Market Size of MEA Pressure Sensors Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 8.40 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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MEA Pressure Sensors Market Analysis
The Middle East and Africa Pressure Sensor market is expected to witness a CAGR of 8.4% during the forecast period 2021-2026. The Middle East and Africa pressure sensor market is estimated to grow at a healthy rate during the forecast period.
- The Middle East accounts for a significant share in the global oil and gas industry. Digitization has fueled the adoption of automation in the oil and gas industry in the region, thus driving the market for the pressure sensor.
- The growing number of private hospitals and increasing investments in the healthcare sector by foreign players are helping in boosting the African IT healthcare industry. Fluctuating economic condition has driven the demand for low-cost medical equipment, thus creating a huge opportunity for pressure sensor vendors in the region.
- Moreover, increasing instances of government initiatives, like the Nigerian Automotive Industry Development Plan, is augmenting the automotive manufacturing activity across Africa. This is developing the market for pressure sensors in the region too.
- The pandemic had a deep impact on the oil and gas market of the Middle Eastern countries. Many of the oil refineries were shut down during the period as the demand for crude oil drastically decreased, and several modernization activities were put on hold.
