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Pressure Transducer Market is slated to Witness Tremendous Revenue Growth by 2031 | TMR
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The global pressure transducer market is broadly affected by several factors, including high demand for pressure transducers from the process industry and an increase in adoption of industrial automation and optimum utilization. Thus, expanding applications of pressure transducers in the process industry is propelling the global market for pressure transducers.
Pressure Transducer Market: Dynamics
A pressure transducer often called a pressure transmitter is used to convert pressure into an analog electrical signal. Pressure transducer is used in various applications such as automotive, telecommunication, consumer electronics, industrial, oil & gas, water & wastewater monitoring, agriculture equipment, machine tools, process control, marine, industrial gases, food & beverages, HVAC, and telemetry. In the oil & gas industry, a pressure transducer is used to measure the pressure level in liquid pipes or tanks, inlet, outlet or system pressure, and other applications. This pressure transducer consists of two main parts: an elastic material that deforms when exposed to a pressurized medium and an electrical device that detects the deformation. The demand for pressure transducers is projected to rise in various applications across the globe in the near future. Pressure measurement and monitoring equipment (transducer/transmitters) are significantly used for modern control circuits for monitoring process flows, measuring safe levels in liquid tanks, managing control loops, and filtration system monitoring in various process industries such as food, beverages, chemicals, pharmaceuticals, petroleum, ceramics, base metals, coal, plastics, rubber, textiles, wood & wood products, and paper & paper products, which propel the growth of the global pressure transducer market.
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In recent years, new technologies and innovations, and the adoption of technologically advanced, reliable, & accurate pressure transducers have increased in the pressure measurement field, thereby creating lucrative opportunities for the global pressure transducer market. Leading manufacturers are focusing on the development of pressure transducers with technologically advanced functions and features in order to respond to changing market needs. In addition, some manufacturers are developing technologically advanced, reliable, and cost-efficient pressure transducers for use in various end-use industries such as oil & gas, water & wastewater, automotive, aerospace, chemical, HVAC, agriculture, energy & power, and pharmaceuticals to ensure highest overall accuracy rate.
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Key players in the pressure transducer market are already engaged in development and introduction of advanced pressure transducer. For instance, in April 2018, Schneider Electric SE launched the EP series differential pressure air velocity transducer. This newly launched EP transducer can measure either air pressure or velocity with the flip of a switch and is available in three installation configurations - duct, panel, or universal. Thus, introduction and development of advanced products in the pressure transducer market is expected to accelerate the implementation of new products. This is further expected to have a positive impact on the adoption of pressure transducers during the forecast period.
Pressure Transducer Market: Prominent Regions
The pressure transducer market in Asia Pacific is expected to expand during the forecast period, owing to the presence of key market players, technological advancements, and growth of process industries in the region. The pressure transducer market in Asia Pacific is projected to witness favorable growth during the forecast period due to the adoption of industrial automation and optimum utilization to achieve high-performance efficiencies to reach optimization and reduce performance failures in the automated industry. Pressure transducers play an important role in modern control circuits in various process industries such as food, beverages, chemicals, pharmaceuticals, petroleum, ceramics, base metals, coal, plastics, rubber, textiles, wood & wood products, and paper & paper products, owing to which, the market is projected to cross US$ 5.6 Bn by 2031 in the region. The pressure transducer market in Europe is likely to expand at the highest CAGR of 3.8% during the forecast period, due to the presence of a significant number of players manufacturing pressure transducers in the region.
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Pressure Transducer Market: Key Players
Key players operating in the global pressure transducer market are Emerson Electric Co., Honeywell International Inc., PCB Piezotronics Inc., Amphenol Corporation, Setra Systems, Inc., ABB Ltd., IFM electronic GmbH, KistlerInstrument Corp., Schneider Electric S.E., Siemens AG, Wika Group, TE Connectivity, Endress+Hauser, Omicron Sensing Pvt Ltd., and Yokogawa Electric Corporation.
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