Technological advancements in terms of micro electromechanical system development, design of miniaturised sensors and growing end use industry demands for critical operational parameters monitoring and control are some of the major factors driving the global pressure sensor market.
The global pressure sensor market was valued at USD 9.24 billion in 2018 and is expected to reach USD 14.08 billion in 2026, growing at a CAGR of 6.4% during the forecast period.
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The pressure sensor is designed in order to provide pressure readings in the various industrial process control environments. These types of sensors identify, measure, and transmit the data related to externally applied pressure in order to assist in analyzing the instrument or operation performance and make critical process decisions. Pressure sensors are manufactured with integrated circuit fabrication technology on silicon wafers which involves operations such as lithography and etching. Pressure sensors are employed to monitor and control the pressure parameters of various gases and liquids. Different types of pressure sensors are used according to the nature of the process, such as absolute pressure sensor, differential pressure sensor and many more.
The global pressure sensor industry growth is positively impacted by various factors including rising demand for electric vehicles, stringent safety regulations imposed by various governments and rapid industrialization which is fuelling the demand for pressure sensors from multiple end-use industries globally. Steady growth from end-use industries of developing economies is anticipated to offer numerous growth opportunities during the forecast period.
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