Portland, OR, March 10, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Pressure Transmitter Market garnered $2.8 billion in 2021, and is estimated to generate $4.2 billion by 2031, manifesting a CAGR of 4.1% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $2.8 billion |
| Market Size in 2031 | $4.2 billion |
| CAGR | 4.1% |
| No. of Pages in Report | 312 |
| Segments covered | Type, End Use Industry, and Region. |
| Drivers | Surge in adoption of industrial automation by manufacturing industries worldwide It offers numerous benefits, such as improved product quality, increased productivity, reduced operational costs, and better health & safety during various processes |
| Opportunities | Increased investment in the energy sector Technological advancements that help to minimize human errors |
| Restraints | The high cost associated with implementing automated systems and digital communication interfaces The availability of alternative technologies that can perform similar functions |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had caused severe disruptions in the supply chains, leading to delays in the delivery of pressure transmitters and a decline in demand from industries such as manufacturing and process industries.
- On the other hand, the healthcare industry had experienced an increased demand for pressure transmitters for monitoring and controlling the pressure of fluids and gases in medical equipment such as ventilators and respirators.
- Overall, the COVID-19 pandemic had a mixed impact on the growth of the global pressure transmitter market.
- As the world recovers from the pandemic and industries resume their operations, the demand for pressure transmitters is expected to gradually rise, and the increasing demand in emerging economies is expected to drive growth in the market in the coming years.
The research provides detailed segmentation of the global pressure transmitter market based on type, end use industry, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on end use industry, the oil and gas segment held the highest share in 2021, accounting for more than one-fourth of the global pressure transmitter market, and is expected to continue its leadership status during the forecast period. This segment is expected to register the highest CAGR of 5.3% from 2022 to 2031.
Based on type, the differential segment accounted for the highest share in 2021, holding more than half of the global pressure transmitter market, and is expected to continue its leadership status during the forecast period. However, the gauge segment is estimated to grow at the highest CAGR of 5.4% during the forecast period.
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Based on region, North America held the largest share in 2021, contributing to nearly one-third of the global pressure transmitter market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Asia-Pacific region is expected to manifest the fastest CAGR of 5.0% during the forecast period.
Leading market players of the global pressure transmitter market analyzed in the research include Honeywell Process Solutions, Omega Engineering, Inc., Schneider Electric, Siemens, ABB Ltd., Danfoss, Emerson Electric Co., Dwyer Instruments Inc, Yokogawa India Ltd., WIKA Instruments India Pvt. Ltd.
The report provides a detailed analysis of these key players of the global pressure transmitter market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Benefits for Stakeholders
- This study comprises an analytical depiction of the market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall pressure transmitter market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current global pressure transmitter market forecast is quantitatively analyzed from 2021 to 2031 to benchmark financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the pressure transmitter market.
- The report includes the market share of key vendors and global pressure transmitter market trends.
Pressure Transmitter Market Key Segments:
End-use Industry
- Oil and Gas
- Water and Wastewater Treatment
- Metals and Mining
- Pharmaceutical
- Others
Type
- Absolute
- Gauge
- Differential
- Multivariable
By Region
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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