Intelligent Pressure Sensor Signaling Creating Profitability Post COVID-19
After the disruption caused by the coronavirus pandemic on the global economy, manufacturing industries are creating opportunities by introducing innovative solutions to stay ahead of the competition. Companies in the sensor signal conditioner (SSC) IC market are ensuring business continuity by increasing their production of capacitive and resistive SSCs. In order to increase value-grab opportunities, market stakeholders are investing in automotive sector. In addition, market players are focusing on the healthcare sector due to increasing applications of the smart sensor technology in respiratory monitors. Technological advancements in ICs, along with increasing awareness about low-cost SSC products boost the credibility of manufacturers in the sensor signal conditioner IC market.
Increasing Demand for Electronic Components Boosts Market Credibility
Digitalization, growth & advancement in consumer electronics, and increasing applications of sensor signal conditioner ICs in the automotive sector are driving the global market. Companies in the sensor signal conditioner (SSC) IC market are increasing the production of capacitive and resistive SSC ICs, owing to the increasing demand from the electronics industry. Since they are being increasingly used in high temperature applications, these sensor signal conditioner (SSC) ICs are found to be efficient for industrial automation. The rising demand for semiconductors used in automobiles fuels market growth.
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Market Players Exploring Ways to Stay Ahead of Competition
The popularity and growth of the sensor signal conditioner (SSC) IC market majorly depend on cost-efficiency and increasing industrial automation across the globe. The sensor signal conditioner (SSC) IC market is projected to reach the valuation of US$ 1.5 Bn by 2031. The sensor signal conditioner (SSC) IC market is expected to rise at a CAGR of 6.2% during the forecast period. Manufacturers are increasing their output capacities by developing high quality products. The rising use in healthcare and electronics industries is driving the global market. Technological advancements and ongoing researches help manufacturers to develop more sustainable products to meet the rising demand from various industries.
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Increasing Industrial Automation to Reduce Manufacturing Costs
The increasing adoption of electronic miniaturization is driving the sensor signal conditioner (SSC) IC market. Rapid advancements in Digital-to-Analog (DAC) and Analog-to-Digital Converters (ADC) are increasing the demand for sensor signal conditioner ICs in order to work in low power conditions. This has led to the development of miniaturized sensors to reduce the manufacturing costs for companies. The increasing labor cost in developing countries is responsible for awareness and adoption of process automation in businesses to reduce the operational cost and increase efficiency.
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Pressure Sensors to Create Lucrative Opportunities for Market Players
Manufacturers are focusing on providing customer-specific solutions to cater the increasing demand from industries such as medical, healthcare, automobiles, consumer electronics, aerospace, etc. Due to the rising popularity of using flexible pressure sensors in various industrial applications, the demand for sensor signal conditioner ICs is growing. Market contributors are investing in research & development activities in pressure sensors to increase revenue streams. Innovations in the sensor technology ensure safe and smart electronics to fulfill the demand from consumers. Sensor signal conditioner ICs can be widely used in components of electric vehicles. The surging demand for electrical vehicles all over the world contributes to the sensor signal conditioner (SSC) IC market.
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