DUBLIN--(BUSINESS WIRE)--The "Pressure Sensor Market - Forecasts from 2018 to 2023" report has been added to ResearchAndMarkets.com's offering.
The global pressure sensor market is projected to grow at a CAGR of 7.33% during the forecast period to reach a total market size of US$4.136 billion by 2023 from US$2.706 billion in 2017.
Competitive landscape of the pressure sensor market is promoting investment and strategic partnerships between firms. These sensors are increasingly being deployed in the automotive industry for engine optimization, emission control, and safety enhancement. The sensors help the manufacturers in reducing the manufacturing cost by assisting them to avoid untimely failures which can cause excessive downtime. Furthermore, rising environmental and safety concerns will further contribute to the growing demand for these sensors by the automotive industry.
However, pricing pressure on companies due to intense competition and huge expenditure on R&D activities will restrain the demand for pressure sensors during the forecast period.
The Asia Pacific held a significant market share in 2017 and is expected to grow at a considerable rate over the next five years. The expanding consumer electronics, manufacturing, and automotive industries will drive the demand for pressure sensors in this region.
Mounting environmental concerns will drive the demand for these sensors in the North American and European regions. Moreover, increasing expenditure on research and development in the field of IOT in these regions due to robust technological infrastructure will boost the demand for pressure sensors over the next five years. South America, and the Middle East and Africa sensor markets will grow at a modest rate over the forecast period.
The global pressure sensor market is highly competitive due to a huge consumer base and the presence of well-diversified international, regional and local players. There is a growing need for adoption of existing technology and further investment on technological upgrades to increase market share, which is attracting more players in the market. Intense competition in the market is paving the way for mergers & acquisition and other strategies by companies to enhance their market share.
Key Topics Covered
2. Research Methodology
3. Key Findings of The Study
4. Market Dynamics
5. Global Pressure Sensor Market Forecast by Type (US$ billion)
6. Global Pressure Sensor Market Forecast by Technology (US$ billion)
7. Global Pressure Sensor Market Forecast by End-User Industry (US$ billion)
8. Global Pressure Sensor Market Forecast by Geography (US$ billion)
9. Competitive Intelligence
10. Company Profiles
10.2. TE Connectivity
10.3. General Electric Company
10.4. The Emerson Electric Company
10.5. Robert Bosch GmbH
10.6. ABB Group
10.7. Denso Corporation
10.8. NXP Semiconductors
10.9. Siemens AG
10.10. Omron Corporation
For more information about this report visit https://www.researchandmarkets.com/research/p8g58r/global_pressure?w=4