July 21, 2021
As cited by the research report titled ‘Pressure Sensor Market Size, By Product Type, By Technology, By Application (Automotive, Industrial, Consumer Electronics, Healthcare, Oil & Gas, Aerospace & Defense), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with Market Study Report LLC, global pressure sensor market is projected to expand significantly over 2021-2027.
Rising demand from optical sensors in the healthcare sector, growing adoption of sealed pressure sensor in marine & industrial applications, as well as increasing use of pressure sensors in smartphones are the major factors driving the global pressure sensor market growth.
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For the record, a pressure sensor measures the pressure in liquids or gases. It comprises a pressure-sensitive element that can accurately determine the pressure applied along with components that convert data into an output signal.
Based on product type, the industry is segmented into absolute pressure sensor, differential pressure sensor, gauge pressure sensor, and others. Among these, the others segment will record a growth of 3%by the end of the forecast timeline owing to growing adoption of sealed pressure sensor in marine & industrial applications as it has lower chances of imprecision readings with temperature variations.
Moving to the technology landscape fragmentation of global pressure sensor market, piezoresistive, resonant solid-state, capacitive, electromagnetic, piezoelectric, and optical are the key segments covered in the report. Among these, the optical segment will record a 6% growth by 2027 due to growing product adoption in the healthcare sector because of the compact size & high flexibility of the devices.
Speaking of the application ambit, the market is categorized into automotive, consumer electronics, industrial, oil & gas, healthcare, aerospace & defense, and others. Among these, the consumer electronics segment is expected to witness around 6.5% CAGR over the analysis timeline on account of rising adoption of pressure sensors in smartphones.
The geographical analysis of global pressure sensor market extends to North America, Middle East & Africa, Asia-Pacific, Europe, and Latin America. The report cites that Latin America is anticipated to record a 5% CAGR over 2021-2027 owing to increasing number of government initiatives aimed at accelerating the expansion of the manufacturing sector in the region.
Prominent players influencing the industry trends are Phoenix Sensors LLC, Omron Corporation, NXP Semiconductors N.V., Nidec Copal Electronics Inc., Micro Sensor Co. Ltd., Kita Sensor Tech Co. Ltd., Ifm electronic GmbH, Honeywell International Inc., Endress+Hauser Group Services AG, Emerson Electric Co., Crane Aerospace & Electronics Inc., Continental AG, Bosch Sensortec GmbH, Amphenol Advanced Sensors, Acuity Incorporated, ABB Ltd, TE Connectivity Ltd., Siemens AG, Sensata Technologies Inc., Schneider Electric SE, and Rockwell Automation Inc.