Market Synopsis
The new research report by Market Research Future (MRFR) emphasizes that the global Pressure Transmitter Market is poised to secure a significant market valuation nearly USD 4 Billion by 2023, at a significant 6% CAGR over the assessment period (2017-2023).
Drivers and Restraints
The pressure transmitters market size is projected to witness substantial growth due to technological advancements in industrial and consumer appliances. The primary factor fueling the growth of the global pressure transmitters market share is the focus on industrial automation and the optimal use of resources. Presently, industries are shifting towards the adoption of automation in all stages of the production cycle. This helps in reducing human error and accidents and also warrants for improved precision in the production process.
Competitive Landscape
The top market players identified by MRFR in the global market are Emerson Electric Company (U.S.), Endress+Hauser AG (Switzerland), Honeywell International, Inc. (U.S.), Yokogawa Electric Corporation (Japan), D0wyer Instruments, Inc. (U.S.), Siemens AG (Germany), ABB Ltd. (Switzerland), General Electric (U.S.), WIKA Alexander Wiegand SE & Co. KG (Germany), Schneider Electric SE (Germany), and others.
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The most recent trend in the pressure transmitters market is the need for a smart and cost-efficient product that includes digital communication interfaces. They are produced of piezoelectric materials, which do not get affected by radiation and electromagnetic fields, which are sigficant factors contributing to the progress of the global pressure transmitter market. Owing to these factors, the need for conventional analog output pressure transmitters is anticipated to continue to decline over the prognosis period. The motive for this change in trend is the rise in digital networking amenities, therefore reducing the need for wiring. However, innovative and superior technology is deployed in electronic gadgets and mechanical equipment that requires high maintenance costs, which may restrain the global pressure transmitter market.
Market Segmentation
The global pressure transmitter market is analyzed by communication protocol, type, sensing technology, application, and industry. Based on the type, the pressure transmitter market comprises of absolute, gauge, differential pressure, and multivariable pressure transmitters. The communication protocol segment includes HART (Highway Addressable Remote Transducer) and wireless HART, Profibus, Foundation Fieldbus, and others. The sensing technology segment includes capacitive, piezoresistive, piezoelectric, strain gauge, and others. The application segment comprises of flow, level, and pressure. The vertical segment consists of oil & gas, food & beverage, pulp & paper, water & wastewater, chemical, power, metal & mining, pharmaceutical, and others.
Regional Overview
The geographical overview of the global market has been conducted in four major regions, namely the Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa.
The North American market for pressure transmitters is poised to record the highest growth rate over the review period, driven by the early development and adoption of industrial automation, owing to a lack of human resources. Expansion of the automotive sector and demand for electronic pressure transmitters are factors contributing to the growth of the market. These factors are also influencing the European pressure transmitters market, which is likely to observe a similar growth trajectory to that of North America.
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Asia Pacific market is poised to expand at a substantial CAGR. The increase in the number of automotive and chemical industries in the region is likely to boost the pressure transmitter market over the review period. Other factors, such as the development of new projects, and demand for industrial automation in the region to surge productivity with respect to optimized cost, are also expected to drive the market in APAC. Growing population, urbanization, and development in manufacturing industries in emerging economies such as China and India are other aspects fueling the market growth in the Asia Pacific region.
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