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Industrial Process Variable Instruments Market Size, Share , Latest Trends, Key Players And Forecast To 2033
Industrial Process Variable Instruments Market Size
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According to The Business Research Company's, The industrial process variable instruments market size has grown steadily in recent years. It will grow from $56.55 billion in 2023 to $58.9 billion in 2024 at a compound annual growth rate (CAGR) of 4.2%. The growth in the historic period can be attributed to industrialization, quality control, regulatory compliance, automation and control systems.
The industrial process variable instruments market size is expected to see steady growth in the next few years. It will grow to $69.05 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to industry 4.0 and smart manufacturing, energy efficiency and sustainability, health and safety, iot and connectivity, customization and precision. Major trends in the forecast period include wireless sensors, predictive maintenance, data analytics and ai, industry-specific solutions, miniaturization.
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Market Drivers and Trends:
A rise in electricity generation is expected to propel the growth of the industrial process variable instruments market going forward. Electricity generation refers to the process of generating electric power from sources of primary energy. Industrial process variable instruments involves the use of sensors, transmitters, and other devices to measure and control process variables such as pressure, temperature, flow, level, and more. For instance, according to the U.S. Energy Information Administration (EIA), a US-based government agency, natural gas remained the largest source of U.S. electricity generation, increasing from a 37% share of U.S. generation in 2021 to 39% in 2022. Thus, a rise in electricity generation is driving the growth of the industrial process variable instruments market.
Major companies operating in the industrial process variable instruments market are developing innovative products such as the iTHERM TrustSens TM372 self-calibrating temperature sensor to eliminate the risk of undetected non-conformities and reduce production costs. The iTHERM TrustSens TM372 self-calibrating temperature sensor is a smart temperature probe with an integrated HART transmitter and Heartbeat Technology. For instance, in September 2022, Endress+Hauser, an India-based industrial process variable instruments manufacturer launched the iTHERM TrustSens TM372 self-calibrating temperature sensor. The iTHERM TrustSens TM372 is available in different models and can be connected via HART to the iTHERM TrustSens Calibration Monitoring solution, which can be comprised of up to 20 iTHERM TrustSens TM371 or TM372 temperature sensors.
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Major Key Players of the Market:
ABB Ltd., Emerson Electric Company, Honeywell International Inc., Schneider Electric SE, Siemens AG, Ametek Inc., Applied Instrument Technologies Inc., Applitek NV, Arizona Instrument LLC, Aventics GmbH, Union Park Capital, Hach Company, LAR Process Analyzers AG, Yokogawa Electric Corporation, Endress+Hauser AG, General Electric Company, Rockwell Automation Inc., Danaher Corporation, Brooks Instrument LLC, Burkert Fluid Control Systems, Dwyer Instruments Inc., E+H Process Solutions AG, Fluid Components International LLC, Fuji Electric Co. Ltd., Gems Sensors & Controls, KROHNE Messtechnik GmbH, MKS Instruments Inc., Omega Engineering Inc., ProMinent GmbH, Rotork plc, SICK AG, Teledyne Technologies Incorporated, Vega Grieshaber KG
Industrial Process Variable Instruments Market 2024 Key Insights:
• The industrial process variable instruments market size is expected to see steady growth in the next few years. It will grow to $69.05 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%.
• Electricity Generation Surge Fuels Growth In The Industrial Process Variable Instruments Market
• Endress+Hauser's Itherm Trustsens Tm372 Self-Calibrating Temperature Sensor Revolutionizes Industrial Process Control
• Asia-Pacific was the largest region in the industrial process variable market in 2023
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