The pressure transmitter market is expected to grow from USD 2.72 billion in 2018 to USD 3.36 billion by 2024, at a CAGR of 3.59%
NEW YORK, Oct. 30, 2018 /PRNewswire/ -- The pressure transmitter market to exhibit significant growth from 2018 to 2024
The pressure transmitter market is expected to grow from USD 2.72 billion in 2018 to USD 3.36 billion by 2024, at a CAGR of 3.59%. The growth of this market can be attributed to the high emphasis on industrial automation and optimum utilization of resources. However, the fluctuating market trend observed in end-user industries is likely to hamper the demand for pressure transmitters.
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Multivariable pressure transmitters to witness high growth during the forecast period
The market for multivariable pressure transmitters is expected to grow at a high rate from 2018 to 2024.Multivariable transmitters reduce pipe penetration and save on impulse piping with 3 measurements namely, level, pressure, and flow in a single instrument.
As a result of these benefits and cost savings, the multivariable pressure transmitter market is expected to witness high growth.
The pressure transmitter market for the level measurement application to grow at the highest CAGR during the forecast period
The pressure transmitter market for level measurement applications is likely to grow at the highest rate from 2018 to 2024.In level measurement, differential pressure transmitters can be easily mounted to the surface of the vessel for which level needs to be measured.
Level measurement carried out by using pressure transmitters is reliable, robust, simple to install, and uninfluenced by disruptive factors such as dust, foam, vapor build-up, and contaminants.
APAC to be fastest-growing market for pressure transmitters during the forecast period
Among all regions, the market in APAC is expected to grow at the highest rate from 2018 to 2024.The growth of the market in this region is attributed to the huge industrial sector of China.
Secondly, India is the fastest-growing market for pressure transmitters in APAC.India presents a huge opportunity for the pressure transmitter market owing to the large-scale industrial development in the country.
The adoption of automation solutions in the manufacturing industry in the country is increasing significantly with rapid industrialization. In addition, the growing number of power projects to meet the rising demand for electricity in India has given momentum to the implementation of pressure transmitters at plant locations.
Break-up of profiles of primary participants for the report:
-- By Company Type - Tier 1 - 40%, Tier 2 - 35%, and Tier 3 - 25%
-- By Designation - C-Level Executives - 55%, Directors - 30%, and Others - 15%
-- By Region - North America - 35%, Europe - 30%, APAC - 25%, and RoW - 10%
The key players operating in the pressure transmitter market are Emerson (US), ABB (Switzerland), Siemens (Germany), General Electric (US), Schneider (France), Endress+Hauser (Switzerland), Yokogawa (Japan), Honeywell (US), WIKA (Germany), Azbil (Japan), Fuji Electric (Japan), and Dwyer (US), among many others.
This global pressure transmitter market has been segmented on the basis of type, fluid type, application, industry, and geography.The pressure transmitter market based on type has been segmented into absolute pressure transmitters, gauge pressure transmitters, differential pressure transmitters, and multivariable pressure transmitters.
By fluid type, the pressure transmitter market has been split into liquid, steam, and gas.Industries that implement pressure transmitters are oil & gas, power, pharmaceuticals, pulp & paper, water & wastewater, food & beverages, chemicals, metals & mining, and others.
The pressure transmitter market, by geography, has been segmented into 4 regions--North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Reasons to Buy the Report:
-- Illustrative segmentation, analysis, and forecast for markets based on type, fluid type, application, industry, and region have been included to give an overall view of the pressure transmitter market.
-- Major drivers, restraints, opportunities, and challenges for the pressure transmitter market have been detailed in this report.
-- The report includes a detailed information on competitive landscape, along with key players, in-depth analysis, and revenue of key players.
Read the full report: https://www.reportlinker.com/p03577824
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