PUBLISHER: Allied Market Research | PRODUCT CODE: 1139989
PUBLISHER: Allied Market Research | PRODUCT CODE: 1139989
The global pressure transducer market is envisioned to garner $19,466.1 million by 2030, growing from $7,400.7 million in 2021 at a CAGR of 11.29% from 2022 to 2030.
Pressure transducer is a device that transforms pressure into an analogue electrical signal. Pressure transducers are composed of non-toxic materials, and are flexible and small in size. They work effectively in applications where other pressure sensing technologies struggle because of electromagnetic interference as they are resistant to such disturbances. Additionally, these pressure sensors function well in the presence of toxic or explosive substances. Hence they are ideal for oil and gas and medicinal applications.
As a result of improvements in Microelectromechanical systems (MEMS) and Nanoelectromechanical systems (NEMS) technology, the need for pressure transducers has increased rapidly which significantly affects the pressure transducer market share globally. Consumer products such as smart wearable, biomedical applications, wireless & optical communications, and aircraft all use the pressure transducers. Thus, it is expected to drive revenue growth of pressure transducer market.
However, the use of pressure transducers in various industries such as automobiles, consumer electronics, and others tend to increase the cost of products and thus it is expected to hamper revenue growth of pressure transducer market during the forecast period.
Moreover, it is predicted that over the forecast period, rising trends towards Internet of Things (IoT) and a rise in demand for sensors in the construction of smart cities would create profitable opportunities for the expansion of the pressure transducer market. The pressure transducer also has a demand from the gaming and navigation application industry, which will serve as an opportunity for revenue growth of the market in near future. Also, a novel entry of wireless pressure transducers with built-in cellular connection in the pressure transducer market is expected to propel the market growth. Compared to traditional transducers, these gadgets make monitoring temperature and pressure simpler. Cellular pressure transducers are quick and simple to install. Thus, it is serving as a major opportunity for manufacturers in the pressure transducer market.
In 2020, the COVID-19 pandemic breakout and its subsequent spread had a negative effect on the pressure sensors market, leading to a decline in pressure sensor shipments. As a result, revenues dropped, which had a negative impact on the market revenue growth trends. This pattern persisted through the first quarter of 2021. However, the spread and development of Microelectromechanical systems (MEMS) technology, increased demand from the automotive and medical industry, strict governmental regulations, and rising popularity of smartphones and other consumer durables are all factors that are predicted to drive the global pressure sensor market revenue growth post COVID-19 pandemic.
The key players profiled in this report include: Panasonic Corporation, Sensata Technologies, Inc, Honeywell International Inc, Validyne Engineering, Robert Bosch Gmbh, NXP semiconductors, Setra Systems, Inc. (Fortive), ControlAir, Inc, and Kulite Semiconductor Products Inc.
Key Benefits For Stakeholders
Key Market Segments
By Technology
By Pressure Type
By End Use
By Region