Market Overview
In 2020, the worldwide pressure transmitter market will be worth $3.19 billion. According to IMARC Group, the market would reach a value of US$ 4.18 billion by 2026, with a CAGR of 4.57 percent between 2021 and 2026. We're constantly watching and evaluating the direct and indirect effects of COVID-19 on various end-use industries, bearing in mind the pandemic's uncertainties. As a prominent market contributor, these observations are incorporated into the research.
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Market Segmentation
Application, type, sensor technology, communication protocol, and industry segments worldwide Pressure Transmitter Market Forecast. Absolute, gauge, differential, and multivariable pressure transmitters are the different types of pressure transmitters in the marketplace. HART (Highway Addressable Remote Transducer) and wireless HART, Profibus, Foundation Fieldbus, and other communication protocols are included in the protocol portion. The sensing technology sector includes Piezoelectric, piezoresistive, capacitive, strain gauge, and other sensing technologies. Level, flow, and pressure make up the application segment. Oil & gas, food & beverage, water & wastewater, pharmaceutical, chemical, metal & mining, pulp & paper, power, and others make up the vertical segment.
Regional Classification
Asia Pacific, North America, Europe, and the Rest of the World are investigated worldwide pressure transmitter market. The North American market for pressure transmitters is expected to develop at the fastest rate in the global market. The European market for pressure transmitters has the second-largest share. The market in the Asia Pacific is predicted to grow at the fastest rate. The pressure transmitter market is being boosted by the growth of the automotive and chemical industries in the region. Other factors include creating a new project and the requirement for industrial automation to boost production while keeping costs down.
Industry News
The need for multivariable pressure transmitters is among the primary trends driving the pressure transmitter market. These transmitters are in high demand across various sectors because they can assess multiple process variables in a single instrument. These differential pressure transmitters usually measure both temperature and pressure. As a result, three single variable transmitters could be replaced by a multivariable transmitter.
These variables are used to calculate the mass flow rate in many circumstances. Individual pressure and temperature transmitters are transmitted to a flow computer that does the flow calculation; when multivariable transmitters are utilized, the value outputs will be sent to a flow computer that conducts the flow calculation. Inside the differential pressure transmitter and flowmeter markets, the trend toward multivariable transmitters is projected to continue. When compared to the cost of purchasing the transmitters individually, these products are usually less expensive.
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Pressure Transmitter Market: By Type (Absolute), Communication Protocol (Hart And Wireless Hart), Sensing Technology (Piezoelectric), Application (Flow, Level), Vertical (Oil & Gas) – Forecast Till 2027
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