The GMI Research forecasts that the Pressure Sensor Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the robust demand in the automotive industry and the applications of artificial intelligence.
A pressure sensor is a device sensing pressure and converting it into an electric signal where the amount depends upon the pressure applied. It helps to detect, measure, and transfer information, to analyze the performance of a device. It monitors and controls the pressure, typically of gases & liquids. It measures different types of pressures such as absolute, vacuum, gauge, and differential pressure among others.
Growth in the global pressure sensor market is primarily driven by the augmenting establishment of smart homes, buildings, and cities, along with the increasing integration of the internet of things and connected smart home devices and the mounting implementation in consumer electronics such as cellular phones, portable computers, wearable electronic devices, and laptops. In addition, rising demand for miniaturized consumer devices, rising execution in several applications like HVAC systems, cooling & heating of battery management systems, supervising exhaust recirculation, tire pressure monitoring system (TPMS), and the high-performance gearbox applications, cars, and hybrid electric vehicles will pave the way for market growth. Furthermore, some other factors such as rapid industrialization, soaring need for mechanization in industries, and the strategic government regulations to mandate their usage in industries further strengthen the market size. In accordance with the International Energy Agency (IEA), electric cars, in 2019, registered 2.1 million sales across the world with a 40% year-on-year increase and reckoned for 2.6% of the car sales. This is thereby contributing to the market growth.
However, inflated installation and replacement costs may hinder the market growth. Additionally, the widespread outbreak of the coronavirus pandemic has adversely influenced the growth of various industries, including construction, automotive, oil & gas, due to the disturbance in the supply chain and manufacturing process.
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