Capturing the Growth of Pressure Sensor Market
A pressure sensor is a device that detects pressure and turns it into an electric signal, the quantity of which is proportional to the applied pressure. It captures, measures, and sends data that aids in the analysis of a device's performance. It makes use of silicon wafer-based IC manufacturing techniques. It monitors and regulates the pressure of gases and liquids. It can monitor a variety of pressures, including absolute, vacuum, gauge, and differential pressure. Pressure sensors are widely utilized in a variety of industries, including automobiles, manufacturing, aircraft, biomedical measures, air conditioning, and hydraulics.
Wide Variety of Uses of the Pressure Sensor to Drive the Market Growth
Pressure sensors are being more widely used in industries such as alarm systems, water purifiers, medical breathing equipment, refrigeration systems, and off-road projects, resulting in a substantial increase in the market share of the pressure sensor market. Medical breathing equipment uses pressure sensors that detect the flow of oxygen and the amounts of oxygen supplied to the patient. The rising need for medical breathing devices as a result of the COVID-19 pandemic has boosted the demand for pressure sensors in recent times.
In a single solution, proximal measurements of respiratory gas flow rates and associated ventilation pressure can now be taken – this product is the result of a collaboration between Sensirion AG and Nicolay GmbH (GPE Group) and will be available to ventilator manufacturers as an evaluation kit starting in May 2021. Manufacturers will be able to include the different standardized choices into their devices at no expense to them in terms of development or equipment. Nicolay can set up and produce bespoke designs for modest to big orders.
Growing Utilization of the Internet of Things to Facilitate Market Expansion
Another important element driving market expansion is the rising usage of the Internet of Things (IoT). The creation of smart homes and buildings, smart cities, and smart factories is being transformed by pressure sensors. As a result, the market is expected to rise as the number of IoT-linked devices grows. Furthermore, pressure sensors are being driven by reasons such as increased commercial automation and the expanding need for smaller consumer products, such as wearables and IoT-connected equipment, among others, across geographies.
Increase In Demand for Smart Wearable and Health Monitoring Devices to Fuel the Market Growth
The use of smart wearable and health monitoring devices for assessing patients' vital signs has accelerated due to the growing trend toward fitness and a healthy lifestyle. To monitor tactile signals for different medical diagnostics applications, these wearable devices require micro or nano size pressure sensors. Because of their small size, low energy consumption, and great adaptability, these sensors are becoming more popular in developing smart wearable devices. The incorporation of IoT technologies into smart wearables will drive market development even further.
Escalating Trends in Associated Sector to Propel Pressure Sensor Adoption
The automobile sector, which is presently experiencing a technological transformation with a strong focus on improving safety, comfort, and entertainment, offers a lot of room for these sensors. Furthermore, new sensor-rich applications such as driverless cars, drones, and AR/VR gear are driving up demand for MEMS pressure sensors.
In addition, rising military spending throughout the globe is paving the way for technology such as drones and unmanned aerial vehicles (UAVs). MEMS pressure sensors are widely used in traditional fighter airplanes with high-end navigation systems.
Favorable Government Initiative to Provide Opportunities in the Market
Government measures to promote the use of IoT and AI technologies in the consumer electronics industry are expected to fuel the market growth of the pressure sensor market. According to the Ministry of Electronics and Information Technology, the Indian government intends to increase domestic production of the latest technology devices such as wearables (smartwatches/fitness trackers), hearables (in-ear wireless hearing devices), drones, virtual/augmented reality, and the Internet of Things products. The Centre is planning to introduce a Production Linked Incentive (PLI)-style incentive system for manufacturers shortly.
Technological Advancement in the Market to Further Increase the Demand
The global pressure sensor market is benefiting greatly from technological advancements in the creation of small sensors, which assist the industrial trend of supplying compact electronic devices, resulting in a plethora of new chances for the pressure sensors sector to flourish. Major industry players are devoting significant resources to the development of modern pressure sensors capable of operating effectively in hazardous environments such as chemical plants and bioreactors, where pressure maintenance is a critical task for ensuring the safety of the surrounding environment and people. Market companies are continually upgrading their services to comply with various governments' strict worker safety standards. During the projected period, these factors are expected to propel the worldwide market forward.
LifeQ, a global leading provider of biometrics and health information metrics from wearable devices, has engaged in a Collaboration Agreement with CardieX Limited's CONNEQT, Inc subsidiary in June 2021. The agreement with LifeQ allows both firms to use their shared intellectual property to create a wearable device that provides a unique combination of clinical and lifestyle-related health measurements, insights, and solutions to consumers, healthcare providers, and businesses. The CONNEQT "Pulse", a dual blood pressure sensor anticipated to be the globe's debut consumer vital signs monitor to incorporate central blood pressure, is one of the company's upcoming products.
Impact of COVID-19 Pandemic
Lockdowns implemented in various nations to combat the spread of COVID-19 have caused pressure sensor production and supply chain disruption. The pandemic has impacted the supply chain of key pressure sensor manufacturers, particularly those headquartered in the United States, the United Kingdom, China, Brazil, India, and France. Before the outbreak of COVID-19, pressure sensor manufacturers predicted that inventory levels will normalize in 2020, owing to increased smartphone and automobile sales, as well as increased use of smart manufacturing technologies but the market conditions did not go through a significant change. That said, the pressure sensor market is predicted to grow significantly once the crisis dissipates.
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