Saudi Arabia Pressure Sensor Market Size Grow Steadily to Reach USD 424.5 million by 2029
Saudi Arabia pressure sensor market is flourishing because of rising demand for energy-efficient pressure sensors and increasing stringent safety regulations for automobiles.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Saudi Arabia pressure sensor market size at USD 267.36 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Saudi Arabia pressure sensor market size to grow at a significant CAGR of 6.91% reaching a value of USD 424.5 million by 2029. Major growth factors of Saudi Arabia pressure sensor market include increasing stringent government rules for automotive safety, increase in consumer electronics, and rising demand for micro electromechanical systems (MEMS) technology. Pressure sensors are becoming increasingly used in a variety of industries, including alarm systems, water purifiers, medical breathing appliances, refrigeration systems, and off-road structures. Also, as consumers shift toward more automation-based solutions and services, there is a greater emphasis on IoT-based devices due to their innovative and advanced uses. Pressure sensors are in high demand due to their increasing application in domestic appliances such as refrigerators and washing machines. Numerous pressure sensor manufacturers are likewise concentrating on developing unique solutions that will improve the consumer experience. Likewise, rising military spending across the globe is paving the way for technology like as drones and unmanned aerial vehicles (UAVs). Such aspects are expected to fuel the expansion of overall market during the forecast period. However, significant pricing pressure is anticipated to restrain the market expansion.
Saudi Arabia Pressure Sensor Market – Overview
A pressure sensor is a device that monitors and converts liquid and gas pressure into signals. Signals are typically electrical, but they can also be optical, optic, or aural. The force necessary to keep a fluid from expanding is known as pressure, and it is often expressed in force per unit area. A pressure sensor is commonly employed as a transducer, creating a signal in response to applied pressure. Pressure sensors are used to monitor a variety of electronic equipment, including programmable controllers, microprocessors, and computers. Pressure sensors are affected by technology, design, performance, applications, and pricing. The most common units for measuring pressure are Pascal (Pa), Bar (bar), N/mm2, or psi (pounds per square inch). Absolute pressure sensors, gauge pressure sensors, sealed gauge pressure sensors, and differential pressure sensors are some of the pressure sensors on the market today. Pressure sensors are classified based on the pressure ranges they detect, the operational temperature ranges they operate at, and, most importantly, the sort of pressure they monitor. Micro-electro-mechanical systems (MEMS) technology breakthroughs, as well as increased use of this technology in connected devices, are driving market expansion.
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Impact of COVID-19 on Saudi Arabia Pressure Sensor Market
COVID-19 had a detrimental impact on the pressure sensor market by reducing demand from the industrial, automotive, and consumer electronics industries. Lockdowns enacted by numerous countries suspended corporate operations, hindered or temporarily stopped the transfer of completed goods and raw materials, and impacted automobile supply chain activity. On the contrary, because pressure sensor manufacturing required employees to be physically present on-site, manufacturing facilities began to recuperate and resume operations. Furthermore, pressure sensors are in high demand in the healthcare business, where they are being used in invasive medical applications such as blood pressure monitoring, accelerating the need for high-accuracy, low-cost pressure sensors.
Saudi Arabia Pressure Sensor Market – By Technology
Based on technology, Saudi Arabia pressure sensor is segmented into Piezoresistive, Electromagnetic, Capacitive, Resonant Solid-state, and Optical. The optical segment is expected to hold the highest market share during the forecast period Because of its increasing usage and environmental benefits over other technologies. Due to its resilience to interference, optical technology ensures trouble-free operation in electromagnetic interference environments. These sensors are also beneficial in chemical or explosive material applications, propelling the optical technology-based pressure sensor market forward.
Major players operating in Saudi Arabia pressure sensor market include AlphaSense, City Technology Ltd., Dynament Ltd., Figaro Engineering Inc., Membrapor AG., Nemoto & Co., Ltd., Robert Bosch LLC., ABB Ltd., Siemens AG., and GfG Europe Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Saudi Arabia Pressure Sensor Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Saudi Arabia Pressure Sensor Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.