Northrook, IL -- (SBWIRE) -- 02/17/2020 -- The pressure transmitter market was valued at USD 2.64 billion in 2017 and is expected to reach USD 3.36 billion by 2024, at a CAGR of 3.59% from 2018 to 2024. The growth of this market is attributed to the high emphasis on industrial automation and optimum utilization of resources. The base year considered for the study is 2017, and the forecast period considered is from 2018 to 2024.

A pressure transmitter is an important part of the field instrument that determines pressure, level, and flow of a fluid across various applications in process industries.

Browse 68 market data Tables and 41 Figures spread through 142 Pages and in-depth TOC on "Pressure Transmitter Market - Global Forecast to 2024"

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High emphasis on industrial automation and optimum utilization of resources

Monitoring and maintaining process parameters at suitable levels is extremely critical in industrial automation and process control. Industrial automation reduces the operational cost, improves product quality, increases productivity, and addresses industrial health- and safety-related issues across various process industries. Both discrete and process industries have increased their focus to bring in best practices to reduce wastage and increase plant efficiency. The way ahead for increasing efficiency and optimizing manufacturing processes lies in utilizing the factory floor data, such as real-time production data, to make better business and operational decisions. There is an increasing focus on incorporating systems and software that could make this job easier.

Market Ecosystem:

As of 2017, Emerson (US), ABB (Switzerland), Siemens (Germany), General Electric (US), Schneider (France), Endress+Hauser (Switzerland), Yokogawa (Japan), Honeywell (US), WIKA (Germany), and Dwyer (US) were the major players in the pressure transmitter market. Other players in the pressure transmitter market include Fuji Electric (Japan), Hitachi (Japan), Azbil Corporation (Japan), Krohne (Germany), Vega (Germany), Jumo (Germany), Brooks Instrument (US), BD Sensors (Germany), Setra (US), Omega Engineering (UK), Aplisens (Poland), and Ashcroft (US).

Differential pressure transmitters are likely to hold the largest share of the pressure transmitter market during the forecast period. The differential pressure transmitter is widely used in the measurement of pressure, level, and flow of a fluid. Differential pressure transmitters are widely employed in the oil & gas, chemicals, power, water & wastewater, pharmaceuticals, metals & mining, pulp & paper, food & beverages industries, among others. Differential pressure transmitters are used for petroleum flow metering in onshore, offshore, and subsea applications, monitoring filters in water treatment plants, and sensing heating systems remotely for steam or hot water.

Level measurement application is likely to account for the largest share of the pressure transmitter market during the forecast period. In level measurement, the differential pressure transmitter can be easily mounted to the surface of the vessel for which level needs be measured. Level measurement carried out using the pressure transmitter is reliable, robust, simple to install, and uninfluenced by disruptive factors such as dust, foam, vapor build-up, and contaminants.

Pressure transmitters are widely used in liquid-type fluid measurement. The use of pressure transmitters in the oil & gas industry can be observed in controlling hydraulic pressure drilling, ensuring rig safety, measuring flow line pressure, and subsea injection valves. Gauge and differential pressure transmitters are widely used to measure the hydrostatic (pressure exerted at rest) level of liquids in tanks and used for water level measurement of groundwater pumps.

The water and wastewater industry is expected to witness the highest growth rate during the forecast period. Various kinds of pressure transmitters are deployed in the inlet pumping station, pumping control, and sludge level measurement in a primary treatment. Differential pressure transmitters are used to calculate the mass flow and air during the water aeration process; they also play a role in tertiary treatment to measure head loss across filters.

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Among all regions, North America is expected to account for the largest share of the pressure transmitter market in 2018. Factors such as significant investments in the energy infrastructure to serve the growing demand for oil and gas, strong economy, established process industries, presence of world's largest network of gas pipelines, and significant contribution toward the global annual electricity generation continue to fuel the growth of the pressure transmitter market in North America.

The fluctuating market trend in end-user industries is likely to hamper the growth of the market for pressure transmitters. Pressure transmitters are widely used across the oil & gas industry; hence, any event in the global petroleum market would affect the pressure transmitter market across the world. Fluctuations in crude oil prices will definitely impact the market growth as pressure transmitters are widely installed in the oil & gas industry to measure process parameters such as the pressure, level, and flow.

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