DUBLIN--(BUSINESS WIRE)--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.
- Advancements in Microelectromechanical Systems (MEMS)
- Increase in Demand From the Automotive and Medical Industries
- Stringent Government Regulations
- Increase in Demand for Smart Technology
- Intense Pricing Pressure
- Fluctuating Raw Material Prices
- Advancements in Nanoelectromechanical System (NEMS) Technology
- Large-Scale Adoption of the Internet of Things (IoT) Platform and Remote Connectivity
- High Regulatory Barriers
- Mechanical Shock and Vibration Loading
- 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
- Sensata Technologies
- General Electric
- IFM Electronic
- Kita Sensor
- Nidec Copal Electronics
- Phoenix Sensors
For more information about this report visit https://www.researchandmarkets.com/r/7vexbp