Pressure Transmitter Market to Generate Revenue worth $4,168.7 Million by 2030
- Published: June 2022
The global pressure transmitter market will generate revenue of $4,168.7 million in 2030 and progress with a CAGR of 4.1% during 2021–2030. Pressure transmitters are widely used in the North American region, which is why the continent accounted for the largest revenue share in 2021, of around 30.4%. This was also due to the presence of major players, a large number of industrial wastewater treatment facilities and publicly owned treatment works, (POTW), and the region's growing oil and gas sector.
Moreover, the emphasis on industrial automation and resource optimization is a primary driver for the automated pressure transmitter industry. Currently, companies are using automation across the manufacturing cycle to minimize human errors and accidents, while improving the quality and efficiency of the manufacturing process.
Furthermore, the rising integration of the industrial internet of things (IIoT) and Industry 4.0 technologies, as well as the enhancing potential of process industries, are likely to increase the pressure transmitter demand in the near future.
Differential Pressure Transmitters To Witness Fastest Growth in Sales
In terms of revenue, differential pressure transmitters were valued at $1,495.6 million in 2021, which is expected to reach $2,189.5 million by 2030, with a CAGR of 4.3% during the forecast period. Differential pressure transmitters are the most-widely used pressure transmitters in the oil and gas sector for measuring the level, flow, and pressure, which are essential for proper process monitoring and control. Moreover, they are utilized to determine the velocity, density, and level of fluids.
Furthermore, any pressure sensing technology can be used as the functional base for differential pressure transmitters, which are used for detecting levels and measuring the flow with the help of primary elements, including orifice plates, flow nozzles, venturi tubes, pitot tubes, and low-loss flow tubes.
Level Measurement Category Holds Major Market Share
Pressure transmitters are the most-sought-after field instruments for level measurement in process sectors, due to their great reliability and accuracy. They are also employed in the power industry, particularly in nuclear power facilities, to ensure precise level measurement and safety.
Furthermore, pressure transmitters are frequently used for level monitoring in the food, oil and gas, chemical, pharmaceutical, and water and wastewater treatment sectors, where particular seals are required due to the different characteristics of the fluids inside a tank. The pulp and paper sector also necessitates unique connections between the transmitter and the process under consideration, as transmitters must be easily dismantled for cleaning.
Product Launches Are Most-Effective Strategic Measures
To remain competitive, players in the global pressure transmitter market have undertaken a range of strategic developments. For instance, in October 2021, Schneider Electric released the EcoStruxure Automation Expert Version 21.2, which aims to improve the capabilities of its software-centric universal automation system. This would enable comprehensive lifecycle management, seamless integration of IT/OT services, and better system diagnostics for water and wastewater treatment automation systems.
Key market players are Emerson Electric Co., ABB Ltd., Yokogawa India Ltd., Schneider Electric, Siemens, Honeywell International Inc., Danfoss, Fuji Electric Global, and Hitachi High-Tech Corporation.