Yahoo Finance Pressure Sensors Market Projected to Garner USD 12 Billion with a CAGR of 6% by 2026 - Report by Market Research Future (MRFR)
New York, US, Nov. 30, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Pressure Sensors Market information by Product Type, by Technology and Region – forecast to 2027” market size to reach USD 12 billion, growing at a compound annual growth rate of 6% by 2026.
Market Scope:
Pressure sensors are electronic devices capable of detecting and regulating pressure levels and converting it into electric signals. Application in off-road constructions, medical, and automotive sectors can drive the market demand. Market Research Future’s (MRFR) report on the pressure sensors market covers a comprehensive analysis conducted with the help of primary and secondary market research methods. It covers prospects on the industry for the forecast period (2020-2027) while taking into consideration the effects of the COVID-19 pandemic.
Dominant Key Players on Pressure Sensors Market Covered are:
NXP Semiconductors (the Netherlands)
MRON Corporation (Japan)
ABB (Switzerland)
Infineon Technologies (Germany)
Honeywell International Inc. (U.S.)
Emerson Electric (U.S.)
STMicroelectronics (Switzerland)
Robert Bosch GmbH (Germany)
Siemens AG (Germany)
Texas Instruments (U.S.)
General Electric (U.S.)
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Market USP Exclusively Encompassed:
Market Drivers
Advances in MEMS to Drive Market Demand
Initiatives taken by governments and property builders for developing smart cities can drive market demand significantly. Use of efficient lighting and sustaining growth in countries can augur favorably for the market. Rapid urbanization and transformation of cities to smart cities can spur demand for pressure sensors solutions.
Huge need for infrastructure development and public safety can drive market demand. Moreover, adoption of internet of things (IoT), 5G, and analytics can create a bevy of opportunities in the coming years.
Advances in NEMS to Push Market Growth
Smart homes can utilize pressure sensors solutions for controlling heating, electrical, cooling, and light appliances. They can increase comfort and usability while managing the ambience of rooms through a centralized remote. Moreover, it can enhance the security of homes by enabling floodlights and security illuminations at breach points. The COVID-19 pandemic has propelled the demand for smart lights by providing a safe space for work in homes and workstations.
Pricing Regulations to Hamper Market Growth
The huge initial costs of installation owing to added costs of installation and equipment can hamper the pressure sensors market growth. Use of expensive software, light sources, and control systems can deter potential clients. However, dipping prices of LEDs and energy savings of these lights can prove to be fruitful to the market in the coming years.
Large Number of Regulations to Pose a Challenge
The huge initial costs of installation owing to added costs of installation and equipment can hamper the pressure sensors market growth. Use of expensive software, light sources, and control systems can deter potential clients. However, dipping prices of LEDs and energy savings of these lights can prove to be fruitful to the market in the coming years.
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Segmentation of Market Covered in the Research:
Absolute Pressure Sensors to Lead in Market Demand
On the basis of product type, the pressure sensor market is segmented into vacuum pressure sensors, gauge pressure sensors, absolute pressure sensors, differential pressure sensors, and many others. Absolute pressure sensors can capture a huge market share over the forecast period due to their application in food & beverages, consumer goods, and medical equipment sectors.
Piezoresistive Pressure Sensors to Lead by Technology
On the basis of technology, the pressure sensor market is further classified into electromagnetic pressure sensors, piezoresistive pressure sensors, capacitive pressure sensors, optical pressure sensors, and others. Piezoresistive pressure sensors can dominate market growth over the forecast period due to their high frequency and robust nature. Low power consumption and sensitivity of sensors can attract various industrial sectors.
Automotive Vertical to Dominate Market Growth
On the basis of vertical, the pressure sensor market is segmented into oil & gas, medical, aviation, automotive, medical, marine, consumer electronics, and others. The automotive vertical is set to lead in the market due to its use in electric cars. Compliance with latest safety standards can drive segment growth. On the other hand, the medical sector can generate huge revenue due to huge potential in pressure sensing gloves.
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Regional Analysis
APAC to Lead Global Market Growth
APAC is estimated to display a strong growth rate owing to adoption of connected lighting systems in smart offices and homes. Rise of government-driven infrastructural projects and development of residential homes can provide opportunities to players in the regional market. Undertaking of smart city projects and initiatives by governments to offer LED lights at subsidized prices can bode well for the market.
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COVID-19 Impact on the Global Pressure Sensors Market
The COVID-19 pandemic has negatively affected the pressure sensors market owing to lack of supply of vital automotive components and low production of parts and systems. The huge dependence on China and losses incurred to automakers owing to inadequate components can hamper market growth. But the switch to local production by various domestic manufacturers and enhance electric mobility can be a golden opportunity to the market.
Industry News
VariOhm Sensors has improved pressure sensors to improve performance of racing cars. It can endure harsh conditions needed in test and track conditions as well as sensors for measurement of fuel and pressure.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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