PressureSensorMarketPressure Sensor Market
PressureSensorMarketPressure Sensor MarketThe global Pressure Sensor Market is anticipated to register a growth rate of 10.3% over the forecast period (2020-2027). With the promising applications of artificial intelligence systems and wearable health care instruments, huge efforts have been taken to develop sophisticated pressure sensors. Thus, this has elevated the growth of the global pressure sensor market.
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Pressure Sensor Market Dynamics
The growth in the global pressure sensor market is attributed to the augmenting adoption of electric vehicles and the increasing application of pressure sensors in several applications such as, administering exhaust recirculation, HVAC system, supervising tire pressure monitoring system (TPMS), and the superior performing gearbox applications, in electric cars and hybrid electric vehicles. As per the International Energy Agency (IEA), electric cars, in 2019, recorded sales of 2.1 million sales with a 40% yearly increase and gauged for 2.6% of the international car sales. This is likely to guide the growth of the electric vehicle industry, thereby complementing the Pressure Sensor Market size.
In addition, increasing industrialisation and the evolving need for mechanisation in industries are some other forces compelling the market growth. The intensified norms enforced by the government have mandated the deployment of pressure sensors in various end-use industries has propelled the market size. The aggravating demand for compact consumer devices and rising usage of pressure sensors in consumer electronics, such as laptops, wearable electronic instruments, and cellular phones is bolstered the market growth. Besides this, the establishment of smart buildings, smart cities, and smart homes and the increasing adoption of Internet of Things and connected smart homes have projected to propel the Pressure Sensor Market share.
However, inflated installation and substitution cost of pressure sensors in electronic devices are projected to restrain the market growth. Moreover, as per the Pressure Sensor Market report, the evolution of the coronavirus pandemic has negatively influenced the growth of several industries, including automotive, oil & gas, and construction, due to the disturbance in the supply chain and manufacturing process.
Regional Drivers
By region, the Asia Pacific region is predicted to witness a remarkable growth over the coming years. This is because of the accelerating number of industries including aviation, automotive, healthcare, consumer electronics, and construction. Moreover, the Pressure Sensor Market forecast projects that the International Energy Agency (IEA) stated that the China gauged for 47% of the international electric car sales in 2019, which is projected to steer the automotive industry, thereby, promoting the market growth.
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