Press release
Pressure Transducers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2022-2031
The Global Pressure Transducers Market, valued at US$ 4.0 billion in 2021, is projected to witness steady growth, reaching US$ 5.6 billion by the end of 2031, according to a new report released by Transparency Market Research, a leading market research firm. The market is expected to grow at a CAGR of 3.30% from 2022 to 2031.Market Overview:
Pressure transducers, essential components in various industries such as oil & gas, automotive, industrial automation, and heavy engineering, play a pivotal role in maintaining pressure and ensuring reliable operations. The market has seen technological advancements and innovations, with pressure transducer manufacturers introducing new technologies like piezoresistive, piezoelectric, ceramic, and strain gauge pressure transducers to cater to diverse industry needs.
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Key Drivers:
Rising Demand from Process Industries: The process industry, including food & beverage, chemicals, pharmaceuticals, and petroleum, is witnessing significant growth, driving the demand for pressure transducers. These devices are crucial for monitoring and controlling processes, ensuring safe levels, and managing filtration systems.
Industrial Automation: The adoption of industrial automation for cost reduction, improved product quality, increased productivity, and enhanced safety is boosting the pressure transducer market. The shift towards Industry 4.0 and the development of connected smart devices contribute to market expansion.
Global Presence of Manufacturers: The market is partially fragmented, with both global and local suppliers. Intense competition among multinational suppliers is resulting in moderate market expansion.
Regional Outlook:
• North America: Accounted for 32.02% of the global market share in 2021, with an estimated CAGR of 3.52% during the forecast period.
• Asia Pacific: High demand due to industrialization and automotive production, driven by mega trends like Industry 4.0, IoT, and digitalization.
• Europe: Key region with strong global presence of manufacturers.
• Middle East & Africa, South America: Expected to witness moderate expansion with R&D innovations in various pressure transducer technologies.
Segmentation:
• Measurement Type: Absolute Pressure, Gauge Pressure, Differential Pressure, Multivariable Pressure.
• Technology: Capacitive, Resistive, Piezoelectric, Thin Film, Thick Film, Oil-filled, Others.
• End-use Industry: Automotive, Aerospace, Oil & Gas, Food & Beverage, Chemical, Pharmaceuticals, Heavy Engineering, HVAC, Water & Wastewater Management, Others.
Key Players:
• ABB Ltd.
• Amphenol Corporation
• Siemens AG
• Honeywell International Inc.
• TE Connectivity
• Schneider Electric SE
• Wika Group
• Endress + Hauser
• Yokogawa Electric Corporation
• Kistler Instrument Corp.
Recent Developments:
• Kistler launched the world's smallest media-isolated pressure sensor in April 2022.
• Danfoss Sensing Solutions expanded production capacity and launched the next-generation DST P650 pressure transmitter in January 2022.
• Superior Sensor Technology extended its ND Series with new pressure sensor families for mid-pressure range applications in January 2022.
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. 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 analyses 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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