According to the Market Statsville Group (MSG), the global Pressure Transmitter Market size is expected to grow from USD 2,801.9 million in 2021 to USD 3,818.7 million by 2030, at a CAGR of 3.5% from 2022 to 2030.
Pressure transmitters commonly consist of pressure sensors, an amplifier or conditioning element, and an output signal. The pressure reading is transmitted to a flow computer, controller, or distributed control system via the output signal (DCS). In addition to measuring flow and level, differential pressure (DP) transmitters can also measure temperature.
The increasing emphasis on industrial automation for optimum resource utilization and the increasing prominence on real-time study and predictive maintenance are the factors responsible for the growth of the pressure transmitter market. Furthermore, the growing integration of Industrial Internet of Things (IIoT) and Industry 4.0 technologies, as well as the expanding potential of process industries, are expected to drive pressure transmitter demand in the near future.
COVID-19 has had a significant impact on the global economy and all industries. The pandemic hampered the growth of the pressure transmitter market in the first two quarters of 2020. The pandemic has caused operational disruptions for companies operating in hard-hit countries such as the United States, Germany, China, and the United Kingdom, making it difficult to finalize their financial statements. Due to COVID-19, a few businesses have experienced significant revenue losses and have had to cease operations. According to estimates, the majority of businesses use the just-in-time (JIT) model or are micro, small, and medium enterprises (MSMEs). Furthermore, it disrupted the supply chain, resulting in revenue losses for several companies.
However, with the resumption of operations in various industries in the post-pandemic period, there has been a surge in demand for pressure transmitters. The COVID-19 epidemic has significantly impacted the pressure transmitter value chain, but the value chain has consistently recovered, driving the stable market growth. In 2021, the United States, China, and Germany accounted for significant shares of the pressure transmitter market. Significant growth is witnessed for automation across processes such as oil and gas, water and wastewater treatment, chemical, and food and beverage for optimum resource utilization. An increased emphasis on real-time data analysis and predictive maintenance drives market growth in the post-pandemic period.
Industrial automation systems reduce work, waste, and labor costs by eliminating human intervention, minimizing downtime and inaccuracies, increasing process quality, and decreasing response and analysis time. A pressure transmitter is the key field instrument in the industrial automation suite's measurement and analytics division that ensures accurate process measurements while improving safety and productivity. Pressure transmitters monitor and record information to improve manufacturing productivity, identify patterns, and implement changes to prevent future events, which improves manufacturing process efficiency, reduces maintenance requirements, and increases overall productivity.
As business requirements change, industrial systems must be updated and maintained. With the increased acceptance of IIoT and Industry 4.0 technologies, significant changes in software platforms that manage field instruments like pressure transmitters and flowmeters have been noticed. The implementation of industrial automation has accelerated digital transformation while increasing the complexity of the entire parameter measurement and analysis process. Although productivity rises, the complexity of staying current with continuous upgrades becomes unavoidable to avoid unnecessary downtimes and failures.
The mass flow is measured and calculated as a function of temperature, absolute pressure, and differential pressure by the multivariable transmitter. It only requires one device in the field instead of several transmitters and a mass flow calculator. The transmitters help improve productivity, process efficiency, and plant safety while significantly lowering total ownership costs. Multivariable transmitters use integrated sensors, microprocessor technology, and dynamic flow compensation to provide the most accurate and consistent flow measurement possible.
The study categorizes the pressure transmitter market based on type, sensing technology, fluid type, application, and industry the regional and global levels.
Based on application, the global pressure transmitter market is divided into level, pressure, and flow. The level measurement segment is projected to grow at a rapid pace. Pressure transmitters are widely used to measure levels in diesel tanks, chemicals, petrochemicals, water and wastewater, and other processes. Pressure transmitters have several advantages over other field devices, including low cost, ease of operation, low maintenance costs owing to the lack of moving components, and compact design, making them a good option for level measuring applications.
The Asia Pacific market is expected to grow fastest with the highest CAGR. Growing market demand for electricity, increasing chemical exports, and developing industrial and utility-grade wastewater treatment plants are the factors that augmented the growth of the Asia Pacific pressure transmitter market. Furthermore, the growing potential of the chemical and food & beverage industries in the Asia Pacific is a major factor driving the region's pressure transmitter market growth.
The global pressure transmitter market is highly competitive, with key industry players adopting strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
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