Pressure Transmitter and Transducer MarketIncreasing Demand for Multivariable Pressure Transmitter Driving the Growth of Pressure Transmitter and Transducer Market.Pressure Transmitter & Transducer Market Size is forecast to reach $18.4 billion by 2026, at a CAGR of 8.5% during 2021-2026. Strain gauge based Pressure transducers are used in many control and monitoring applications such as flow, airspeed, level, pump systems or altitude. The rising popularity of automation for industrial optimization is escalating the growth of Pressure Transmitter & Transducer market share. With the rapid introduction of Industry 4.0 tools and technologies, manufacturers are under pressure to boost their operations' productivity and profitability. Additionally, Pressure Transmitter & Transducers market have been observing several advancements in technology over the past few years, owing to which its demand is gaining traction in the forecast period 2021-2026.
Pressure Transmitter & Transducer Market Segment Analysis - By Application
The Level measurement application is growing at a significant CAGR of 9.1% in the forecast period. The differential pressure transmitter is primarily used for the level measurement in various industrial processes. Pressure transmitters are widely used for level measurement across diesel tanks, chemicals, petrochemical, water and wastewater, and numerous other process industries. In addition they are also used to measure the flow and level in various industrial applications. In the level measurement, the differential pressure transmitter can be easily mounted on the surface of the vessel whose level measurement is needed and can be easily applied in level measurement applications. The level measurement using the pressure transmitter is reliable, robust, and simple. It is also not influenced by vessel geometry and factors such as dust, foam, vapour, and contaminants. Hence these applications are analysed to drive the Pressure Transmitter & Transducer industry growth in the forecast period 2021-2026.
Pressure Transmitter & Transducer Market Segment Analysis - By Vertical
Healthcare sector is expected to witness a highest CAGR of 10.9% the forecast period, Pressure transmitters are used to transmit blood pressure information from the catheter to the patient's monitoring system. Also, steam sterilizers used in hospitals utilize these transmitters to regulate the quality of steam produced by maintaining the pressure inside the sterilization chamber. Other factors, such as increasing investments in the healthcare industry, coupled with the enhanced adoption of technologically advanced variants for reducing human errors, are projected to drive the market in the upcoming years. In 2020, Elcam has launched Medical Disposable Pressure Transducer product line is designed for pressure sensing during clinically invasive procedures without interfering with the patient’s blood flow and/or blood pressure. All these features, subsequently drive the demand for Pressure Transmitter & Transducers market in the forecast period 2021-2026.
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Pressure Transmitter & Transducer Market Segment Analysis - By Geography
Pressure Transmitter & Transducer market in North America region held significant market share of 38.5% in 2020, due to huge growth in oil & gas activities over the past decade, especially in non-conventional front. In May 2020, OleumTech, a California-based manufacturer of wireless IoT and industrial automation solutions, launched the addition of HGPT Smart Gauge Pressure Transmitters to its portfolio H Series line which include hardwired process instrumentation. The latest OleumTech H Series Smart Pressure Transmitters gives an efficient performance, accuracy, and reliability which useful for several industrial markets, including petrochemical, power, wastewater, and upstream oil & gas. In November 2020, Siemens AG partnered with Houston-based ProFlex Technologies to supply IoT-based pipeline leak detection. The IoT-based leak detection solution uses highly sensitive pressure sensors connected to pipelines and pump systems at key locations to monitor internal pressure continuously in oil, gas, and petrochemical industries to reduce their environmental footprint. Hence these advancements are analyzed to drive the Pressure Transmitter & Transducer size in the forecast period 2021-2026.
