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LONDON, GREATER LONDON , UK, August 15, 2024 /EINPresswire.com/ -- The global fluid pressure sensors market is set to expand from $16.76 billion in 2023 to $18.46 billion in 2024, reflecting a compound annual growth rate (CAGR) of 10.1%. Despite various challenges, the market is projected to surge to $27.42 billion by 2028 at a compound annual growth rate (CAGR) of 10.4%, driven by the increasing need for enhanced safety, stringent environmental regulations, and advancements in technology across various sectors.
Rising Industrial Automation Drives Market Growth
The surge in industrial automation is a key factor propelling the fluid pressure sensors market. Industrial automation, which utilizes control systems like computers and robots to manage processes and machinery, is crucial for optimizing efficiency and safety in industrial operations. Fluid pressure sensors play a vital role in these systems by providing precise monitoring and control. According to the International Federation of Robotics, industrial robot installations saw a 12% increase in 2022, highlighting the growing adoption of automation in manufacturing. This trend underscores the rising demand for fluid pressure sensors in various industrial applications.
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Key Players and Market Innovations
Leading companies in the fluid pressure sensors market, such as Robert Bosch GmbH, Siemens AG, and Honeywell International Inc., are focusing on innovative product development. For example, Sensata Technologies launched the 129CP series digital water pressure sensor in January 2024. This sensor offers high precision, real-time monitoring, and robust construction, enhancing water management efficiency for utilities.
In a strategic move, companies are investing in smart pressure monitoring technologies to maintain competitive advantages. These advancements are crucial for improving system performance, detecting issues early, and ensuring efficient water distribution.
Fluid Pressure Sensors Market Major Trends Shaping the Market
Key trends influencing the fluid pressure sensors market include:
• Integration with IoT Devices: Enhanced connectivity and data analytics capabilities.
• Advancements in MEMS Technology: Ongoing developments in micro-electro-mechanical systems.
• Focus on Energy Efficiency and Sustainability: Emphasis on reducing energy consumption and environmental impact.
• Growth of Industrial Automation: Increased use of sensors in automated systems.
The rise of electric and autonomous vehicles, along with advancements in healthcare technology, further contribute to the market’s growth trajectory.
Fluid Pressure Sensors Market Segmentation
• Sensor Type: Piezoresistive, Capacitive, Electromagnetic, Resonant, Optical
• Fluid Type: Liquid, Gas
• Technology: Analog, Digital
• Application: Automotive, Industrial, Healthcare, Consumer Electronics, Aerospace and Defense, Oil and Gas, Other Applications
• End User: Original Equipment Manufacturer (OEM), Aftermarket
Geographical Insights: North America Leading the Market
North America was the largest region in the fluid pressure sensors market in 2023. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.
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Fluid Pressure Sensors Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Fluid Pressure Sensors Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on fluid pressure sensors market size, fluid pressure sensors market drivers and trends, fluid pressure sensors market major players, competitors' revenues, market positioning, and market growth across geographies. The fluid pressure sensors market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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