Pressure Sensor Market

Market Leaders - Pressure Sensor Market

The global pressure sensor market is expected to grow from USD 13.6 billion in 2020 to USD 20.8 billion by 2025; it is expected to grow at a CAGR of 8.9% during 2020–2025. Key factors fueling the growth of this market include advancements in microelectromechanical (MEMS) sensors, increase in demand from automotive and medical industries, and stringent passenger safety regulations. Increasing use of pressure sensors in smartphones is also expected to support in growth of pressure sensor market, in the midst of COVID-19.

Key players in the pressure sensor market comprise companies operating at different stages of the value chain. These include Honeywell (US), ABB (Germany), Emerson (US), Amphenol (US), Sensata Technologies (UK), BD Sensors (Germany), First Sensor (Germany), Microsensor Co. Ltd. (China), Quartzdyne (US), and Crane Co. (US). Many of these companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, partnerships, contracts, expansions, acquisitions, and mergers to strengthen their position in the market.

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Top 2 players in pressure sensor market:

 Honeywell (US) held a leading position in the global pressure sensors market in 2019. In order to design and develop products, services, and solutions, which predicts the changing technological requirements of its clients, the company focuses on investing in R&D activities. In 2019, 2018, and 2017, the R&D expenditure of the company was USD 1.6 billion, USD 1.8 billion, and USD 1.8 billion, which represents 4.2%, 4.3%, and 4.5%, respectively of the company’s total revenue. The high investment in R&D activities helps the company to design and innovative products to meet the market requirements and explore new opportunities in the market to drive its growth and increase its profitability. This high investment in R&D activities is explicitly made for designing innovative products to fulfill the changing requirements of customers and explore new opportunities in the market, which is projected to drive its growth and profitability. The presence of Honeywell in multiple industries, such as construction, retail, manufacturing, automotive, healthcare, and chemicals, shows its broad application areas and capabilities of its offerings, along with enhancing its brand image as a diversified company.

ABB (Switzerland) is another major player in the global pressure sensor market. ABB witnesses high business prospects due to the major changes in industrial automation and Industry 4.0. The advancements in communications technology, processing power, and new sensors enable ABB to remotely control offshore oil & gas platforms. Due to its focus on technological innovations, the company offers diverse and innovative products for major industries to gain a competitive edge in the market. The company focuses on undertaking expansion as its key strategy to strengthen its position in the pressure sensor market. For instance, in November 2018, the company opened ABB Xiamen Hub in Xiamen, China, with an investment of USD 300 million. This hub is the largest innovation and manufacturing site of the company spread across an area of 425,000 m2. Similarly, in May 2017, the company opened 2 ABB Ability Collaborative Operation Centers near Miami, Genoa (US), Italy, to provide remote monitoring, performance management, and predictive analysis technologies. This ensures safety and security and enhances operational efficiency and productivity across industries, including chemicals, cement, marine, manufacturing, mining, oil & gas, ports, metals, power generation pulp & paper, and water.

Related Reports:

Pressure Sensor Market by Product Type (Absolute, Gauge, Differential, Sealed, and Vacuum), Technology (Piezoresistive, Capacitive, Resonant, Electromagnetic, and Optical), Application, Function, End-User Industry, and Geography - Global Forecast to 2025

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Report Code
SE 1341
RI Published ON
7/10/2020
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