The North America Pressure Sensor Market would witness market growth of 7.1% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 23,355.4 thousand units, showcasing a growth of 7.3% (2019-2022).
Pressure sensors have become essential elements in numerous sectors, serving as critical components in the assessment, surveillance, and assurance of the effectiveness and security of diverse systems. These devices detect and measure the force exerted on them and convert it into an electrical signal, providing valuable data for numerous applications across industries. The market has witnessed exponential growth due to technological advancements, diverse applications, and the increasing need for precision and accuracy in measuring pressure.
Moreover, one of the pioneering sectors in adopting these sensors is the automotive industry. Modern vehicles have various sensors that monitor tire pressure, airbags, fuel pressure, and engine combustion. These sensors play a critical role in enhancing safety, fuel efficiency, and overall performance, which has been a driving force behind their adoption. The healthcare sector has embraced pressure sensors for applications ranging from monitoring blood pressure and intracranial pressure to respiratory assistance devices. Integrating these sensors in wearable medical devices and IoT-connected health monitoring systems has empowered patients and healthcare providers.
Fluctuations in oil prices, influenced by geopolitical factors, OPEC decisions, supply-demand dynamics, and global economic conditions, significantly impact the profitability and growth of the sector in North America. As per the data from Statistics Canada, in 2022, total revenue for the Canadian oil and gas extraction industry rose 53.6% to $269.9 billion, following an 87.5% increase in 2021. The 2022 increase was attributable to increased economic activity and demand for energy products. Therefore, the growing oil and gas industry in North America will boost the demand for these sensors in the region.
The US market dominated the North America Pressure Sensor Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $5,703 million by 2030. The Canada market is experiencing a CAGR of 9.5% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 8.6% during (2023 - 2030).
Based on Type, the market is segmented into Wired, and Wireless. Based on Product, the market is segmented into Absolute, Differential, and Gauge. Based on Technology, the market is segmented into Piezoresistive, Capacitive, Resonant Solid-State, Electromagnetic, Optical, and Others. Based on Application, the market is segmented into Automotive, Industrial, Consumer Electronics, Oil & Gas, Medical, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Pressure Sensor Market is Predict to reach $28.8 Billion by 2030, at a CAGR of 7.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Emerson Electric Co., Honeywell International, Inc., NXP Semiconductors N.V., Texas Instruments, Inc., Denso Corporation, Robert Bosch GmbH, Schneider Electric SE, ABB Ltd., Amphenol Corporation, TE Connectivity Ltd.
By Type (Volume, Thousand Units, USD Billion, 2019 to 2030)
By Product (Volume, Thousand Units, USD Billion, 2019 to 2030)
By Technology
By Application (Volume, Thousand Units, USD Billion, 2019 to 2030)
By Country (Volume, Thousand Units, USD Billion, 2019 to 2030)
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