- Rising demand for demand for automation technologies in several industries is fueling the global pressure transducer market growth. The COVID-19 pandemic has negatively impacted the market. The Asia Pacific market is likely to lead the market.
NEW YORK, Dec. 8, 2021 /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 (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, 2021–2028".
The global pressure transducer market is expected to garner $9,986.2 million by 2028, growing at a CAGR of 6.1% from 2021 to 2028. The report delivers comprehensive insights into the current condition and future prospective of the industry by meticulously examining market drivers and restraints, opportunities, major segments, and regions.
The market is segmented based on technology type, pressure type, end-use, and region.
The piezoresistive strain gauge sub-segment of the technology type segment is anticipated to hold highest share of the market and surpass $4436.6 million in the estimated period. This growth is mainly because of the rise in the demand for vehicles in emerging nations and growing governmental concerns related to safety.
The absolute pressure sub-segment of the pressure type segment is anticipated to observe highest growth and collect a revenue of $4,095.0 million in the estimated period. This growth is mainly because of the surging demand for error-free engine functionality for manufacturing more safe vehicles.
The automotive sub-segment of the end-use segment is anticipated to witness augmented growth by gathering $2,396.0 million in the estimated period. This growth is mainly because of the increasing demand for passenger vehicles in developing nations and growing implementation of innovative automotive technologies like ABS, TPMS, ESC, and airbags in the passenger vehicles.
Among region, the Asia Pacific region market is projected to observe significant growth and garner $2,450.6 million in the estimated period. The growth of this region market is mostly owing to the growing existence of leading market players, rising technological developments, and growing number of process industries in this region.
The key factor fueling the growth of the global pressure transducer market is a significant rise in the demand for automation technologies in several industries and growth in the need for optimal pressure maintenance. In addition, increasing demand for advanced vehicles in various developing regions is expected to open doors to innovative opportunities for the market growth in the projected period. However, high competition amongst the rising number of sensor producers is projected to hinder the market growth during the forecast period.
Impact of the COVID-19 Pandemic on the Pressure Transducer Market:
The COVID-19 pandemic has made a negative impact on the growth of the global pressure transducer market in 2020. In the pandemic period, the automobile companies have been greatly impacted owing to the steep fall in the sales as well as halt in production cycles, resulting in a great decline in the demand and sales of pressure transducers. This is hampering the market growth amidst the pandemic period.
Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to attain a strong position in the global market. For instance, in June 2019, Honeywell, a pioneer in automation control, serving industrial process manufacturers worldwide, announced to introduce a novel media-isolated pressure sensor for a range of devices, such as aggressive fluids as well as water, at Sensors Expo 2019.
Moreover, the report offers other key details of leading players such as business tactics, financial performance, and product/service range of these players along with Porter's five forces analysis and SWOT analysis.
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