Pressure Sensor Market Projected to reach $23.6 billion by 2024
According to the new research report "Pressure
Sensor Market by Product Type (Absolute, Gauge, Differential, Sealed, and
Vacuum), Technology (Piezoresistive, Capacitive, Resonant, Electromagnetic, and
Optical), Application, Function, End-User Industry, and Geography - Global
Forecast to 2024", the pressure sensor market is projected to grow
from USD 17.4 billion in 2019 to USD 23.6 billion by 2024, recording a CAGR of
6.3%. Advancements in nanoelectromechanical system (NEMS) technology and
large-scale adoption of the Internet of Things (IoT) platform and remote
connectivity provide major growth opportunities to pressure sensor market
players. The pressure sensor market growth is mainly driven by advancements in
microelectromechanical systems (MEMS), increase in demand from automotive and
medical industries, stringent government regulations, and rise in the adoption
of smart technology.
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Optical technology to witness the highest CAGR during the
forecast period
Optical technology is projected to record the highest CAGR
in the pressure sensor market from 2019 to 2024. Applications in which other
pressure sensing technologies are not effective due to electromagnetic
interference, optical pressure sensors work effectively due to their immunity
to interference. Optical pressure sensors also operate effectively in the
presence of chemicals or explosive materials.
Piezoresistive technology to hold the largest share in
the pressure sensor market during the forecast period
The technology segment comprises piezoresistive, capacitive,
resonant, electromagnetic, optical, and others (potentiometric, piezoelectric,
and thermal technologies). The piezoresistive segment in the pressure
sensor market is projected to hold the largest share during the forecast
period. This segment is likely to retain its lead in the market during the
forecast period, due to its suitability for measuring absolute, gauge, vacuum,
and differential pressures. These sensors find applications in washing
machines, dishwashers, vacuum cleaners, oil & gas level air pressure
detection, blood pressure measurement, and others.
Emerging automobile and industrial manufacturing
companies to drive the demand for pressure sensors in the Asia Pacific region
during the forecast period
The pressure sensor market in the Asia Pacific region is
projected to grow at the highest CAGR during the forecast period. China, India,
South Korea, and Japan are the major contributors to the growth of the pressure
sensor market in Asia Pacific. The pressure sensor market in Asia Pacific
witnesses growth due to the emerging automobile and industrial manufacturing companies
and the rising demand for pressure sensors from the overseas markets of North
America and Europe.
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Key players operating in the pressure sensor market include
Honeywell (US), ABB (Switzerland), Amphenol (US), BD Sensors (Germany), Emerson
Electric (US), First Sensor (Germany), Micro Sensor (China), Quartzdyne (US),
Sensata Technologies (US), and Crane (US). Other major companies focus on
organic and inorganic growth strategies such as product launches and
developments, mergers and acquisitions, agreements, contracts, partnerships,
collaborations, and expansions to increase their revenue.
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