Pressure Sensor Market Forecast to be Worth $4.896 Billion By 2026

- Advertisement -

The automotive segment holds a larger share. The pressure sensor is being increasingly deployed in the automotive industry for engine optimization, emission control, and safety enhancement

The pressure sensor market is estimated to grow at a CAGR of 6.35 per cent to reach US$4.896 billion in 2026. The same as per a report by Research and Markets was valued at US$3.183 billion in 2019.

“Intense competition in the pressure sensor market is paving the way for the strategies such as mergers and acquisitions and others to enhance their market share. 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,” read the report.

- Advertisement -

The global pressure sensor market is highly competitive on account of its wide consumer base and the presence of well-diversified international, local and regional players. The rising requirement of existing technology and the further investment in the technological upgrades is leading to the increase in the market share thus, attracting more players into the market.

What’s driving the market

Factors driving the growth of the pressure sensor market include a rise in applications especially in the automotive industry, increasing demand for the pressure sensor in consumer electronics, and favorable government regulations regarding the applications of the pressure sensor is boosting the market growth of the pressure sensor. Also, the rise in the trend of the internet of things (IoT) and the growing demand for pressure sensors in the development of smart cities are expected to augment the pressure sensor market.

In the IT dominant world, people are shifting their preference towards automation-based solutions and services. IoT is a technology that provides internet or networking for all applications and uses electronic software, actuators, and sensors to connect the devices to the common network. It incorporates various sensors such as proximity sensors, temperature sensors, and pressure sensors. Thus, the major adoption of IoT-connected devices is anticipated to boost the growth of the pressure sensor market.

The pressure sensor has application across different industries and the market by application is segmented by application as automotive, food, and beverage, aerospace and defense, consumer electronics, medical, industrial, and others.

The automotive segment holds a larger share. The pressure sensor is being increasingly deployed in the automotive industry for engine optimization, emission control, and safety enhancement.

By technology, the market is segmented into piezoresistive pressure sensor, electromagnetic pressure sensor, optical pressure sensor, resonant solid-state pressure sensor, capacitive pressure sensor, and others. Technology is enhancing pressure sensors and is leading to significant growth over the forecasted period on account of increasing applications across the industries.

- Advertisement -

Most Popular Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

Report Suggests India’s EV Sales Will Surge, Rising 66% In 2024

0
In 2023, sales of electric vehicles (EVs) in India almost doubled due to increased consumer interest, government actions, better infrastructure, and climate change worries....

Ascend Performance Materials: Pioneering Innovation in the Electronics Sector

0
Bridging material advancements in plastics and technological progress, Ascend leads with customised solutions for a safer, reliable and greener tomorrow. Q. How would you explain...

DigiKey Expands Portfolio With 3PEAK

0
This collaboration adds amplifiers, interface components, data converters, and more, catering to industries such as communication, industrial, medical, and automotive.  In a strategic move aimed...

Buzz

CleanMax Alliance With Apple To Boost Renewable Energy In India

0
These installations are anticipated to reduce approximately 207,000 tons of CO2 emissions over their operational lifespan. CleanMax announced a significant joint venture with technology giant...

Ramkrishna Forgings To Supply Powertrain Parts To Top US Electric Carmaker

0
Indian producer of rolled, forged, and machined products enter the US electric vehicle market for the first time. Ramkrishna Forgings, an Indian supplier of rolled,...

Microsoft’s $1.5B AI Venture In UAE Stirs Global Interest

0
New partnership with G42 promises transformative AI advancements in emerging markets, impacting tech and geopolitics. Microsoft has announced a strategic $1.5 billion investment in UAE-based...

Important Sectors

CleanMax Alliance With Apple To Boost Renewable Energy In India

0
These installations are anticipated to reduce approximately 207,000 tons of CO2 emissions over their operational lifespan. CleanMax announced a significant joint venture with technology giant...

Ramkrishna Forgings To Supply Powertrain Parts To Top US Electric Carmaker

0
Indian producer of rolled, forged, and machined products enter the US electric vehicle market for the first time. Ramkrishna Forgings, an Indian supplier of rolled,...

Tesla Power, E-Ashwa To Introduce India’s First EV With Fire Safety Tech

0
The partnership also expands to include the provision of after-sales support for electric vehicle customers by establishing a comprehensive network of sales and service...

Elektrobit Introduces EB zoneo GatewayCore Featuring Infineon’s AURIX TC4x

0
The EB zoneo GatewayCore is designed to connect hardware-dependent accelerators with the Classic AUTOSAR framework, providing adaptable support for intricate routing scenarios. Elektrobit, a premier...

Raptee’s Cell Chemistry Extends Battery Life, Says Dinesh Arjun

0
The Co-founder and CEO of Raptee disclosed that the company is currently sourcing its cells from a variety of countries. Dinesh Arjun, the Co-founder and...

Manufacturing

Ramkrishna Forgings To Supply Powertrain Parts To Top US Electric Carmaker

0
Indian producer of rolled, forged, and machined products enter the US electric vehicle market for the first time. Ramkrishna Forgings, an Indian supplier of rolled,...

AVL And Red Bull To Create High-Density Fuel Cell Technology

0
The advanced technology, featuring ultra-high power density and a lightweight design, is said to be two-thirds lighter than traditional fuel cell systems. This partnership...

JJG Aero Secures $12 Million Investment From CX Partners

0
The Bengaluru-based aerospace components manufacturer intends to use the funds primarily to enhance vertical integration, increase production capacity at the new site, and support...

Tata Electronics Finalizes Semiconductor Agreement With Tesla

0
Ashok Chandak, the head of the India Electronics and Semiconductor Association (IESA), highlighted that Tesla’s initiative to establish a network of domestic suppliers for...

Sterling Tools Targets 40% of Sales from EV Business by FY25

0
This increase is anticipated to come from the EV business segment, which is integral to the company's strategy to diversify its operations. With a certain...