Portland, May 13, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global pressure sensor market generated $11.38 billion in 2019, and is estimated to reach $24.85 billion by 2027, registering a CAGR of 10.3% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.

Increase in adoption of pressure sensors in consumer electronics and surge in usage of pressure sensors in the automotive industry drive the growth of the global pressure sensor market. However, the higher cost of pressure sensor devices hinders the market growth. On the other hand, increasing demand for sensors in the development of smart cities and growing trends toward the internet of things (IoT) create new opportunities for the market player in the coming years.

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Covid-19 scenario:

  • Due to lockdown in several countries, industrial manufacturing and automotive production, which use pressure sensor, have been shut down. Thus, the demand for pressure sensors is expected to decline as it is extensively used in these applications.
  • The demand for pressure sensors is likely to experience a downfall during the coronavirus pandemic due to the negatively-affected supply chain amid lockdown.
  • The COVID-19 pandemic is receding slowly in countries such as China and India and governments are now lifting the lockdown to start the industrial activities. This is likely to be a huge opportunity for several pressure sensor manufacturers in these countries to generate maximum revenue.

The report offers a detailed segmentation of the global pressure sensor market based on type, technology, application, and region. Based on type, the absolute pressure sensors segment contributed to the largest share in 2019, accounting for more than two-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the gauge pressure sensor segment is estimated to portray the highest CAGR of 12.1% during the forecast period.

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Based on application, the automotive segment accounted for the largest share in 2019, holding more than one-fourth of the total share, and is expected to maintain the largest share throughout the forecast period. However, the industrial segment is expected to register the highest CAGR of 15.0% from 2020 to 2027.

Based on region, Asia-Pacific contributed the highest share, accounting for nearly half of the total market share in 2019, and will maintain its dominance throughout the forecast period. Moreover, it is also expected to grow at the highest CAGR of 11.4% from 2020 to 2027.

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Leading market players analyzed in the research include Analog Devices, ABB Ltd., Honeywell, Eaton, NXP Semiconductors N.V., Infineon Technologies, Siemens, Renesas Electronics, Texas Instruments, and STMicroelectronics.

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