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Pressure Transducer Market - Global Industry Analysis, Trends by 2031

10-07-2022 06:02 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: TMR

The global pressure transducers market was valued at US$ 4.0 Bn in 2021. It is estimated to grow at a CAGR of 3.30% from 2022 to 2031. The global pressure transducers market is expected to reach US$ 5.6 Bn by the end of 2031.

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A pressure sensor transducer converts input mechanical pressure in gases or liquids to an electrical output signal. It consists of a pressure-sensitive element, which can measure, detect, or monitor the pressure being applied, and electronic components that convert the information to an electrical output signal. The physical deformation of strain gauges bonded to the diaphragm of the pressure transducer and wired into a wheat-stone bridge configuration converts pressure into an electrical signal. When pressure is applied to the pressure transducer, the diaphragm deflects, causing strain to be introduced into the gauges.

The strain causes a change in electrical resistance, which is proportional to the pressure. Introduction of novel technologies and innovations across automation, machine precision, and electronics industry verticals drives the development of pressure transducer technology, which in turn is creating opportunities for companies in the market.

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On the other hand, manufacturers of pressure transducers are increasing R&D innovations in piezoresistive pressure transducers that are used for absolute, gauge, relative, and differential pressure measurement, in both high- and low-pressure applications. Companies are also introducing new technologies in piezoelectric pressure transducers, ceramic pressure transducers, and strain gauge pressure transducers to broaden their revenue streams.

Significant growth witnessed in the oil & gas industry is fueling the demand for differential pressure transducers, as these devices are used to determine the flow of gases or liquids. Multivariable pressure transducers are being routinely employed in oil and gas, power, chemical, and pulp & paper industries to monitor the mass flow at varying stages of the manufacturing and development processes.

In the process industry, pressure measurement and monitoring equipment (transducer/transmitters) are extensively used for modern control circuits. They monitor process flows, measure safe levels in liquid tanks, manage control loops, and monitor filtration systems in several processes in diverse industries such as food & beverage, chemicals, pharmaceuticals, petroleum, ceramics, base metals, coal, plastics, rubber, textiles, wood and wood products, and paper and paper products.

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Rise in the number of different process industries, worldwide is playing an instrumental role in boosting the pressure transducer market size across the globe.

For instance, according to BASF report 2019, the world's leading chemical industry, excluding pharmaceuticals, is projected to expand by more than 3% during 2020-2022, and it would recover after COVID-19

According to the scenario for the oil & gas industry, Vision 2020, liquefied natural gas (LNG) production plants are likely to boom in the U.S., Australia, China, and Argentina. The world's LNG gas production capacity is estimated to reach 70 billion cubic feet per day by 2036.

Some pressure transducer manufacturers and suppliers have already introduced new, advanced technologies in pressure transducers/transmitters to make pressure measurement easier and reliable for their customers. These factors are driving the demand for pressure transducers significantly.

About Transparency Market Research

Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research firm that offers market analysis reports and business consulting. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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