The Canada pressure sensor market is projected to witness a CAGR of 7.45% during the forecast period to reach a total market size of US$145.351 million by 2027, increasing from US$87.874 million in 2020.
A pressure sensor is a mechanical device that measures the pressure applied to an object. These sensors are employed to control and monitor the pressure on the object and alert the user when the pressure is high to avoid breaking or any mishap. The prime reason driving the market growth of pressure sensors in Canada is significant growth in the manufacturing sector. The manufacturing sector contributes more than 10% of the GDP and accounts for 68% of merchandise exports in the country. The rise in the sector is expected to drive market growth. Furthermore, with the implementation of new laws in the region and investment by the companies, the automotive manufacturing is projected to show promising growth. The rise in chronic disease has raised expenditure on healthcare, which is projected to support the market.
The automotive industry demand for pressure sensors in Canada is projected to surge at a significant rate owing to increasing production and a rise in investment, leading to a surge in production units.
Based on end-users, the Canadian pressure sensor market is segmented into energy and power, oil and gas, healthcare, manufacturing, consumer electronics, automotive, and others. The automotive industry's demand for pressure sensors is expected to surge at a notable rate owing to robust development in the industry. Automotive manufacturing is the largest manufacturing sector in the country. Data provided by the government of Canada shows that in 2020, the automotive industry contributed US$12.5 billion to the GDP. Promising growth in the industry has attracted existing players to expand their productions and production units, hence increasing the investment in the industry. It is projected to increase the electric vehicle market and will also provide robust growth potential to the pressure sensor industry in the country. The government, in October 2020, announced an investment of US$223 million towards the development of Ford factories in the country into electric vehicle manufacturing units.
One of the prime reasons expected to drive notable growth in the Canadian pressure sensor market is the implementation of favorable labor laws. In 2018, NAFTA implemented labor law in an attempt to equate the labor working conditions throughout the North American region. Implementation of the law accompanied by the yearly attempts of NAFTA to improve labor conditions, especially in Mexico, has attracted manufacturing companies to the US and Canada and hence provided growth potential for pressure sensors in Canada.
Impact of COVID-19 on the Canada Pressure Sensor Market
The outbreak of the coronavirus negatively impacted the pressure sensor market in Canada. Implementation of lockdown resulted in the shutdown of manufacturing and other sectors, hence reducing the market demand for pressure sensors. However, resilient growth in the healthcare sector demand supported the market.
|Market size value in 2020||US$87.874 million|
|Market size value in 2027||US$145.351 million|
|Growth Rate||CAGR of 7.45% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Technology, And End-Users Industry|
|Companies covered||General Electric, Robert Bosch GmbH, ABB, Siemens AG, NXP Semiconductors, Rockwell Automation, Inc., Schneider Electric SE, Honeywell International, Inc.|
|Customization scope||Free report customization with purchase|
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. CANADA PRESSURE SENSOR MARKET, BY TYPE
5.2. Absolute Pressure Management
5.3. Differential Pressure Management
5.4. Gauge Pressure Management
6. CANADA PRESSURE SENSOR MARKET, BY TECHNOLOGY
6.2. Piezoresistive Pressure Sensor
6.3. Electromagnetic Pressure Sensor
6.4. Optical Pressure Sensor
6.5. Resonant Solid State Pressure Sensor
6.6. Capacitive Pressure Sensor
7. CANADA PRESSURE SENSOR MARKET, BY END-USERS
7.2. Energy and Power
7.3. Oil and Gas
7.6. Consumer Electronics
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. General Electric
9.2. Robert Bosch GmbH
9.4. Siemens AG
9.5. NXP Semiconductors
9.6. Rockwell Automation, Inc.
9.7. Schneider Electric SE
9.8. Honeywell International, Inc.
Robert Bosch GmbH
Rockwell Automation, Inc.
Schneider Electric SE
Honeywell International, Inc.
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