Smart Pressure Sensors Market Introduction
A smart pressure sensor is a device which is embedded with a microprocessor and has a wireless communication feature. Smart pressure sensors have the potential to monitor, examine, and manage the pressure of liquid or gases. Moreover, the smart pressure sensors have the capability to provide digital output, communicate through a bidirectional digital bus, and execute commands and logical functions.
Smart Pressure Sensors Market - Competitive Landscape
Honeywell International Inc.
Honeywell International Inc. is a U.S. based multinational company headquartered in New Jersey. The company was established in 1906 and generated revenue of US$ 41,802 million in 2018. The company designs, manufactures, and markets its products and services to various verticals such as aerospace, building technologies, performance materials and technologies, and safety and productivity solutions.
NXP Semiconductors N.V.
Established in 1953, NXP Semiconductors N.V. is a Netherlands based semiconductor company headquartered in Eindhoven. In 2018, it generated revenue of US$ 9,407 million. NXP Semiconductors N.V. offers its product and services to automotive, identification solutions, connected devices, interfaces, and infrastructure sectors.
Infineon Technologies AG
Infineon Technologies AG is a Germany based semiconductor company headquartered in Munich. The company was established in 1999 and generated revenue of US$ 8,563 million (Euro 7,599 Million) in 2018. It develops and markets semiconductors and system solutions. The company provides its product and services to applications such as automotive, industrial power control, power management & multimarket, and digital security solutions.
Emerson Electric Co.
Emerson Electric Co. is a U.S. based multinational company headquartered in Missouri. The company was incorporated in 1890 and generated revenue of US$ 17,408 million in 2018. The company offers various solutions for the industrial, commercial, and residential sector. The company’ products and services are offered under two business segments: automation solutions, and commercial & residential solutions. Major revenue of the company is generated from North America (United States and Canada) followed by Asia Pacific.
General Electric Company
General Electric Company is a U.S. based multinational company headquartered in Boston, Massachusetts. The company was established in 1892 and generated revenue of US$ 121,615 million in 2018. The company offers its products and services to power, renewable energy, aviation, oil and gas, healthcare, transportation, and lighting industries.
Some of the other major companies active in the smart pressure sensors market are ABB, Siemens AG, STMicroelectronics, and Robert Bosch GmbH.
Figure: Global smart pressure sensors market, by Competitive Landscape
Smart Pressure Sensors Market Dynamics
Increasing advancement in MEMS technology drives the smart pressure sensors market.
Micro electromechanical system or MEMS is a process technology used to create integrated devices or systems that combine mechanical and electrical components. The MEMS system is found in automotive, defense, communication, electronic, and medical applications. Integration of MEMS systems for air bag sensors and blood pressure sensors have driven the smart pressure sensors market globally.
Adoption of pressure sensors in the automotive industry accelerated the smart pressure sensors market.
Increasing adoption of pressure sensors for monitoring purposes in the automotive industry for various applications such as tire pressure sensors, oil pressure sensors, and differential pressure sensors have also accelerated the smart pressure sensors market, globally. In addition, the increasing sale of passenger and commercial vehicles has correspondingly accelerated the smart pressure sensors market, globally. According to International Organization of Motor Vehicle Manufacturers, the new registration or sale of vehicles globally in 2017 was 96,804 thousand units, up from 93,906 thousand units in 2016. By 2027, vehicle sales are expected to reach 132,506 thousand units globally.
Smart Pressure Sensors Market Segmentation
Based on end-users, the smart pressure sensors market is segmented into:
- Oil & Gas
Figure: Global smart pressure sensors market, by End Users
Based on product type, the smart pressure sensors market is segmented into:
- Absolute Pressure Sensors
- Differential Pressure Sensors
- Gauge Pressure Sensors
- Vacuum Pressure Sensors
- Sealed Pressure Sensors
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.