The Pressure Sensor Market was valued at USD 7.88 Billion in 2016 and is expected to reach at USD 11.30 Billion in 2023 with a growing CAGR of 5.27% during the forecast period, as per a report by MarketsandMarkets.
Why upcoming information and communication technology (ICT)-enabled developments offers an opportunity?
The advancements in ICT such as explosion of bandwidth capacity in fixed and mobile networks and emergence and development of the Internet and Internet-based applications in several end-user sectors has been a major driver for the pressure sensor market over several years. ICT strongly supports the increasing use of microsystems by enabling advanced data handling, data transfer, data displays, and wireless connectivity between sensor-integrated equipment and other machines or systems. With such strong support from ICT advancements, automotive and healthcare industries, among others, are increasingly focusing on integrating pressure sensors into several types of equipment wherein ICT supports more sophisticated features. Sensors require a network of interconnecting infrastructure to communicate and process the information required for services and monitoring applications. The advancements in fixed-access and wireless mobile networks have guided the evolution of pressure sensing by providing bi-directional connectivity in monitoring and control, thereby driving the use of pressure sensors, especially in automotive and healthcare. Several promising aspects of ICT technologies such as Internet of Things (IoT), machine-to-machine communication (M2M), ZigBee wireless sensors, and wireless sensor networks offer significant opportunities for the growth of the pressure sensor market.
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Why high regulatory barriers remain a challenge?
In the era of globalization, with increasing trade between countries, the associated benefits can be realized better through free trade. Excessively high tariffs hinder globalization and have to be low. For example, after Brexit, there have been trade issues between the UK and the European Union (EU). Moreover, tariffs imposed by World Trade Organization (WTO) as well as several quotas, subsidies, customs delays, and regulatory barriers have impacted the cost of imported auto parts in the UK. Thus, it becomes difficult for auto industries to keep the costs of the end product low as there is a huge demand for tire pressure monitoring sensors among auto manufacturers and end consumers.
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