LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global industrial pressure measurement product services market predicts a CAGR of close to 6% during the period 2018-2022.
The report segments the global industrial pressure measurement product services market by application (calibration and commissioning services and repair, retrofit, and replacement services), by end-user (process industries and discrete industries), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global industrial pressure measurement product services market, according to Technavio industrial automation researchers:
- Growing need to maximize production yield: a major market driver
- Increasing need for predictive maintenance: emerging market trend
- The Americas dominated the global industrial pressure measurement product services market with close to 37% share in 2017
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Growing need to maximize production yield: a major market driver
Growing need to maximize production yield is one of the major factors driving the global industrial pressure measurement product services market. The process and discrete industries across all geographies are striving to maximize their production yield by reducing downtime. The reduction of downtime can be achieved by proper maintenance of the equipment. Calibration of the equipment assures that it is ready to be used in industrial facilities. Apart from this, it also helps to maximize industrial capabilities and reduce downtime which adds to the costs for company and delays the production process. The need to maximize production yield has encouraged industries to invest in industrial pressure measurement product services.
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Increasing need for predictive maintenance: emerging market trend
The high adoption of smart sensors has augmented the adoption of predictive maintenance in industries. The implementation of predictive maintenance assists in defining the replacement and maintenance intervals for the equipment present within the industry. This helps the industries in reducing downtime and stocking inventory for replacement. The growing adoption of predictive maintenance in industries will benefit the global industrial pressure measurement product services market during the forecast period.
According to a senior analyst at Technavio for research on automation, “Predictive maintenance can increase the capabilities of replacement services by reducing the time consumed in a process. It can also aid in determining the periodic maintenance intervals. This factor will boost the demand for global industrial pressure measurement product services market during the forecast period leading to higher adoption of these services.”
Global market opportunities
The industrial pressure measurement product services market in the Americas occupied approximately 37% of the market share in 2017. Safety of equipment and personnel has been the key priority in the end-user industries in the Americas. Therefore, the requirement for calibration, commissioning, and replacement is increasing, resulting in the need for industrial pressure measurement product services. The Americas was followed by the EMEA and APAC in terms of market share.
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