innovation.
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Market Drivers and Trends:
The rising adoption of pressure sensors in industrial applications is expected to propel the growth of the pressure sensor market. In automation and industry, pressure sensors are used in systems to measure variables such as speed, fluid/gas flow, water level, and altitude. For instance, according to Schott, a German-based company that manufactures glass and glass components, approximately 2 billion pressure sensors are produced every year, and this number is expected to increase by 7% annually. Therefore, the rising adoption of pressure sensors in industrial applications is driving the growth of the pressure sensor market.
Technological advancements are a key trend gaining popularity in the pressure sensor market. For instance, in 2021, BD Sensors GmbH, a Germany-based manufacturer of pressure sensors and pressure measurement devices, launched a DS5 electronic pressure switch. It has been designed for use in mobile working machines such as cranes, excavators, and harvesters, and provides operational safety in mobile working machines. It is available in the measuring ranges from 16 to 600 bar and is characterized by having a switching accuracy of 1% FSO and a high overload.
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Major Key Players of the Market:
Ashland Inc., BASF SE, SNF Floerger Group, Kemira, Solvay, Petro China, Bluwat Chemicals, Black Rose Industries Ltd, Anhui Jucheng Fine Chemicals Co. Ltd, Xitao Polymer Co Ltd, Feymer, Ningxia Yongruida Carbon Co.Ltd, Merck, China National Petroleum Corporation, Beijing Hengju Oilfield Chemical Agent Co. Ltd., Anhui Tiarun Chemical, Daqing Petrochemical Company, Shandong Polymer Bio-chemicals Co. Ltd, Kasakrom, Cemotech, Chevron Philips, Eastman Chemical Company, Dupont, Exxon Mobil, Huntsman, INEOS Group, Lyondellbasell, Smolecule, Sigma Aldrich, Alfa Aesar, Otava Chemicals, Thermo Fisher Chemicals, MK Chemicals of Brazil Ltda, AXCHEM Brazil Chemical Industry, SNF Holding Company, Indo Jordan Chemicals Company, GAP Polymers, Ahlia chemicals company, Zamil Plastic Industries Ltd, Northern Vinyl Supplies, Lawsam Chemicals (U) Ltd, AECI Mining chemicals, Protea Chemicals
Pressure Sensor Market 2024 Key Insights:
• The pressure sensor market size is expected to see strong growth in the next few years. It will grow to $21.88 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%.
• Driving Forces Behind The Surge In Pressure Sensor Market Growth In Industrial Applications
• Technological Advancements Reshaping The Landscape Of The Pressure Sensor Market
• North America was the largest region in the pressure sensor market in 2023
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