The pressure sensor market is projected to grow from USD 17.4 billion in 2019 to USD 23.6 billion by 2024, recording a CAGR of 6.3%
NEW YORK, Dec. 30, 2019 /PRNewswire/ --
The pressure cmarket to grow at CAGR of 6.3% from 2019 to 2024
The pressure sensor market is projected to grow from USD 17.4 billion in 2019 to USD 23.6 billion by 2024, recording a CAGR of 6.3%. Advancements in nanoelectromechanical system (NEMS) technology, large-scale adoption of the Internet of Things (IoT) platform, and remote connectivity provide major growth opportunities to pressure sensor market players. The pressure sensor market growth is mainly driven by advancements in microelectromechanical systems (MEMS), increase in demand from automotive and medical industries, stringent government regulations, and rise in the adoption of smart technology.
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Automotive end-user industry to hold the largest share in the pressure sensor market by 2024
The automotive segment in the pressure sensor market is projected to hold the largest share during the forecast period.This segment is projected to retain its lead in the market during the forecast period due to the increasing usage of pressure sensors in the automotive industry and focus of manufacturers to comply with the mandates laid down by governments.
For instance, in the engine management systems, to enhance the efficiency of car engines, pressure sensors have to accurately monitor engine conditions, such as air volume and exhaust gas pressure of the EGR system.
Absolute pressure sensor to hold the largest share in the pressure sensor market by 2024
The absolute pressure sensor segment in the pressure sensor market is projected to hold the largest share in the pressure sensor market during the forecast period. This segment is projected to retain its lead in the market during the forecast period due to its usage for measuring pressure changes in barometric pressure or as altimeters.
APAC to be the largest pressure sensor market by 2024
APAC is projected to hold the largest share in the pressure sensor market during the forecast period.China, India, South Korea, and Japan are the major contributors to the growth of the pressure sensor market in Asia Pacific.
The pressure sensor market in Asia Pacific is projected to be driven by the emerging automobile and industrial manufacturing companies and the rising demand for pressure sensors from the overseas markets of North America and Europe.
Breakdown of Profiles of Primary Participants:
• By Company: Tier 1%–25%, Tier 2%–40%, and Tier 3%–35%
• By Designation: C-level - 35%, D-level - 25%, and Others* - 40%
• By Region: North America - 45%, Europe - 20%, APAC - 25%, and RoW** - 10%
*Others include VPs, sales, marketing, and product managers.
**RoW includes South America and the Middle East & Africa.
Major Players Profiled:
• Honeywell (US)
• ABB (Switzerland)
• Amphenol (US)
• BD Sensors (Germany)
• Emerson Electric (US)
• First Sensor (Germany)
• Micro Sensor (China)
• Quartzdyne (US)
• Sensata Technologies (US)
• Crane (US)
Research Coverage
This report offers detailed insights on the pressure sensor market, which is segmented on the basis of application into automotive on-vehicle, medical devices, HVAC, process controls, test & measurement, and others (air data computers, air data test sets, cockpit instruments, gaming, and navigation).Based on technology, the market is segmented into piezoresistive, capacitive, resonant, electromagnetic, optical, and others (potentiometric, piezoelectric, and thermal technologies).
Based on product type, the market is segmented into absolute pressure sensor, gauge pressure sensor, differential pressure sensor, sealed pressure sensor, and vacuum pressure sensor.By end-user industry, the pressure sensor market was segmented into automotive, medical, manufacturing, utility, aviation, oil & gas, marine, consumer electronics, and others (food & beverages, pulp & paper, and telecommunication).
The study also forecasts the size of the market based on four regions—North America, Europe, Asia Pacific (APAC), and RoW.
Reasons to Buy the Report
The report would help market leaders/new entrants in the following ways:
1. This report segments the pressure sensor market comprehensively and provides the closest approximations of the overall and segment-based market sizes across different product type, technology, application, end-user industry, and regions.
2. The report would help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities for the growth of the market.
3. This report would help stakeholders understand their competitors better and gain more insights to enhance their market position. The competitive landscape section includes the competitive analysis of top players, as well as strategies such as product launches and developments, mergers and acquisitions, partnerships, and contracts adopted by major market players.
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