Pressure Sensor (Absolute, Gauge, Differential, Sealed, and Vacuum) Market - Global Forecast to 2024 - ResearchAndMarkets.com

DUBLIN--()--The "Pressure Sensor Market by Product Type (Absolute, Gauge, Differential, Sealed, and Vacuum), Technology (Piezoresistive, Capacitive, Resonant, Electromagnetic, and Optical), Application, Function, End-User Industry, and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

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.

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 the Asia Pacific. The pressure sensor market in the 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.

Market Dynamics

Drivers

  • Advancements in Microelectromechanical Systems (MEMS)
  • Increase in Demand From the Automotive and Medical Industries
  • Stringent Government Regulations
  • Increase in Demand for Smart Technology

Restraints

  • Intense Pricing Pressure
  • Fluctuating Raw Material Prices

Opportunities

  • Advancements in Nanoelectromechanical System (NEMS) Technology
  • Large-Scale Adoption of the Internet of Things (IoT) Platform and Remote Connectivity

Challenges

  • High Regulatory Barriers
  • Mechanical Shock and Vibration Loading

Company Profiles

Key Players

  • 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)

Right to Win

  • Honeywell
  • ABB
  • Emerson
  • Amphenol
  • Sensata Technologies

Other Companies

  • Cynergy3
  • Endress+Hauser
  • General Electric
  • IFM Electronic
  • JUMO
  • Kita Sensor
  • Nidec Copal Electronics
  • Phoenix Sensors
  • Trafag
  • Siemens

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900