Research Nester’s recent market research analysis on “Pressure sensor Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitor’s analysis and a detailed overview of the global pressure sensor market in terms of market segmentation by function, sensor type, technology, product, end-user, industry, and by region.
Growing Concern for Passenger Safety While Driving to Promote Global Market Share of Pressure Sensors
In the recent period, the world has recorded millions of car accidents every day. As a result, the government is focusing on regulating programs to implement pressure sensor to measure different pressures of various applications. Also, technologically advanced vehicles require effective pressure sensors for tire pressure monitoring, fluid pressure measurement, realizing auto brake systems, and others. Also, pressure sensors are effective in alerting the passengers of upcoming challenges. Thus, the rapid growth in the automotive industry along with the high production rate of vehicles is estimated to bring lucrative growth opportunities for the global pressure sensor market in the upcoming years. The International Organization of Motor Vehicle Manufacturers (OICA), released global sales of vehicle statistics which revealed that it rose to 56 million in 2021 from 53 million in 2020. Whereas, the global production of vehicles was calculated to be 57 million in 2021.
Some of the major growth factors and challenges that are associated with the growth of the global pressure sensor market are:
Growth Drivers:
- Surge in Demand for Electrical Devices and Electronics
- Rising Need for IoT Devices in Numerous Industries
Challenges:
The requirement of initial investment along with the significant pricing pressure and less awareness level about pressure sensors about the advantages of pressure sensors worldwide are some of the major factors anticipated to hamper the global market size of pressure sensors.
By industry, the global pressure sensor market is segmented into automotive, medical, industrial, utilities, aviation, oil & gas, marine, consumer electronics, and others. The diabetes segment is to garner the highest revenue by the end of 2036 by growing at a significant CAGR over the forecast period. Pressure sensors have found application in the automotive industry for measuring the pressure of the auto brake systems, the pressure of the tires, the fluid pressure of the transmission system, the pressure of engine oil, and the pressure of the intake pipe. Thus, the rising safety regulations enforced by governmental organizations along with the escalation in the production and sales of vehicles is anticipated to bring lucrative growth opportunities for segment expansion.
By region, the pressure sensor market in the Asia Pacific region is anticipated to hold the largest share by the end of 2036. The regional growth is owing to government initiatives and investments in the region. Governments in the Asia Pacific region have been actively promoting the adoption of advanced technologies, including IoT, automation, and smart manufacturing.
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