LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global pressure transmitter market is expected to reach USD 4,437.8 million by 2021, growing at a CAGR of nearly 6%.
This research report titled ‘Global Pressure Transmitter Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
There are a few end-user segments, which have been driving the pressure transmitter category growth. These include oil and gas, chemicals and petrochemicals, power generation, mining, and others segments. Some of the industries such as the oil and gas and mining are experiencing a decline due to the global reduction in production. Despite the decline, there is a continuous use and demand for pressure transmitters.
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Technavio’s analysts categorize the global pressure transmitter market into four major segments by technology. They are:
- Oil and gas
- Chemicals and petrochemicals
- Power generation
- Mining
The top three end-user segments for the global pressure transmitter market are:
Global pressure transmitter market in oil and gas industry
The oil and gas sector is the leader in the pressure transmitter market. Pressure transmitters are mainly used in upstream functions like drilling. They are also used in pipelines to check the flow rate and pressure within them. Differential pressure transmitters are mainly used within this segment.
According to Bharath Palada, a lead automation research analyst from Technavio, “Many countries have reduced their production due to the decline in the crude oil prices. In the Middle East, countries like Iran and Saudi Arabia, however, have increased their crude oil production to increase their volume market share in the global market.”
Global pressure transmitter market in chemicals and petrochemicals industry
The chemicals and petrochemicals industry is one of the main end-users of the pressure transmitter market. Pressure transmitters within this industry are used to measure the pressure of gases. Most of these transmitters are configurable, based on the applications. Other applications include measuring the density of the liquids and the pressure within storage tanks.
The major demand for chemicals and petrochemicals is expected to arise from emerging economies like China. Due to the European economic crisis, the revenue growth in these regions is expected to undergo a slowdown. The market in South Americas experienced a decline during 2016.
Global pressure transmitter market in power generation industry
Many countries are reducing the use of fossil fuels and are investing more in alternate energy or clean energy. As of now, one of the main methods for power generation is thermal power plants. The investments in wind and solar energy are now increasing. As of 2015, the investments in the clean energy sector were around USD 329 billion. The emerging Chinese market is one of the main markets for the wind power sector.
“Pressure transmitters are used for various purposes, such as to control the brake pressure of wind turbines, steam turbine monitoring, and others. They are even used in nuclear fuel rod handling systems in nuclear power plants. The demand for alternate energy market has a positive impact on the demand for pressure transmitters,” says Bharath.
The top vendors highlighted by Technavio’s research analysts in this report are:
- ABB
- Emerson
- Siemens
- Yokogawa
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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