ABB (Switzerland) is another major player in the global pressure sensor market. ABB witnesses high business prospects due to the major changes in industrial automation and Industry 4.0. The advancements in communications technology, processing power, and new sensors enable ABB to remotely control offshore oil & gas platforms. Due to its focus on technological innovations, the company offers diverse and innovative products for major industries to gain a competitive edge in the market. The company focuses on undertaking expansion as its key strategy to strengthen its position in the pressure sensor market. For instance, in November 2018, the company opened ABB Xiamen Hub in Xiamen, China, with an investment of USD 300 million. This hub is the largest innovation and manufacturing site of the company spread across an area of 425,000 m2. Similarly, in May 2017, the company opened 2 ABB Ability Collaborative Operation Centers near Miami, Genoa (US), Italy, to provide remote monitoring, performance management, and predictive analysis technologies. This ensures safety and security and enhances operational efficiency and productivity across industries, including chemicals, cement, marine, manufacturing, mining, oil & gas, ports, metals, power generation pulp & paper, and water.
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The global pressure sensor market is expected to grow from USD 13.6 billion in 2020 to USD 20.8 billion by 2025; it is expected to grow at a CAGR of 8.9% during 2020–2025. Key factors fueling the growth of this market include advancements in microelectromechanical (MEMS) sensors, increase in demand from automotive and medical industries, and stringent passenger safety regulations. Increasing use of pressure sensors in smartphones is also expected to support in growth of pressure sensor market, in the midst of COVID-19.
Key players in the pressure sensor market comprise companies operating at different stages of the value chain. These include Honeywell (US), ABB (Germany), Emerson (US), Amphenol (US), Sensata Technologies (UK), BD Sensors (Germany), First Sensor (Germany), Microsensor Co. Ltd. (China), Quartzdyne (US), and Crane Co. (US). Many of these companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, partnerships, contracts, expansions, acquisitions, and mergers to strengthen their position in the market.
Lockdowns imposed in multiple countries to check the spread of COVID-19 have caused disruption to the manufacturing, as well as the supply chain of pressure sensors. The supply chain of major pressure sensor manufacturers, especially the ones based in the US, The UK, China, Brazil, India, and France, have been hit by the pandemic. Before the outbreak of COVID-19, pressure sensor manufacturers were optimistic that 2020 would see a normalization in inventory levels fueled by rise in smartphones and automotive sales and increase in the adoption of smart manufacturing technologies. However, the demand for these sensors has reduced considerably post the outbreak of the disease. Nevertheless, the global demand for pressure sensors is expected to surge in the second half of 2020.
Different types of pressure sensors, such as absolute pressure sensors, gauge pressure sensors, differential pressure sensors, sealed pressure sensors, and vacuum pressure sensors, are used across several end-user industries. The growth of the pressure sensor market is highly reliant on the growth of end-user industries, which mainly include automotive, industrial, utility, aviation, oil & gas, and marine. The above-mentioned industries have witnessed a noteworthy decline in their growth from January to May 2020, particularly in countries which had the most number of COVID-19 cases, including China, Italy, Germany, the UK, the US, Spain, France, and India. Consequently, the demand for pressure sensors from these industries has reduced, thereby impacting the growth of the pressure sensor market in first half of 2020. However, the market in China started regaining momentum as businesses in the country started reopening. Thus, the easing of lockdown regulations in the second half of 2020 is expected to reignite the growth of the pressure sensor market during the forecast period.
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