The global pressure transmitter market size was evaluated at $3.0 Billion in 2022 and is slated to hit $4.1 Billion by the end of 2030 with a CAGR of nearly 3.7% between 2023 and 2030.
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➤ The increasing emphasis on industrial automation is intended to optimize the utilization of resources in order to influence global market trends.
The extensive utilization of industrial automation systems, including pressure transmitters, to eliminate human intervention may be the reason for the rapid expansion of the pressure transmitter market worldwide during the forecast period. Additionally, these products are capable of withstanding any climatic conditions, including immersion in fluids such as water. In addition, pressure transmitters are instrumental in the surveillance and recording of valuable data, which is used to enhance productivity, identify patterns, and implement changes to prevent future untoward incidents. In addition, pressure transmitters are economically advantageous in the following sectors: oil and gas, power generation, chemicals, food and beverage, pharmaceuticals, pulp and paper, water and effluent, and metal and mining.
➤ The necessity of regularly updating and maintaining software to impede the global industry’s growth
Industrial systems must be upgraded and maintained in accordance with the evolving requirements of the business. This has the potential to impede the accelerated growth of the global pressure transmitter industry. Furthermore, the implementation of industrial automation has stimulated digital transformation, but it has also heightened the complexity of the overall measurement and process analysis of specified parameters. This has the potential to impede the expansion of the global industry.
➤ Increasing the prevalence of multivariable pressure transmitters to create new growth opportunities for the global market
The pressure transmitter market is expected to experience significant growth in the years ahead, as there is a significant demand for multivariable pressure transmitters, which are capable of improving process efficacy, ensuring plant safety, and increasing output. Additionally, the global pressure transmitter market will experience new growth opportunities as a result of the increasing demand for accurate and consistent flow measurements.
➤ The industry’s development has been significantly impeded by the increasing competition from participants in unorganized and gray sectors.
Players in the gray sector acquire products in abundance from a variety of illegal sources and resell them at a reduced price. Additionally, there are numerous regional players in the unorganized sector that produce pressure transmitters and offer them at reduced prices. The global pressure transmitter industry surge may encounter significant challenges as a result of the aforementioned factors.
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The Global Pressure Transmitter Market is segmented based on product, application and region
Global Pressure Transmitter Market: Product Segment Analysis
● Absolute
● Differential Pressure
● Gauge
● Multivariable
Global Pressure Transmitter Market: Application Segment Analysis
● Oil & Gas
● Chemical
● Water & Wastewater Treatment
● Food & Beverages
● Pulp & Paper
● Power
● Pharmaceuticals
● Metal & Mining
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The global Pressure Transmitter market profiles key players such as:
● Arthur Grillo GmbH
● ABB Ltd.
● Schneider Electric SE
● Yokogawa Electric Corporation
● Siemens AG
● Fuji Electric Co. Ltd.
● Danfoss
● Hitachi Ltd.
● BD Sensors
● Radwell International
● KROHNE Messtechnik
● Armaturenbau GmbH
● Micro Sensor Co. Ltd.
● EPCOS AG
● First Sensor AG
● ACS-CONTROL-SYSTEM GmbH
???? Recent Developments
• KROHNE Group, a prominent manufacturer and provider of process instrumentation and measurement solutions, introduced pressure transmitters of the OPTIBAR PSM 2010 type in the first quarter of 2022. These transmitters are designed for the gauge and absolute measurement of pressures in liquids and gases. The movement will stimulate the expansion of the global pressure transmitter market.
• Danfoss, a Danish company that specializes in power solutions, sensing solutions, and high-pressure pumps, introduced the DST P650 in the first half of 2022. This pressure transmitter is equipped with a smart, scalable diagnostic tool and is designed to operate in harsh and extreme climatic conditions. The global market trends will be enhanced by the initiative.
➤ In 2023-2030, the Pressure Transmitter Market in the Asia-Pacific Region is expected to witness the highest CAGR of 4.1%.
The pressure transmitter market in the Asia-Pacific sub-continent is expected to experience the most significant development rate in the coming years. The burgeoning demand for power supply and a significant number of chemical exports may contribute to the growth of the regional market in the future years. Additionally, the Asia-Pacific region’s market expansion will be significantly bolstered by the presence of major product manufacturers in the region.
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