CHICAGO, Dec. 3, 2019 /PRNewswire/ -- According to the new research report "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", published by MarketsandMarkets™, 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 systems (NEMS) technology and 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.
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Optical technology to witness the highest CAGR during the forecast period
Optical technology is projected to record the highest CAGR in the pressure sensor market from 2019 to 2024. Applications in which other pressure sensing technologies are not effective due to electromagnetic interference, optical pressure sensors work effectively due to their immunity to interference. Optical pressure sensors also operate effectively in the presence of chemicals or explosive materials.
Piezoresistive technology to hold the largest share in the pressure sensor market during the forecast period
The technology segment comprises piezoresistive, capacitive, resonant, electromagnetic, optical, and others (potentiometric, piezoelectric, and thermal technologies). The piezoresistive segment in the pressure sensor market is projected to hold the largest share during the forecast period. This segment is likely to retain its lead in the market during the forecast period, due to its suitability for measuring absolute, gauge, vacuum, and differential pressures. These sensors find applications in washing machines, dishwashers, vacuum cleaners, oil & gas level air pressure detection, blood pressure measurement, and others.
Emerging automobile and industrial manufacturing companies to drive the demand for pressure sensors in the Asia Pacific region during the forecast period
The pressure sensor market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period. China, India, South Korea, and Japan are the major contributors to the growth of the pressure sensor market in Asia Pacific. The pressure sensor market in Asia Pacific witnesses growth due to the emerging automobile and industrial manufacturing companies and the rising demand for pressure sensors from the overseas markets of North America and Europe.
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Key players operating in the pressure sensor market include Honeywell (US), ABB (Switzerland), Amphenol (US), BD Sensors (Germany), Emerson Electric (US), First Sensor (Germany), Micro Sensor (China), Quartzdyne (US), Sensata Technologies (US), and Crane (US). Other major companies focus on organic and inorganic growth strategies such as product launches and developments, mergers and acquisitions, agreements, contracts, partnerships, collaborations, and expansions to increase their revenue.
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