ID: MRFR/SEM/4212-HCR | 100 Pages | Published By Aarti Dhapte on March 2023
The Global Pressure Transmitters Market is expected to grow at a CAGR of 3.60% by the end of the forecast period 2022-2030
Globally, the size of Pressure Transmitters Market is expected to reach USD 3.5 Billion during the forecast period 2022-2030 at a CAGR of 3.60% driven by the increasing demand for automation across all process sectors, as well as the requirement to optimize resources and improve cost, safety, and security, are driving the expansion of the Market Trends
Sensors that monitor the pressure or level of industrial liquids and gases are known as pressure transmitters. They are used in many industries, including food and beverage, chemicals, and automobiles. In the automotive sector, pressure sensors are generally used for engine control. Sensors that create analog or digital signals based on the amount of pressure applied to liquids or gases are known as pressure transmitters. Pressure transmitters combine an electronic amplifier and a pressure transducer into a single unit, allowing for the transmission of measured data over long distances without the introduction of electrical noise or a loss of accuracy. The Pressure Transmitters Industry gathers signals that typically adhere to a 4-20 mil-ampere standard for usage in process automation businesses. In the food and beverage, chemical, and automotive industries, pressure transmitters are used in a variety of ways.
In industries where new technological possibilities are being exploited, digitization is becoming increasingly important. So far, the focus has been on data collection and enhanced control monitoring. A new sector of advanced control systems is currently emerging, presenting new commercial potential. This has encouraged the Pressure Transmitters Industry and Pressure Transmitters Market Growth.
The ongoing COVID-19 worldwide pandemic has created a serious and urgent public health emergency all over the planet. To manage the pandemic on a local level, many governments have proclaimed restrictive measures such as lockdowns and stay-at-home orders. Some countries have mostly reopened their economies, while others are still combating the virus, and yet others are resorting to closures in the aftermath of future waves. A drop in commodity prices has impacted certain developing countries at the same time, adding to economic and fiscal pressures. Policymakers must therefore be sensitive to the demands of their individual countries while collaborating worldwide. As a result of the COVID-19 pandemic, demand for ventilators, oxygen concentrators, and respiratory devices has increased, as these devices are utilized to help COVID-19 patients with breathing problems and low blood oxygen levels. The need for flow sensors, which are utilized in these devices, has risen as a result of the unexpected surge in Pressure Transmitters Market Share. The downsizing of sensors and the introduction of MEMS technology have expanded the range of applications for pressure sensors, driving up Pressure Transmitters Market Opportunities.
Pressure Transmitters Market Dynamics
The increasing demand for automation across all process sectors, as well as the requirement to optimize resources and improve cost, safety, and security, are driving the expansion of the Pressure Transmitters Market Trends. Pressure transmitters are likely to be used in the power, chemical, water, and pharmaceutical industries and it will increase the Pressure Transmitters Market Share. Furthermore, the market is being fueled by the desire for automation in the process sectors to eliminate human errors. In industrial automation and process control, monitoring and maintaining process parameters at appropriate levels is crucial. Across a variety of process industries, industrial automation lowers operational costs, enhances product quality, boosts productivity, and addresses industrial health and safety. Both the discrete and process industries have boosted their efforts to implement best practices to decrease waste and improve plant efficiency. Using factory floor data, such as real-time production data, to make better business and operational choices is the way forward for enhancing efficiency and optimizing manufacturing processes of the Pressure Transmitters Industry.
Oil consumption, or demand, has been constantly increasing. There was a bit of an aggressive trend in oil output, but oil prices quickly dropped. However, as oil output rose in the future, oil prices initially dipped and then recovered. Prices have risen as a result of the Organization of Petroleum Exporting Countries (OPEC) countries' trimming of production efforts, which has resulted in production not meeting demand. Because pressure transmitters are widely employed in the oil and gas industry, any occurrence in the global petroleum market will have an impact on the Pressure Transmitters Market Size. Pressure transmitters are widely used in the oil and gas industry to measure process parameters such as pressure, level, and flow, so fluctuations in crude oil prices will have a significant impact on the Pressure Transmitters Market Analysis.
In multi-sensing technology, the multivariable pressure transmitter is a noteworthy advancement. The mass flow is measured and calculated as a function of temperature, absolute pressure, and differential pressure via multivariable transmitters. As a result, it's used whenever differential pressure flow measurement necessitates temperature and pressure adjustment. Its key advantage is that it eliminates the need for many transmitters and a mass flow calculator in the field. The use of a single device rather than multiple devices minimizes the installation and maintenance expenses while also providing effective process knowledge. Multivariable transmitters use integrated sensors, microprocessor technology, and dynamic flow compensation to give the most precise and consistent flow measurement and provide better Pressure Transmitters Market Trends. The transmitters help to improve product production, process efficiency, and plant safety while cutting the total cost of ownership dramatically. As a result, the multivariable pressure transmitters' combined benefits are predicted to create significant growth opportunities for Pressure Transmitters Market Growth.
The Pressure Transmitters Market Analysis has been bifurcated into various segments that will help the market to achieve the highest CAGR during the Pressure Transmitters Market Forecast period. The Pressure Transmitters Market Segments are as follows:
Based on the Type
Based on the Communication Protocol
Based on the Sensing Technology
Based on the Application
Based on the Vertical
Based on the Region
Asia Pacific, North America, Europe, and the Rest of the World are all investigated in the worldwide Pressure Transmitters Market Forecast. The North American market for pressure transmitters is expected to develop at the fastest rate in the global market. The European market for pressure transmitters has the second-largest share. The region of Asia Pacific is predicted to grow at the fastest rate. The Pressure Transmitters Market Opportunities are being boosted by the growth of the automotive and chemical industries in the region. Other factors include the creation of a new project and the requirement for industrial automation to boost production while keeping costs down. Several consumer sectors in APAC have been affected by rising population and urbanization. The pressure transmitter market in APAC is predicted to increase due to the rising market need for power, increasing chemical exports, and the construction of industrial and utility-grade wastewater treatment plants, among other factors.
The market for pressure transmitters and transducers is very competitive, with a large number of players, resulting in a fragmented market. In terms of market share, no single player currently controls the majority of the market. To achieve a competitive advantage, manufacturers are pursuing mergers and acquisitions as well as new improvements. Major key players of the Pressure Transmitters Market are Emerson Electric Company (U.S.), Yokogawa Electric Corporation (Japan), Endress+Hauser AG (Switzerland), ABB Ltd. (Switzerland), Honeywell International, Inc. (U.S.), Siemens AG (Germany), Schneider Electric SE (Germany), WIKA Alexander Wiegand SE & Co. KG (Germany), Dwyer Instruments, Inc. (U.S.), General Electric (U.S.), and others.
The study provides a thorough analysis of the market. It provides this through in-depth qualitative insights, historical data, and credible market size predictions. The report's estimates are based on a well-established research methodology and assumptions. As a result, the research study serves as a repository of market analysis and data for all aspects of the market. In addition, the research examines market drivers, constraints, and technology analysis in the Pressure Transmitters Market. In respect to the quantitative features of these marketplaces, the research also addresses qualitative aspects.
|Market Size||USD 3.5 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, By Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Emerson Electric Company (U.S.), Yokogawa Electric Corporation (Japan), Endress+Hauser AG (Switzerland), ABB Ltd. (Switzerland), Honeywell International, Inc. (U.S.), Siemens AG (Germany), General Electric (U.S.), Schneider Electric SE (Germany), WIKA Alexander Wiegand SE & Co. KG (Germany), Dwyer Instruments, Inc. (U.S.)|
|Key Market Opportunities||The factors driving the growth of the pressure transmitter market consist of increasing demand for automation across all process industries, need for optimizing resources, and improving cost, safety, and security.|
|Key Market Drivers||The requirement to optimize resources and improve cost, safety, and security, are driving the expansion|
The Global Pressure Transmitters Market is expected to grow at a CAGR of 3.60% by the end of the forecast period in 2030.
North America is expected to have the highest market share for Global Pressure Transmitters Market during the forecast period.
The major key players of the Pressure Transmitters Market are Emerson Electric Company (U.S.), Yokogawa Electric Corporation (Japan), Endress+Hauser AG (Switzerland), ABB Ltd. (Switzerland), Honeywell International, Inc. (U.S.), Siemens AG (Germany), Schneider Electric SE (Germany), WIKA Alexander Wiegand SE & Co. KG (Germany), Dwyer Instruments, Inc. (U.S.), General Electric (U.S.), and others.