Press release
Pressure Sensor Market to be Driven by Increasing Demand for Absolute Pressure Sensors in the Forecast Period of 2023-2028
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 10.3%
Pressure sensor market growth is aided by increased adoption of IoT (Internet of Things) solutions which is a primary element propelling the worldwide demand. Pressure sensors are being used in smart homes and other wearable devices like smartwatches and biosensors to help users measure their health, such as their heart rate and oxygen levels. Also, rapid industrialisation and technological growth, making pressure sensor suitable for biomedical applications and wireless communication solutions is resulting in growth of the market.
Pressure Sensor Industry Definition and Major Segments
Pressure is the force exerted on an area by a liquid or gas, which is measured by a pressure sensor. A pressure sensor is having a pressure-sensitive element used to determine pressure levels and then turn this information into an electric signal. The type of pressure measurement, the applied sensing principle, and the output signal separate these instruments.
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Based on type, the market can be broadly divided into:
Absolute Pressure Sensor
Gauge Pressure Sensor
Differential Pressure Sensor
The pressure sensor market can be broadly divided based on technology into:
Piezoresistive
Electromagnetic
Capacitive
Resonant Solid State
Optical
Others
Market segmentation on the basis of application:
Automotive
Oil and Gas
Consumer Electronics
Medical
Industrial
On the Basis of region, the market can be divided into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Pressure Sensor Market Trends
Over the forecast period, expansion in the increasing use of pressure sensors in home appliances such as refrigerators and washing machines. Also, the market is expected to increase as home and building automation technologies become more prevalent and increasing necessity to maintain the relative duct pressure level. Also, increasing numbers of smart homes is also supporting pressure sensor market growth.
Key Market Players
The major players in the market are Honeywell International Inc., Emerson Electric Co., Sensata Technologies, Inc., BD|SENSORS GmbH, ChampionX Corporation, and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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