Global Pressure Transducer Market Expected to Generate $19,466.1 Million and Grow at 11.29% CAGR During the 2022 to 2030 Forecast Period [250-Pages] | Says Research Dive
Global pressure transducer market is expected to flourish by 2030 due to increasing demand for industrial automation. Automotive end-use sub-segment is predicted to be highly lucrative. Market in the Asia-Pacific region to have highest growth rate.
NEW YORK, Aug. 8, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Pressure Transducer Market by Technology Type (Piezoresistive Strain Gauge, Capacitance, and Others), Pressure Type (Absolute Pressure, Gauge Pressure, and Differential Pressure), End-use Industry (Automotive, Consumer Electronics, Industrial, Healthcare, Oil & Gas, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022–2030".
According to the report, the global pressure transducer market is expected to generate a revenue of $19,466.1 million by 2030 and grow at a stable CAGR of 11.29% during the forecast period 2022-2030.
Dynamics of the Pressure Transducer Market
Drivers: The growing demand for industrial automation and optimal pressure type utilization are some major factors predicted to drive the growth of the global pressure transducer market during the forecast years. In addition, the efficiency of a pressure transducer to measure crucial parameters like flow, pressure, and level on a continuous basis along with collecting and analyzing information from other instruments is yet another factor to boost the market growth by 2030.
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Opportunities: Increasing demand for automobiles among people and the utilization of sensors in several automotive applications like emission control, battery control, and measuring pressure inside the manifold is estimated to create abundant growth opportunities for the global pressure transducer market during the analysis period. Moreover, high disposable incomes, low automotive penetration, and surging vehicle adoption are some other factors anticipated to augment the market development by 2030.
Restraints: High cost associated with pressure transducers is the major restraining factor for the market growth.
Covid-19 Impact on the Pressure Transducer Market
The onset of the devastating Covid-19 pandemic has had an adverse impact on the global pressure transducer market due to strict lockdowns imposed by governments across the world that led to an economic slowdown. This led to severe disruptions in supply chains and declined the demand and sales of pressure transducers. Moreover, factories witnessed shortage of labor force due to lockdowns that resulted in delayed operations. In addition, reduced usage of vehicles during the catastrophic stress across the globe also led to declined productions of press transducers.
Segments of the Pressure Transducer Market
The report has divided the pressure transducer market into a few segments based on technology type, pressure type, end-use industry, and regional analysis.
- By technology type, the capacitance sub-segment is expected to have a significant growth rate and garner a revenue of $7,088.4 million during the analysis timeframe. Advancements in the micro-electromechanical systems (MEMS) technology that reduces the size of capacitive pressure sensors is estimated to bolster the sub-segment's growth by 2030. Additionally, the efficiency of capacitive pressure sensors to detect changes in electrical capacitance is yet another factor to drive the sub-segment's growth.
- By pressure type, the absolute pressure sub-segment is anticipated to have the largest market share and surpass $8,313.4 million by 2028 due to their rising utilization in the vehicle sector to measure biometric pressure. Moreover, increasing demand for absolute pressure sensors for the absolute measurement of gas or air pressure and inform the powertrain control module for adjusting fuel enrichment and ignition timing is also anticipated to propel the sub-segment's growth by 2030.
- By end-use, the automotive sub-segment is projected to hold a dominant market share and gather a revenue of $4,894.7 million during the analysis years due to rising demand for passenger vehicles and the adoption of advanced automotive technologies like ABS, TPMS, ESC, and airbags. Moreover, people's high disposable income is yet another factor to uplift the sub-segment's growth by 2030.
- By region, the pressure transducer market in the Asia-Pacific region is estimated to have the highest growth rate of 12.5% CAGR during the forecast period due to the presence of key market players and growing technological advancements. In addition, business expansion and adoption of industrial automation and optimum utilization to achieve high-performance levels and reduced performance failures is predicted to further drive the market enhancement in the Asia-Pacific region by 2030.
Key Pressure Transducer Market Players
Some key pressure transducer market players are
- Panasonic Corporation
- Sensata Technologies, Inc
- ABB Ltd
- Honeywell International Inc
- Validyne Engineering
- Robert Bosch Gmbh
- NXP semiconductors
- Setra Systems, Inc. (Fortive)
- ControlAir, Inc.
- Kulite Semiconductor Products Inc. among others.
These players are building several strategies like product development and enhancement, merger and acquisition, partnerships and collaborations to assist the market growth. – Buy the Full Report Here
For example, in June 2021, Superior Sensor Technology, a leading developer of specific differential sensors, announced its partnership with Angst+Pfister and Power, a renowned sensors and power solutions provider, to attain technical support from the latter for its pressure sensors for HVAC.
The report also sums up various crucial facets including financial performance of the market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Pressure Transducer Market:
- The Pressure Transducer Market to Obverse Widespread Growth with the Rising Applications of Pressure Transducers in Various Industries
- Where are Pressure Transducers Used and Which Factors Should be Considered Before Buying One?
- Pressure Transducers: Basics, Applications, Advantages, and Disadvantages
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