Pressure Transducer Market to Garner $19,466.1 Million and Grow at a Fascinating CAGR of 11.29% in the 2022-2030 Timeframe | [250-Pages] Study by Research Dive
The global pressure transducer market is expected to grow significantly during the forecast period due to the growing demand for industrial automation across the globe. The North America region is expected to be most dominant by 2030.
NEW YORK, May 17, 2023 /PRNewswire/ --
Global Pressure Transducer Market Forecast Analysis:
As per the report published by Research Dive, the global pressure transducer market is expected to register a revenue of $19,466.1 million by 2030 at a CAGR of 11.29% during the forecast period 2022–2030.
Segments of the Pressure Transducer Market
The report has divided the market into the following segments:
- Technology Type: capacitance, piezoresistive strain gauge, and others
- Piezoresistive Strain Gauge: To garner a revenue of $7,649.5 million by 2030
The growth in demand for automobiles all over the globe and the increasing governmental safety standards are the factors expected to uplift the growth of this sub-segment.
- Pressure Type: gauge pressure, absolute pressure, and differential pressure
- Absolute Pressure – Garnered a revenue of $3,074.1 million in 2021
The wide usage of absolute pressure sensors in automobiles for assessing biometric pressure is expected to be the primary growth driver of this sub-segment in the forecast period.
- End-use Industry: consumer electronics, automotive, healthcare, industrial, oil & gas, and others
- Automotive– Expected to surpass $4,894.7 million by 2030
The rising demand for passenger vehicles along with the increased adoption of automotive technologies such as ABS, ESC, airbags, etc. is predicted to boost the growth of this sub-segment in the forecast period.
- Region: North America, Europe, Asia-Pacific, and LAMEA
- North America – To grow at a CAGR of 10.58% during the forecast period
Increased governmental standards on integrating pressure sensors in automobiles is expected to help the market to be most dominant in the region by 2030.
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Dynamics of the Global Pressure Transducer Market
Maintaining an appropriate level of process control along with the monitoring of crucial parameters is an indispensable part of the working of any industry. Over the years, there has been an increase in adoption of automation to handle these processes which is expected to increase the scope and growth rate of the pressure transducer market. Along with this, the need to introduce efficiency and improve the overall productivity in industries is predicted to push the market forward. Moreover, the massive growth in demand for automobiles and the growing need to introduce industrial automation are expected to create ample opportunities for the pressure transducer market growth in the analysis timeframe. However, intense pricing pressure on key market players may restrain the growth of the market in the coming years.
COVID-19 Impact on the Pressure Transducer Market
The novel coronavirus pandemic and the resulting lockdowns have negatively impacted numerous manufacturing and service industries by hampering both the supply-side and demand-side supply chains. The pressure transducer market, too, faced a similar fate. There was a fall in the demand for pressure transducers mainly on the account of halting of automobile manufacturing processes which, in turn, translated in to a fall in the growth rate of the market during the pandemic period.
Key Players of the Global Pressure Transducer Market
The major players of the market include
- Sensata Technologies Inc
- Panasonic Corporation
- ABB Ltd
- Validyne Engineering
- Honeywell International Inc
- Robert Bosch Gmbh
- Setra Systems Inc (Fortive)
- NXP semiconductors
- Kulite Semiconductor Products Inc
- ControlAir Inc
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in June 2021, Superior Sensor Technology, a US-based pressure sensor developer, announced a collaboration with Angst+Pfister Sensors and Power, a sensor solutions provider. This partnership is primarily aimed at providing pressure sensors for industrial, medical, and HVAC applications in Europe and is predicted to help both the companies to expand their footprint in the market in the years to come.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Pressure Transducer Market:
- Where are Pressure Transducers Used and Which Factors Should be Considered Before Buying One?
- The Pressure Transducer Market to Obverse Widespread Growth with the Rising Applications of Pressure Transducers in Various Industries
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About Research Dive
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