Global Pressure Sensor Market: Key Highlights
Global Pressure Sensor Market: Key Market Dynamics
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Global Pressure Sensor Market: Regional Overview
North America is expected to dominate the pressure sensor market during the forecasted period owing to high rate of automation with growing market for consumer electronics. According to Consumer Technology Association, the U.S. sales of connected devices in 2018 are projected to reach 715 million units. Moreover, government regulations for passenger safety in automotive sector are expected to drive the market growth in the region. For instance, TREAD Act is passed by the US government for installation of Tire Pressure Monitoring System (TPMS) in all types of automobiles.
Asia-Pacific is expected to experience a substantial growth in pressure sensor market owing to the evolution of automotive and industrial manufacturing companies in emerging economies. Moreover, the rising demand for smart technologies in emerging economies such as China, South Korea, and India have anticipated surge regional demand for pressure sensors. For instance, according to India Brand Equity Foundation (IBFE), the electronic hardware production in India reached USD 11.2 billion in 2019.
Global Pressure Sensor Market: Key Players Overview
Honeywell International Inc. is a US-based company engaged in the invention and commercialization of technologies for overcoming the challenges across energy, safety, security, productivity, and global urbanization. The company operates through major business segment including performance material & technologies, aerospace, Honeywell building technologies, and safety and productivity solutions. In October 2019, the company entered into contract with Surrey Sensors (UK), with an aim to deliver HSC Series and RSC Series pressure sensors having application in aerospace industry.
ABB is a Swiss-based company which operates mainly in robotics, power, heavy electronic equipment, and automotive technology areas. The company operates through four business segments electrification, industrial automation, motion, and robotics & discrete automation. In May 2019, ABB received a contract from Arctic Offshore Farming, an offshore farm located in the Norwegian Sea (Arctic Ocean). This contract will help the company to provide a comprehensive package of automated technology solutions, electrical, telecom, and instrumentation technologies for a submersible fish farm in the Arctic Ocean.
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