Knowledge Sourcing Intelligence announces the publication of a report on the topic “Pressure Sensor Market - Forecasts from 2020 to 2026” to their offering.
The prime factors driving the market of the Pressure sensor is the growing requirement for existing technology and further investment in technological investments are major factors driving the market.
As per the report, the market about Pressure Sensor market is expected to grow at a steady pace.
The application of pressure sensors depends upon the material or application for which the pressure needs to be measured. Pressure sensors are widely used to monitor relative systems pressure in applications such as pneumatics and hydraulics. The pressure sensor market is regarded as a highly competitive market owing to its wide consumer base and presence of diversified local and global players. Intense competition in the market has led to companies adopting various collaborative business strategies such as mergers, acquisitions to enhance their market share.
Moreover, The growing need for pressure sensors in the automotive industry and favorable government regulations regarding the applications of pressure sensors is boosting growth in the market. Besides, the increasing trend for IoT and the development of smart cities are collectively expected to augment the pressure sensor market. People are shifting preferences towards automation-based solutions and services to thrive in the IT dominant world. The adoption of IoT technology that provides internet or networking capabilities to all application is anticipated to boost the growth in the market.
The Automotive segment is expected to dominate the market over the forecasted period owing to increasing. Further, the North American region possesses the highest market share and is expected to grow at a decent AGR due to the high rate of automation in the market. Besides, the North American region is projected to grow at a significant rate owing to large applications of pressure sensors in the region, resulting in a boost to the market over the forecasted period.
The Covid-19 pandemic has led to nationwide lockdown and travel restrictions. The pandemic negatively impacted the industry, especially the manufacturing activities in the Asia Pacific region where sensors and other components were manufactured.
As a part of the report, the major players operating in the Pressure Sensor Market, which have been covered, are STMicroelectronics, TE Connectivity, General Electric, Emerson Electric Co., Robert Bosch GmbH, ABB, Denso Corporation, NXP Semiconductors, Siemens AG, and Omron Corporation.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/pressure-sensor-market
The analytical report has bifurcated the Pressure Sensor market on the following basis: