Pressure Transmitter Market Set to Grow at the Fastest Rate- Time to Grow your Revenue
The global pressure
transmitter market size is projected to reach USD 3.5 billion by 2027, at a
CAGR of 3.6% during the forecast period. The rising emphasis on industrial
automation for optimum utilization of available resources and increasing focus
on real-time data analysis and predictive maintenance are the major factors
driving the growth of the pressure transmitter market. Moreover, growing
integration of Industrial Internet of Things (IIoT) and Industry 4.0
technologies coupled with expanding potential of process industries are
expected to drive the demand for pressure transmitters in the near future.
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Differential pressure transmitters were the most
extensively used pressure transmitters in the market in 2021
Differential pressure transmitter held the largest share
(52.48%) of the overall pressure transmitter market in 2021. The market for
differential pressure transmitter is expected to grow at a rate of 3.6% during
the review period.
Differential pressure transmitters are the most widely used
pressure transmitters for flow, level, and pressure measurement applications in
the oil & gas industry, which are of utmost importance for monitoring and
control of processes. Differential pressure transmitters can be based on any of
the pressure sensing technologies and find their usage in level detection and
flow measurement with the help of primary elements such as orifice plates,
venturi tubes, flow nozzles, low loss flow tubes, and pitot tubes etc. in
aforesaid industries.
Measurement of parameters of liquids held the largest
share of the pressure transmitter market in 2021
The market for measurement of parameters of liquids held the
largest share (77.07% of the overall market in 2021. The market for liquid
measurement is expected to grow at a rate of 3.7% during the review period. In
non-hydrocarbon liquids, fluid pressure and level measurement applications such
as in water & wastewater applications, a submersible pressure transmitter
finds wide usage. Gauge and differential pressure transmitters are widely used
to measure the hydrostatic (pressure exerted at rest) level of liquids in tanks
and used for water level measurement of groundwater pumps.
Oil & gas industry to hold the largest share while
water & wastewater industry to grow at the highest rate
The need for industrial automation to ensure efficient
resource utilisation is being driven by rising oil and gas exploration
activities internationally, particularly in North America. Therefore,
increasing industrial automation is fueling the expansion of the market for
field instruments like flowmeters and pressure transmitters. Additionally, there
is a growing demand for drinkable water worldwide for both domestic and
commercial uses. The rise of the water and wastewater treatment sector is being
driven by the need for desalination of water, particularly in the Middle East,
and the requirement for wastewater reuse. Thus, the expansion of the
aforementioned sector is fueling demand for pressure transmitters.
Asia Pacific is expected register the highest growth in
the pressure transmitter market during the forecast period
The pressure transmitter market in Asia Pacific held the
second largest share (30.93%) of the overall market in 2021. The market in Asia
Pacific is expected to grow at the highest rate of 4.0% during the review
period. Growing market demand for electricity, growing exports of chemicals,
and development of industrial and utility-grade wastewater treatment plants are
expected to drive the growth of the market in Asia Pacific. Additionally,
growing potential of the chemical and food & beverage industry in Asia
Pacific is a major factor driving the growth of the market in the region.
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Major companies operating in the pressure transmitter market
include Emerson (US), ABB (Sweden), Schneider Electric (France), Yokogawa
(Japan), Endress+Hauser (Switzerland), Honeywell (US), Siemens (Germany), Fuji
Electric (Japan), Danfoss (Denmark), and Hitachi (Japan).
News also Covered: https://www.prnewswire.com/news-releases/pressure-transmitter-market-worth-3-5-billion-by-2027--exclusive-report-by-marketsandmarkets-301552775.html
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