Global pressure sensors market would attain an overall market valuation of $13,466 million by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
According to the report, the flourishing automotive industry and rising healthcare sector demands are projected to foster pressure sensors industry growth over the forecast timeframe. The surging deployment of pressure sensors in wearables and consumer electronics, together with supportive regulatory landscape would further aid market growth.
Meanwhile, the advent of Internet of Things (IoT) and rapidly rising adoption of NEMS as well as MEMS technologies further support widespread adoption.
Recent technological advancements, increasing demands for automotive ADAS systems, and several ongoing smart city initiatives are other prominent factors propelling market growth. Emergence of new markets, evolving consumer demographics, and rising demands from diversified industrial sectors would further facilitate growth opportunities for the pressure sensors industry in coming years.
From a regional perspective, the Asia Pacific led the global market in 2017, holding the majority market share. The established automobile industry, escalating consumer electronics industry demands, sizable investments in research & development, and technological advancements are the primary factors driving the APAC pressure sensors industry.
Additionally, introduction of a number of supportive government regulations, escalating demands for luxury as well as modernized vehicles, and the rapid economic growth of countries such as India, Japan and China is expected to fuel adoption of IoT and connected devices, thus boosting pressure sensor demands throughout the region.
When considering pressure sensor end-users, the global pressure sensors market can be bifurcated into healthcare, automation, industrial, aviation, oil & gas, consumer electronics, and others. The automotive sector is slated to dominate industry landscape during the forecast timeframe. Pressure sensors have an integral role in automotive applications like autonomous emergency braking system, obstacle detection, speed sensing, and predictive crash sensing, augmenting segmental growth.
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Growing popularity of self-driving and semi-autonomous vehicles also presents a lucrative revenue stream to the industry. Rising automobile production rates, increasing fuel prices, and demands for safer and more fuel-efficient vehicles will fuel market growth. The growing cases of road accidents and stricter road-safety regulations will further support industry expansion.
Some prominent brands operating in this business space include ABB Ltd., Emerson Electric Company, Infineon Technologies, General Electric, NXP Semiconductors N.V., Siemens AG, Robert Bosch GmbH, Omron Corporation, Honeywell International, and Schneider Electric.
The aforementioned companies are known for launching new products and inking collaboration agreements with other industry players to unveil new products to address growing customer requirements.
The research report offers an exhaustive pressure sensors market analysis, listing its opportunities, restraints, drivers, possible future trends and current market scenarios. The report also provides a brief overview of crucial industry trends, ecosystem analysis, Porter’s five forces, value chain insights, competitive ranking analysis, and PEST analysis.