Pressure Transducer Market
Pressure Transducer Market (Technology: Piezoelectric, Capacitive, Piezoresistive, Thin Film, MEMS, IEPE/ICP, and Others; Measurement Type: Absolute Pressure Measurement, Gauge Pressure Measurement, Differential Pressure Measurement, and Multivariable Pressure Measurement; Communication Protocol: Modbus, Canbus, Profibus, HART, FFB, and Others; and End-use Industry: Automotive, Aerospace, Oil & Gas, Food & Beverages, Chemical Industry, Pharmaceuticals, Water & Wastewater Management, HVAC, Industrial, Test & Measurement Instruments, Off Road Vehicles, Construction Equipment, Plastic Manufacturing Equipment, Agricultural Equipment, Machine Tools, Energy & Power, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
Press Release :
Unprecedented Demand for Ventilators Strikes Semicon Manufactures amid COVID-19 Pandemic
Due to the rising COVID-19 cases in Germany, Brazil, and India, there has been an unprecedented demand for ventilators to treat patients. WIKA USA - a measuring instruments supplier in Gonzales, Louisiana, has stepped up its manufacturing for their MG-1 medical pressure transducers. Since the novel infection is causing increased respiratory distress, healthcare facilities are in need of mechanical ventilator supplies that deliver precise levels of oxygen and air that patients need until they fully recover.
The growing incidence of Acute Respiratory Distress Syndrome (ARDS) in coronavirus patients has triggered the demand for ventilators. Since the business in automotive and chemical industries has slowed down, manufacturers in the pressure transducer market are focusing on ventilator supply, pharmaceutical, and F&B (Food & Beverage) industries to keep the economies running.
These factors are expected to drive the pressure transducer market during the forecast period.
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Awareness of Measurement Type, Process Media Prevents Instability in Transducers
The pressure transducer market is slated to clock a sluggish CAGR of ~3% during the assessment period. However, pressure transducers are associated with moderate accuracy subject to drift or instability and delayed response to shock & vibration conditions. Hence, companies should increase awareness about different criteria before choosing a pressure transducer such as pressure range, application & measurement type and process media to help make customers make an informed decision.
Pressure transducers are gaining prominence in liquid power applications, which demand an accurate and high-resolution force determination. These devices are being utilized in closed-loop pumps for checking pump operation characteristics.
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Cellular Pressure Transducers Communicate Directly with Data Portals, Devices
Apart from innovating in pressure transducers, manufacturers are offering discounted prices and low inventory costs for their clients. Transducers Direct - a pressure transducer and pressure sensor manufacturer, is offering customized products and topnotch technical support to its clients to boost credibility and expand revenue streams.
Wireless pressure transducers with integrated cellular communication are a novel introduction in the pressure transducer market. These devices are making monitoring temperature and pressure easier than conventional transducers. Manufacturers in the pressure transducer market are boosting their production capabilities in cellular pressure transducers that are quick & easy to install and communicate directly to a provider’s secure data portal where the offer 24/7 technical and customer support. These transducers are making it possible to monitor any number of sensors from any device or laptop.
MEMS Technology Grows Ideal for Automation, Industrial Processes
Apart from medical devices and the healthcare industry, manufacturers in the pressure transducer market are tapping into incremental opportunities in automation, hydraulics, and aeronautics industries. Es Systems - a provider of high quality and innovative sensor solutions for industrial & medical field, is gaining recognition for its transducers based on capacitive micro-electromechanical systems (MEMS) technology, which is ideal for automation and industrial processes.
The MEMS technology is acquiring popularity in specialized medical technology applications. Companies in the pressure transducer market are unlocking growth opportunities in automated pneumatic assembly applications, pressure valves, and blocked filter detection applications with the help of the MEMS technology.
Collaborations with European Universities Help Gain Competitive Edge
A plethora of applications such as plastic & rubber injection presses, farming & Earth-moving machinery, and steam treatment plants is creating revenue opportunities for stakeholders in the pressure transducer market. However, the market is expected to grow at a sluggish pace due to its potentially fragmented landscape. Hence, companies should increase their investment in R&D to gain market dominance.
