Rapid Launches of Pressure Sensor to Open New Opportunities in Manufacturing
Due to the rapid growth in the automotive industry and health care facilities and developing technology, pressure sensor plays a significant role in the growth of the automotive and health care industries. Furthermore, according to Allied Market Research, the global pressure sensor market is estimated to grow at a CAGR of 10.3% from 2020 to 2027.
During the Covid-19 pandemic, the demand for pressure sensors has witnessed a fall as several countries involved in automotive production that use pressure sensors have been shut down. Furthermore, the supply chain has been negatively affected. However, the lockdown has been lifted in major raw material providing countries such as China, which is expected to open new opportunities for the pressure sensor market to grow.
Rapid developments in the pressure sensor to improve company portfolio
The market has witnessed major developments during 2017–2019. In 2017, Honeywell, a publicly-traded, multinational conglomerate improved its union pressure sensor portfolio by launching two new models of pressure sensors.
The sensors are developed to measure the pressure and flow of the drilling fluid and manufactured with a protective cage option. As per the company, the sensors are accurate, highly durable, and configurable pressure sensors than their predecessors. Moreover, they keep the oil field equipment operating and prevent damage to the equipment that could lead to equipment failure.
The newly launched sensors offer high performance and the media isolated pressure sensors play a vital role in making process systems more efficient as they maintain pressure throughout the system for effective air or fluid distribution. They are designed to withstand extreme temperatures conditions and resist corrosion. Moreover, they eliminate the leakage paths associated with O-rings and adhesives. The company claims that the new sensor would improve performance over previous offerings.
Similarly, in 2019, Emerson, a multinational manufacturer and provider of engineering products, launched a new product ‘pressure-valve-design’. The manifolds shut off pressure at the transmitter and provide critical mounting mechanisms that are required in many installations. They are specially designed to offer significant user improvements on these basic functions.
Future opportunities for business entrants
Over the last few years, the Asia-Pacific region has emerged as the fastest-growing market for pressure sensors. The key players in the region have immense opportunities in countries such as India, China, and Japan, as the growth in these countries is supported by the high disposable income of consumers and increase in the number of health-conscious consumers. The automotive industry is likely to remain the largest end user of pressure sensors to utilize them for tire pressure monitoring and engine controls. On the other hand, the electronics industry may witness the highest growth during the forecast period due to the increasing use of smartphones, household appliances, and other electronic devices.
The pressure sensor market has been a spectator for various developments over the last few years. Technological innovations and new launches are expected to open new opportunities for market players. Thanks to rapidly developing technology, we would see product manufacturing with minimum production costs and increased profits.
Chief editor of review team at FinancesOnline
Chief editor of review team at FinancesOnline Alex Hillsberg is an expert in the area of B2B and SaaS related products. He has worked for several B2B startups in the past and gathered a lot of first hand knowledge about the industry during that time.
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