Pressure sensors act as transducers and generate analog or digital signal based on the amount of pressure applied, typically on gases or liquids. Different types of pressure such as differential, gauge pressure, vacuum, differential and sealed are measured by pressure sensors and transmitters. Increasing industries and new technological advancements have been propelling this industry at am impressive growth rate. Portability, customization, ease of use, and automation are the key factors that pressure sensors market players use to differentiate their products and services.
IndustryARC’s latest market report on the Pressure Sensors Market says that the market is projected to grow at CAGR of 7.1% in the coming 5 years and shall grow to $7.92 billion by 2020.
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MARKET TRENDS AND MARKET GROWTH STATISTICS:
Brief on Market Driving Factors:
The pressure sensors market is witnessing a tremendous growth rate in the current day and is expected to be driven by a number of factors in the future years like:
• Demand is seen to be increasing mainly due to global investment patterns.
• A vast number of industries (almost all) for detecting, differentiating different types of pressures.
• Developments in automation market are direct growth signals for this industry.
• Increasing demand from end users.
• Innovation in technology.
• Stringent implementation of various government regulations to ensure safety of the passengers in the vehicles.
Applications Analysis of the Pressure Sensors Market:
Pressure sensors are being used at an extremely high quantity in the airbag systems of vehicles. With growing automation and automotive industries, the manufacturing of cars is going to be on a rise even in the future, on a global scale. The major well-doing industries of this market are noted to be automotive, medical, industrial segment, utility, consumer electronics, oil & gas, military & defense, and...