Companies in the pressure transducer market are bolstering their output capacities in devices meant for heat exchange systems, materials testing machines, and blow molding machines. For instance, Gefran Transducers are being utilized in automated production lines, equipment test benches, and the food industry. Companies are joining forces with the best European universities and working closely with their own customers to develop devices that satisfy customer requirements.
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Specialized med-tech devices, machines, equipment, and ventilators are fueling the demand for pressure transducers amid the ongoing COVID-19 pandemic in India, Germany, and Brazil. The pressure transducer market is expected to exceed the valuation of US$ 5.6 Bn by 2031. However, issues such as sensitivity to harsh environmental conditions and sluggish response in transducers are causing an impediment in market growth. Hence, companies should invest in continuous R&D and collaborate with European universities to increase the availability of next-gen pressure transducers and sensing solutions. They should adopt the MEMS technology to advance in applications that require the need of refrigeration equipment, automated production lines, process control pumps, and the likes.
Pressure Transducer Market: Overview
- According to Transparency Market Research’s latest research report on the global pressure transducer market for the historical period of 2017–2019 and the forecast period of 2021–2031, increasing usage of pressure transducers in the process industry across the globe is the major factor expected to boost the global pressure transducer market during the forecast period
- In terms of revenue, the global pressure transducer market is estimated to exceed the value of US$ 5.6 Bn by 2031, expanding at a CAGR of ~3% during the forecast period
Rising Demand for Pressure Transducers from Process Industries Worldwide: A Key Driver of Global Market
- In the process industry, pressure measurement and monitoring equipment (transducer/transmitters) are significantly used for modern control circuits, 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 and wood products, and paper & paper products
- Pressure transducer is a workhorse instrument of choice for process industries like no other instrument, offering unparalleled application flexibility and is often used in flow and tank level applications
- Growing ratio of various process industries boosts the growth of the pressure transducer market across the globe
- For instance, according to the BASF report 2019, the world’s chemical industry excluding pharmaceuticals will grow more than 3% during 2020-2022 and recover after COVID-19
- According to the oil & gas industry vision 2020, the LNG (Liquefied Natural Gas) production plants boom in the U.S., Australia, China, and Argentina boosts the demand for pressure transducers. The world’s LNG gas production capacity is likely to reach the level of 70 billion cubic feet per day by 2036.
- Some manufacturers have already introduced new advance technologies in pressure transducers/transmitters for customer benefits to make the pressure measurement easier and reliable. Some series of product range offered are battery-powered and with local & remote display of pressure rate in locations where equipment is exposed to different environmental elements.
- As a result of these factors, demand for pressure transducers from process industries is significantly high, which is expected to drive the growth rate of the global pressure transducer market during the forecast period
- However, occasional failure of the product due to its use in extremely harsh environments and rising competition from local pressure transducer products from the widespread unorganized sector are anticipated to limit the market growth of pressure transducers during the forecast period from 2021 to 2031. This is expected to restrain the growth of the global pressure transducer market.
Increase in Adoption of Industrial Automation, Optimum Utilization
- Use of pressure transducers is rising in North America, Europe, and Asia Pacific, owing to an increasing trend toward industrial automation such as Industry 4.0
- Rising competition in the industrial sector to reach high optimization and reduce performance failures of equipment propels the growth of the global pressure transducer market
- Moreover, an increasing trend of introducing smart product portfolios with digital communication interfaces also boosts the demand for pressure transducers
- Thus, increasing demand for industrial automation and optimum utilization in Asia Pacific, North America, and Europe to achieve high-performance efficiencies is projected to have a positive impact on the global pressure transducer market during the forecast period
Pressure Transducer Market: Competition Landscape
- Detailed profiles of providers of pressure transducer have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- 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
- Yokogawa Electric Corporation
- Omicron Sensing Pvt Ltd.
