Pressure Transmitter Market Forecasts to 2028 - Global Analysis By Type, By Fluid Type, By Sensing Technology, By Technology, By Application, By End User and By Geography

According to Stratistics MRC, the Global Pressure Transmitter Market is accounted for $2.9 billion in 2022 and is expected to reach $4.1 billion by 2028 growing at a CAGR of 6.1% during the forecast period. The phrase "pressure transmitter" refers to a pressure sensor device that is often used in the industrial and automotive sectors to assist in determining the pressure in fluids, gases, and liquids. In order to warn of potential disaster scenarios in advance, they employ a number of procedures to measure the pressure inside the device. To stop leaks in the industrial system, these measure heights, depths, pressure loss, and water flow in conjunction with other machinery. Consumer electronics companies employ pressure transmitters to create simple user interfaces and indoor navigation systems.

Market Dynamics:

Driver:

Increasing demand for multivariable pressure transmitters

The mass flow is measured and computed by the multivariable transmitter as a function of temperature, absolute pressure, and differential pressure. The primary benefit is that it eliminates the need for many transmitters and a mass flow calculator in the field. The transmitters substantially lower the total cost of ownership while assisting in enhancing plant safety, productivity, and process efficiency. Multivariable transmitters deliver the most precise and reliable flow measurement by combining integrated sensors, microprocessor technology, dynamic flow modification, and other technologies.

Restraint:

Increased competition from players in gray market and unorganized sector

With several competitors, the pressure transmitter industry is highly fragmented. Through a strong, extensive network of distributors and suppliers, these firms sell their products all over the world. The gray market participants, on the other hand, buy goods in bulk from illegal vendors and resell them through channels of distribution that are not allowed by the original suppliers or owners of trademarks for a significant discount. In addition to gray market participants, the industry is seeing the emergence of several new local firms. New, small local firms are supported by the governments of developing and growing countries. The competition for large businesses is becoming extremely intense due to the rise of local and gray market players.

Opportunity:

Rising emphasis on industrial automation for optimum utilization of resources

Industrial automation systems eliminate human intervention, which lowers costs associated with labor, waste, and downtime, minimizes errors, improves process quality, and speeds up response and processing times. One of the essential field instruments used by the measurement and analytics division of the industrial automation suite to provide precise process measurements and improve productivity and safety is a pressure transmitter. Pressure transmitters track and store crucial data that can be used to boost production, identify trends, and make adjustments to stop recurring issues. This improves the effectiveness of the manufacturing processes, lowers the need for maintenance, and boosts overall productivity.

Threat:

Requirement for maintenance and software upgrades

As company requirements change, industrial systems need to be updated and maintained. Significant changes in software systems that manage field instruments like pressure transmitters and flowmeters have been observed with the increased adoption of IIoT and Industry 4.0 technologies. Industrial automation has accelerated the digital revolution while also making the monitoring and analysis of parameters more difficult. Although productivity rises, it becomes more challenging to keep up with ongoing improvements in order to prevent unnecessary breakdowns and downtime.

COVID-19 Impact:

The worldwide industry and the global economy have been impacted by COVID-19. During the first one to two months of 2020, the COVID-19 epidemic had an impact on the growth of the pressure transmitter market. For businesses operating in hard-hit nations including the US, Germany, China, and the UK, the epidemic has caused operational disruptions that have made it more difficult to complete their accounting processes. A few businesses have had to cease operations as a result of COVID-19 due to significant income losses.

The differential pressure transmitter segment is expected to be the largest during the forecast period

Differential pressure transmitter segment is expected to hold the largest share of the market during the forecast period due to the widespread usage of pressure transmitters in the oil and gas sector for flow, level, and pressure measurement applications, which are crucial for the observation and management of processes. However, differential pressure transmitters, which can be based on any pressure sensing technology, are used in those sectors for level detection and flow measurement using basic components like orifice plates, venturi tubes, flow nozzles, low-loss flow tubes, and pitot tubes, among others.

The water & wastewater segment is expected to have the highest CAGR during the forecast period

The water & wastewater segment is expected to have lucrative growth over the projected period. In the global water and wastewater treatment enterprise, pressure transmitters are utilized in pumping stations, chemical feeds, sewage systems, wet wells, filter facilities, storage, and mixing vessels. Treatment facilities also make use of it for fluid level, flow, and pressure monitoring and control. In many stages of the primary, secondary, tertiary, and biological treatment procedures for wastewater, pressure transmitters are employed.

Region with largest share:

Due to rising chemical exports, rising electricity demand, and the development of industrial and utility-grade wastewater treatment facilities, Asia Pacific is anticipated to hold the largest share of the global market throughout the forecasted period. Additionally, a significant element boosting the market in the area is the expanding potential of the chemical and food and beverage industries in Asia Pacific.

Region with highest CAGR:

Because of the region's growing oil and gas enterprise, increased production in the electronics and automotive industries, and rising production rates, Asia-Pacific is predicted to have the highest CAGR during the extrapolated period. Due to the presence of important key players, the abundance of publicly owned treatment works (POTW) and industrial wastewater treatment plants, which are anticipated to develop at a rapid pace. Additionally, throughout the anticipated period, the expansion of the region's power production industry is anticipated to spur the expansion of the pressure transmitter market.

Key players in the market:

Some of the key players in Pressure Transmitter market include ABB Ltd., AZBIL Corporation, Danfoss, Emerson Electric Co., Fuji Electric Global, General Electric, Hitachi High-Tech Corporation, Honeywell International Inc., Huba Control, Schneider Electric, Siemens and Yokogawa India Ltd.

Key Developments:

In February 2022, KROHNE Group introduced the OPTIBAR PSM 1010 and OPTIBAR PSM 2010 pressure transmitters for absolute and gauge pressure measurement for gases and liquids.

In January 2022, Danfoss has launched the DST P650 pressure transmitter. The DST P650 is equipped with smart and scalable diagnostics platform and is designed to work in harsh environments.

In October 2021, Schneider Electric launched the EcoStruxure Automation Expert Version 21.2, intending to enhance the capabilities of the first software-centric universal automation system. This will provide water and wastewater treatment plants with complete lifecycle management, seamless integration of IT/OT services, and improved system diagnostics for their automation systems.

In June 2021, Huba Control introduced the pressure transmitter type 555, which is developed for alternative drive systems and is suitable for high-temperature application environments. Type 555's compact and rugged design enables shock and vibration stability, thereby offering long-term durability.

Types Covered:

• Multivariable Pressure Transmitter
• Gauge Pressure Transmitter
• Absolute Pressure Transmitter
• Differential Pressure Transmitter
• Other Types

Fluid Types Covered:

• Gas and Steam
• Liquid
• Other Fluid Types

Sensing Technologies Covered:

• Capacitive
• Strain Gauge
• Other Sensing Technologies

Technologies Covered:

• Piezoresistive
• Piezoelectric
• Other Technologies

Applications Covered:

• Flow Measurement
• Level Measurement
• Pressure Measurement
• Other Applications

End Users Covered:

• Oil & Gas
• Chemicals
• Water & Wastewater
• Food & Beverage
• Power Generation
• Metal & Mining
• Pulp & Paper
• Pharmaceutical
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances