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Pressure Sensor Market Statistics 2021 | Trend & Growth Forecast To 2027

The pressure sensor market growth will fuel, technological innovations in Micro-Electro-Mechanical Systems (MEMS) such as capacitive MEMS pressure sensor and rising developments in smart home appliances.<br><br>Get sample copy of this research report @ https://www.gminsights.com/request-sample/detail/1732

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Pressure Sensor Market Statistics 2021 | Trend & Growth Forecast To 2027

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  1. Pressure Sensor Market is projected to reach CAGR 7% by 2027

  2. Key Insights from Pressure Sensor Market: • Technological innovations in Micro-Electro-Mechanical Systems (MEMS) such as capacitive MEMS pressure sensor and rising developments in smart home appliances will fuel the pressure sensor market growth. Capacitive pressure sensors based on MEMS technology offer low power consumption and a smaller footprint which drive its use in consumer electronics devices. Meanwhile, smart home appliances such as air conditioners, refrigerators, etc., are incorporating digital pressure sensor to control and regulate temperature parameters. • The pressure sensor market is projected to surpass USD 13.5 billion by 2027. The market has been severely impacted by the COVID-19 outbreak. Strict lockdowns imposed by governments have resulted in trade bans along with temporary shutdowns of consumer electronics and automotive OEMs which has resulted in declining sales revenue for sensor manufacturers. Additionally, shortage of raw materials owing to the dependency on countries like China has hindered businesses.

  3. Regional Insights in Pressure Sensor Market: • Considering the regional landscape, the global pressure sensors market is expected to gain grip across regions like Europe, the U.S., Canada, China among others post pandemic. Of these, the Europe market could grow at over 6.5% CAGR through 2021-2027. This regional market growth is majorly attributed to the presence of big automotive giants in the region like Daimler AG, BMW Group, PSA Group, and Audi who are constantly emphasizing on increasing their production facilities in the region. New technological innovations in the advanced automotive safety systems such as ADAS and self-driving cars will contribute to the expansion of market in the coming years. • Many oil & gas producers are highlighting new findings and exploration of crude oil reserves. For instance, in December 2020, Saudi Aramco discovered four new oil & gas fields in Saudi Arabia, which are expected to produce 4,452 barrels of crude oil per day. Such new explorations and findings are expected to boost the demand for pressure sensors in the estimated timeframe.

  4. Latest Research Report On Pressure Sensor Market @ https://www.gminsights.com/industry-analysis/pressure-sensor-market Request for a sample of this research report @https://www.gminsights.com/request-sample/detail/1732

  5. Major Companies in Pressure Sensor Market: • Honeywell International Inc. • Emerson Electric Co. • Sensata Technologies, Inc. • TE Connectivity • ifm electronic GmbH • Rockwell Automation, Inc.

  6. Industry Coverage

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