Pressure Transducer Market: Key Developments
- Key providers of pressure transducers such as 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, and Yokogawa Electric Corporation are focusing on designing cost-effective pressure transducers to attract more customers. Some other key developments in the global pressure transducer market are highlighted below:
- In November 2020, Siemens AG partnered with Houston-based ProFlex Technologies to supply IoT-based pipeline leak detection. The IoT-based leak detection solution uses highly sensitive pressure sensors connected to pipelines at key locations to monitor internal pressure continuously in oil, gas, and petrochemical industries to reduce their environmental footprint.
- In August 2020, Emerson Electric Co. launched the new ‘Rosemount™ 550PT Pressure Transmitter.’ This instrument is specifically designed for single-use bioprocessing applications to deliver the performance needed to maintain product integrity. The instrument increases safety and eliminates any risk of contamination, and makes the instrument reusable.
- In July 2020, ABB Ltd. launched a new range of pressure transmitters - PxS100 range for specific applications. These pressure transmitters/sensors are designed to meet requirements in most manufacturing and production industries such as water, wastewater, metals, mining, pulp & paper, cement, and power ancillary industry.
- In January 2020, Honeywell International Inc. launched a next generation cabin pressure control and monitoring system with applications in both commercial and military aircraft. It helps maintain and monitor the air pressure inside an aircraft, and regulates the air that is pumped into the cabin of an aircraft to maintain a safe and comfortable environment while flying at high altitudes.
- In May 2019, ABB Ltd. signed a contract with Arctic Offshore Farming, for the Norway Royal Salmon (NRS) project for salmon farming in the Norwegian Sea (Arctic Ocean) using remote-controlled and submersible fish pens based on offshore technology. Under this contract, the company will provide a comprehensive package of automated technology solutions, electrical, telecom, and instrumentation technologies (pressure instrument) for a submersible fish farm in the Norwegian Sea (Arctic Ocean).
- 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.
- In the global pressure transducer market report, we have discussed individual strategies, followed by company profiles of providers of pressure transducers. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global pressure transducer market.
Pressure Transducer Market – Scope of the Report
A new study on the global pressure transducer market is published by Transparency Market Research (TMR). It presents detailed information on key market dynamics, including drivers, trends, and challenges for the global pressure transducer market as well as its structure. TMR’s study offers valuable information on the global pressure transducer market in order to illustrate how the market is expected to expand during the forecast period i.e. 2021–2031.
Key indicators of market growth, which include value chain analysis and compound annual growth rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret the quantitative growth aspects of the global pressure transducer market.
An extensive analysis of business strategies adopted by leading market players is also featured in TMR’s study on the global pressure transducer market. This can help readers understand key factors responsible for growth of the global pressure transducer market. In this study, readers can also find specific data on avenues for qualitative and quantitative growth of the global pressure transducer market. This data would guide market players in making apt decisions in the near future.
Key Questions Answered in TMR’s Study of Global Pressure Transducer Market
- What would be the Y-o-Y growth trends of the global pressure transducer market between 2021 and 2031?
- What is the influence of changing trends in the communication protocol segment on the global pressure transducer market?
- Would North America continue to be the most dominant regional market for providers of pressure transducer over the next few years?
- Which factors would hinder the global pressure transducer market during the forecast period?
- Which are the leading companies operating in the global pressure transducer market?
A unique research methodology is utilized by TMR to conduct comprehensive research on the global pressure transducer market and arrive at conclusions on future growth prospects for the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the conclusions drawn.
Secondary research sources referred to by analysts during production of the report on the global pressure transducer market include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and market white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who have contributed to production of TMR’s study on the global pressure transducer market as a primary research source.
These primary and secondary sources provided exclusive information during interviews, which served as a validation from leading players operating in the global pressure transducer market. Access to an extensive internal repository as well as external proprietary databases allowed this report to address specific details and questions about the global pressure transducer market with accuracy. The study also uses a top-down approach to assess the numbers for each segment and a bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on future prospects for the global pressure transducer market more reliable and accurate.
Pressure Transducer Market – Segmentation
TMR’s study on the global pressure transducer market segments the market based on technology, measurement type, communication protocol, end-use industry, and region. Changing market trends and other crucial market dynamics associated with segments of the global pressure transducer market have been discussed in detail in TMR’s study.