Global Pressure Sensors Market Status, Trends and COVID-19 Impact Report 2021, Covid 19 Outbreak Impact research report added by Report Ocean, is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider Pressure Sensors market, and compares it with other markets., market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Digital Evidence Management market size forecast, market data & Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence. Get complete Report (Including Full TOC, 100+ Tables & Figures, and Chart). – In-depth Analysis Pre & Post COVID-19 Market Outbreak Impact Analysis & Situation by Region.
The global pressure sensors market is anticipated to reach around USD 13,466 million by 2027.
In 2021, the automotive segment dominated the global market, in terms of revenue. In 2021, Asia-Pacific accounted for the majority share in the global pressure sensors market.
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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.
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.
COVID-19 Impact
The COVID-19 pandemic in 2019 engulfed the world. It caused a worldwide halt. The entire global economy was affected. In addition, many people have also lost their lives. Around 252,297,094 cases and 5,091,465 deaths have been reported worldwide so far for COVID-19. The pandemic spread to almost every country in the world. In most industries, the pandemic resulted in some form of loss. As a result of the pandemic, the Pressure Sensors Market also experienced a slowdown. Statista estimates that the Pressure Sensors Market total worldwide revenue stood at approximately US$ 3.94 trillion in 2019. In 2014, the Pressure Sensors Market generated revenues of US$ 5.4 trillion at a record high.
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The degree of competition among prominent global companies has been developed by analyzing several leading competitors operating globally. In addition, specialist analysts examine various aspects of the Pressure Sensors Market, including market competition, market share, the most recent advancements in the industry, innovative product launches, partnerships, mergers, and acquisitions by leading companies.
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.
What are the key findings of the report?
This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
The report offers the current state of the market and future prospects for various geographical regions.
This report provides both qualitative and quantitative information about the competitive landscape of the market.
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