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Jan 08, 2024

Pressure Sensor Market to be Worth $26.37 Billion by 2030: Grand View Research, Inc.

News provided by 31 May, 2023, 05:30 ET Share this article SAN FRANCISCO, May

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31 May, 2023, 05:30 ET

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SAN FRANCISCO, May 31, 2023 /PRNewswire/ -- The global pressure sensor market size is expected to reach USD 26.37 billion by 2030, registering a CAGR of 4.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing product demand in the automotive sector in applications, such as the measurement of oil pressure in power steering, intake manifold pressure, and fuel pressure measurements in tanks. Moreover, the development of new materials and sensing technologies have made pressure sensors more compact and more cost-effective, which is driving their demand in the market, thereby propelling the market's growth.

Key Industry Insights & Findings from the report:

Read full market research report for more Industry Insights, "Pressure Sensor Market Size, Share & Trends Analysis Report By Product (Differential, Absolute), By Type (Wireless, Wired), By Technology (Capacitive, Optical), By Application (Oil & Gas, Medical), And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Pressure Sensor Market Growth & Trends

Nemours companies are focusing on launching new products that are further expected to offer lucrative growth opportunities for the market players over the forecast period. For instance, in November 2022, Melexis, a global microelectronics engineering company, announced the launch of its new series of integrated pressure sensors. The pressure sensors are intended to be used in automotive engine management. The new sensors are factory-calibrated devices that measure pressure spans from 1 to 4 bar. These devices will allow accurate and stable pressure measurement, allowing optimal engine management to guarantee fuel savings and emission reductions.

The market is experiencing growth due to several factors, among which the increasing adoption of the Internet of Things (IoT) stands out. This trend is transforming the development of smart cities, smart homes, buildings, and factories, where pressure sensors play a critical role. The proliferation of IoT-connected devices is expected to further drive the demand for pressure sensors. In addition, the market is benefiting from the growing demand for miniaturized consumer devices, including IoT-connected devices and wearables. These factors are significant drivers of the market.

The COVID-19 pandemic adversely impacted market growth owing to global shutdowns and subsequent supply chain disruptions. However, the advancements in Microelectromechanical Systems (MEMS) technology and the rise in the demand from healthcare & automotive industries had a positive impact on the market. Moreover, stringent government regulations related to safety and an increase in demand for smartphones and other consumer electronics are anticipated to create significant product demand, thereby contributing to market growth over the forecast period.

Pressure Sensor Market Segmentation

Grand View Research has segmented the global pressure sensor market on the basis of product, type, technology, application, and region

Pressure Sensor Market - Product Outlook (Revenue, USD Million, 2017 - 2030)

Pressure Sensor Market - Type Outlook (Revenue, USD Million, 2017 - 2030)

Pressure Sensor Market - Technology Outlook (Revenue, USD Million, 2017 - 2030)

Pressure Sensor Market - Application Outlook (Revenue, USD Million, 2017 - 2030)

Pressure Sensor Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

List of Key Players in Pressure Sensor Market

Check out more market research studies published by Grand View Research:

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.