Pressure sensors have emerged as the most integral piece of industrial sensor market. Players in this market include Honeywell International Inc. (US), ABBv (Switzerland), Emerson Electric Co. (US), Amphenol (US), Sensata Technologies, Inc. (US), TE Connectivity Ltd. (US), Micro Sensor Co. Ltd (China), BD SENSORS GmbH (Germany), Quartzdyne (US), and TT Electronics (UK) are some of the key players in the pressure sensor market. With numerous technological innovations and several forays into successful products launch in the market, pressure sensor industry is only poised for tremendous progress.
The Pressure Sensors Market Size
The pressure sensor market revenue was accounted for USD 14.8 billion in 2021 and is projected to reach USD 21.9 billion by 2026, at a CAGR of 8.2% during the forecast period.
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Demand for pressure sensors is witnessing a resurgence owing to the increasing demand for automation and control systems in various industrial sectors. Furthermore, the increasing awareness about air safety and health hazards has opened new opportunities in the pressure sensor market. Pressure sensors are used to measure the atmospheric pressure using a mercury or an altimeter type sensor.
Industry Analysis: Share and Growth Factors
The growth is pegged on the rise in the installation of pressure sensors in various industrial sectors such as oil and gas, mining, chemical, and food processing among others. The increasing demand for efficient and accurate sensors is propelling the market growth. Apart from this, factors such as introduction of new products, increase in investment in R&D, expanding applications, and optimized manufacturing processes are also contributing to the growth of the pressure sensor market.
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Opportunity Analysis: Key Growth Segments and Potential Impacts on the Industry
Sensors are everywhere- from gas sensors in cars to moisture sensors in homes, and many more. One of the most common types of sensors is pressure sensors. Pressure sensors are used to measure atmospheric pressure or a liquid’s internal pressure.
Applications of pressure sensors include oil & gas exploration, automotive manufacturing, food & beverage processing, firefighting, chemicals production, mining and others. The increasing demand for smart devices is expected to drive the growth of pressure sensor market.
The key growth segments in this market include electronics & communications, precision measuring equipment and others. The market dynamics are dominated by technological advancements and expansions in end use sectors such as oil & gas exploration, automotive manufacturing and mining among others. Factors such as increasing investment for research and development (R&D) in new sensing technologies to meet evolving customer demands are expected to fuel the growth of this market during the forecast period.
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