Pressure Transmitter & Transducer Market Drivers
Increasing demand for multivariable pressure transmitter
Multivariable transmitters measure and calculate the mass flow as a function of temperature, absolute pressure, and differential pressure. Therefore, it is employed whenever differential pressure flow measurement needs a compensation of temperature and pressure. These transmitters combine integrated sensors and microprocessor technologies, as well as dynamic flow compensation to produce the most accurate and consistent flow measurement possible. In addition, they also help improves product yield, increase process efficiency, and enhance plant safety while significantly lowering the total cost of ownership. Further they are available in HART, Modbus, Fieldbus, and analog output version and used in a variety of industries. In 2021, LEEG has launched the 2nd generation of LEEG 2035 series multivariable mono silicon pressure transmitters, for various application such as petroleum, chemical, electric power, steel, etc. As these industries are all familiar explosive dangerous places, oilfield exploitation and petrochemical. Hence these benefits provided by the multivariable pressure transmitters are expected to offer significant drivers and opportunities for the pressure sensor market.
Industry 4.0 Proving Lucrative for Pressure Transmitter & Transducer market
The emergence of Industry 4.0 in manufacturing sector has created significant outcomes for the Pressure Transmitter & Transducer market across globe. According to the European Manufacturing Association, on an average European companies invest around 3.3% of the annual turnover of their companies in industry 4.0. Several Companies across globe are investing in Industry 4.0 as they are much focused on manufacturing innovation which is driving the adoption of several integral hardware products such as sensors, communication systems and several other. The rise in the adoption of industry 4.0 by manufacturing industries across the globe owing to its benefits such as enhancement of product quality, better productivity, reduction of operational cost and maintenance of health and safety during various processes act as the major factors driving the Pressure Transmitter & Transducer market. Further Industry 4.0 policies has also impelled the adoption of IoT and wireless sensing technologies, which in turn is aiding the market expansion of Pressure Transmitter & Transducer market including absolute pressure transmitters, Strain gauge based pressure transmitters, differential pressure transmitters and other.
Pressure Transmitter & Transducer Market Challenges
High Cost of production of Pressure Transmitter & Transducers
High development costs involved in R&D activities to develop new products pose a difficult challenge, especially for cash deficient small & medium sized pressure transmitter manufacturers. High costs generated in the overall production process of these transmitter have made way for the usage of these sensors only in high-end cars. There is an increase in the demand for its supply due to limited manufacturers of quality sensors. In addition, the integration of these sensors into viable systems especially in the automotive industry is an expensive process. The lack of product differentiation, high power consumption, and accuracy acts as a key challenge for the growth of the Pressure Transmitter & Transducer industry.
Pressure Transmitter & Transducer Market Landscape
Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Pressure Transmitter & Transducer market. Pressure Transmitter & Transducer top 10 companies include Spectris PLC, Hitec Products, Inc., LCM Systems Limited, WIKA Instruments, LP, Zemic Group, ABB Ltd, Sensata Technologies, Inc., Emerson Electric Co., Yokogawa Electric Corporation, Honeywell International Inc., among others.
Acquisitions/Product Launches
In August 2020, Emerson Electric Co. launched the new ‘Rosemount™ 550PT Pressure Transmitter.’ This instrument is specifically designed for single-use bioprocessing applications to deliver the performance needed to maintain product integrity. The instrument increases safety and eliminates any risk of contamination, and makes the instrument reusable.
In July 2020, ABB Ltd. launched a new range of pressure transmitters - PxS100 range for specific applications. These pressure transmitters/sensors are designed to meet requirements in most manufacturing and production industries such as water, wastewater, metals, mining, pulp & paper, cement, and power ancillary industry.
Key Takeaways
Pressure Transmitter & Transducer market in North America region held significant market share of 38.5% in 2020, due to huge growth in oil & gas activities over the past decade, especially in non-conventional front.
The rise in the adoption of industry 4.0 by manufacturing industries across the globe owing to its benefits such as enhancement of product quality, better productivity, reduction of operational cost and maintenance of health and safety during various processes act as the major factors driving the pressure transmitter market
Increasing investments in the healthcare industry, coupled with the enhanced adoption of technologically advanced variants for reducing human errors, are projected to drive the market in the upcoming years.
Pressure Transmitter & Transducer companies are strengthening their position through mergers & acquisitions and continuously investing in research and development (R&D) activities to come up with solutions to cater to the changing requirements of customers.
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