Product ID: SQMIG45N2019
Global Pressure Sensor Market Size, Share, Growth Analysis, By Type(Wired and Wireless), By Technology(Piezoresistive, Electromagnetic), By Application(Automotive, Oil & Gas) - Industry Forecast 2024-2031
Report ID:
SQMIG45N2019 |
Region:
Global |
Published Date: February, 2024
Pages:
260
|
Tables:
94 |
Figures:
76
Global Pressure Sensor Market Dynamics
Pressure Sensor Market Driver
- An important driver of the market's expansion is the growing adoption of the Internet of Things (IoT). The creation of smart factories, towns, and households is being revolutionized by pressure sensors. Hence, it is projected that the rise in IoT-connected devices will spur market expansion. Moreover, among the key drivers propelling the pressure sensors market globally are the rise in industrial automation and the rising need for smaller consumer electronics, including wearables and IoT-connected gadgets.
- There will likely be 30 worldwide smart cities by 2025, with half of them likely to be in North America and Europe due to the numerous smart city initiatives and projects already under way. These actions are supported by international investments, which the OECD estimates will total around USD 1.08 trillion between 2010 and 2030 for all urban city infrastructure projects. The demand is anticipated to be driven by the investment in digitized infrastructure, which would increase the need for asset security.
Pressure Sensor Market Restraint
- High cost, technical complexity, limited accuracy and durability are some of the restraints of the market. The cost of pressure sensors can be relatively high, which can be a limiting factor for some potential customers or applications. Technical complexity: Pressure sensors require a certain level of technical expertise to install and operate, which can be a challenge for some users. Limited accuracy: While pressure sensors have become increasingly accurate over time, they may still fall short of some applications' needs. Limited durability: Pressure sensors may be susceptible to wear and tear, especially in harsh or extreme environments, which can limit their useful life.
Global Pressure Sensor Market Report Snapshots
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