Monitoring and maintaining pressure levels is an important part of various process industries worldwide. Industrial automation across different process industries allows optimum control and monitoring of various parameters along with reducing costs as well as ensuring the optimum utilization of resources. Moreover, the growing demand for energy and electricity across the globe has led to new installation as well as expansion of existing power plants, which in turn has boosted the demand for pressure transmitter, thus triggering the growth of pressure transmitter market, globally.
Drivers & Restraints
The global market for pressure transmitter is expected to grow at a steady pace, owing to the following factors:
- Growing automation across all process industries
- Increased focus on optimum utilization of resources
In addition, the increasing demand for multivariable pressure transmitters is expected to push the market towards growth in the coming years. However, declining crude oil prices is a major deterrent for the growth of this market. Moreover, subdued growth in emerging nations and commissioning of Greenfield projects are major challenges for the market players.
Market Scenario
The value of the global pressure transmitter market was estimated to be USD 2.82 Billion in 2014, and is projected to grow at a CAGR of 5.0% during the forecast period, reaching USD 3.77 Billion by the end of 2020. Among regions, North America held the largest market share in 2014, owing to the tremendous growth in the oil & gas sector due to shale gas and oil sands exploration activities in the past few years. However, the market in Asia-Pacific is expected to grow at the highest CAGR during the forecast period, mainly due to the increased demand for energy, commissioning of new projects, and growing demand for industrial automation in order to increase productivity while maintaining optimum cost.
Based on industry, the power industry is expected to grow at the highest CAGR during the projected period, followed by chemical, pharmaceutical, and water & wastewater industry. On the basis of type, the market for multivariable pressure transmitter is expected to witness the highest growth over the forecast period due to the increased requirement of optimum process cost and greater process control.
Request PDF Brochure @ http://www.marketsandmarkets.com/pdfdownload.asp?id=937
Scope of the Research
The analysis and forecast for the global market for pressure transmitter has been done by splitting it into the following segments and sub-segments:
- Type: Absolute, Gauge, Differential Pressure, Multivariable
- Communication Protocol: HART and Wireless HART, Foundation Fieldbus, Profibus, Others
- Sensing Technology: Piezoelectric, Capacitive, Piezoresistive, Strain Gauge, Others
- Application: Flow, Level, Pressure
- Fluid Type: Steam, Liquid, Gas
- Industry: Oil & Gas, Food & Beverage, Water & Wastewater, Pulp & Paper, Metal & Mining, Chemical, Power, Pharmaceutical, Others
- Geography: North America, Europe, Asia-Pacific, RoW
The prominent players operating the global market for pressure transmitter are Emerson Electric Company (U.S.), Yokogawa Electric Corporation (Japan), Endress+Hauser AG (Switzerland), ABB Ltd. (Switzerland), Honeywell International, Inc. (U.S.), Siemens AG General Electric (U.S.), Schneider Electric SE (Germany), WIKA Alexander Wiegand SE & Co. KG (Germany), and Dwyer Instruments, Inc. (U.S.).
