According to the new market research report "Pressure Transmitter Market by Type (Absolute, Gauge, Differential Pressure, and Multivariable), Application, Fluid Type, Industry (Oil & Gas, Chemicals, Power, Pharmaceuticals, Food & Beverages), and Geography - Global Forecast to 2024", the pressure transmitter market is likely to reach USD 3.36 billion by 2024 from USD 2.72 billion in 2018, 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.
“Differential pressure transmitters to lead the pressure transmitter market from 2018 to 2024"
The differential pressure transmitter is widely used in the measurement of pressure, level, and flow. Differential pressure transmitters are used for oil and gas flow metering in onshore, offshore, and subsea applications; pump control monitoring, monitoring of filters in water treatment plants, and remote sensing of heating systems for steam or hot water.
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“The liquids segment to lead the pressure transmitter market, based on fluid type, during the forecast period”
Pressure transmitters are widely used in the measurement of liquids in various industries. The use of pressure transmitters in the oil & gas industry can be done for controlling hydraulic pressure, measuring the flow line pressure and subsea injection valves. These transmitters are widely used in offshore platforms and onshore land drilling rigs, refineries, and exploration applications. In petrochemical industries, pressure transmitters are used to measure the pressure exerted by liquefied petroleum gas (LPG), crude oil, petrol, and other petroleum by-products. Gauge and differential pressure transmitters are widely used to measure the hydrostatic (pressure exerted at rest) level of liquids in tanks.
“Level measurement application to lead the pressure transmitter market from 2018 to 2024”
There are applications wherein pressure transmitters can be either submerged completely inside the liquid or mounted externally on tanks, depending on the nature of its application. Hence, pressure transmitters find wide acceptance across diesel tanks, as well as chemicals, petrochemicals, water & wastewater, and numerous process industries. Level measurement of the liquid is done by differential pressure transmitters. It is cost-effective to measure the level by using the differential pressure transmitter than any other available sensors. In addition, level measurement can be done either by direct measurement or by using remote seals, thereby expanding its application areas.
“The Oil & gas industry to lead the pressure transmitter market from 2018 to 2024”
Pressure transmitters are widely deployed across the value chain of the oil & gas industry to take multiple measurements regarding mass flow, level detection, and pressure. The oil & gas industry requires pressure transmitters for various process measurements during the drilling and exploration stage. It is also employed in various onshore applications, such as hydraulic fracturing, steam injection, downhole, and others; offshore applications; and subsea applications, such as gas compression, pipeline monitoring, and storage tanks.
“North America to be the largest market for pressure transmitters during the forecast period”
The US is the major market for pressure transmitters in North America. North America is investing significantly in energy infrastructure to fulfil the growing demand for oil and gas. The US is expected to hold the largest share during the forecast period as the maximum demand is generated from the US owing to its strong economy and established process industries. The presence of the world’s largest network of gas pipelines and significant contribution toward global annual electricity generation by the US continue to fuel the growth of the pressure transmitter market in North America. Further, the oil & gas industry is the largest contributor to the growth of the pressure transmitter market in North America.
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Major players operating in the pressure transmitter market include Emerson (US), ABB (Switzerland), Siemens (Germany), General Electric (US), Schneider (France), Endress+Hauser (Switzerland), Yokogawa (Japan), Honeywell (US), WIKA (Germany), and Dwyer (US).