New York, NY 18 June 2021: The global pressure sensors market is anticipated to reach around USD 13,466 million by 2026 according to a new research published by Polaris Market Research. In 2017, the automotive segment dominated the global market, in terms of revenue. In 2017, Asia-Pacific accounted for the majority share in the global pressure sensors market.
The expanding global automotive industry, along with increasing demand from the healthcare sector increases the demand for pressure sensors. The increasing use of pressure sensors in consumer electronics and wearables, along with favorable government regulations regarding pressure sensors support the market growth. The rising adoption of MEMS and NEMS technologies, and IoT boosts the adoption of pressure sensors. Other factors driving the market growth include growing demand of ADAS systems in automobiles, technological advancements, and development of smart cities. New emerging markets, emerging consumer demographics, and increasing demand from diversified industries would provide growth opportunities for Pressure Sensors market in the coming years.
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In 2017, Asia-Pacific accounted for the highest share in the global pressure sensors market. The primary factors driving the pressure sensors market growth in the region include established automotive industry, rising demand for consumer electronics, technological advancements, and high investment in R&D. The introduction of favorable government regulations regarding pressure sensors, and rising demand for luxury and modernized vehicles boost the pressure sensors market in Asia-Pacific. The economic growth in countries such as China, Japan, and India, increasing development of smart cities, and growing adoption of connected devices and IoT further increases the demand of pressure sensors in the region.
The end-users of pressure sensors included in the report are automotive, healthcare, aviation, consumer electronics, oil and gas, industrial, and others. The automotive segment is expected to dominate the global pressure sensors market during the forecast period. Pressure sensors play a vital role in automotive applications such as obstacle detection, autonomous emergency braking system, predictive crash sensing, and speed sensing which supplements the growth of this segment. The continuously increasing popularity for autonomous vehicles, and self-driving vehicles creates lucrative opportunities for the market. The growth in production volume of automobiles and increasing need for fuel-efficient and safe vehicles would further lead to market growth. Increasing cases of road accidents and stringent vehicle safety regulations supplement the market growth of this market. Growing adoption of self-driving vehicles in developing nations provide growth opportunities for this market.
The major players in this market include General Electric, Infineon Technologies, ABB Ltd., Emerson Electric Company, NXP Semiconductors N.V., Robert Bosch GmbH, Siemens AG, Omron Corporation, Schneider Electric, and Honeywell International. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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