Vantage Market Research
Nov 12, 2021
According to analysts at Vantage Market Research, the absolute pressure transmitter market is expected to reach USD 2,959.4 Million by 2028, growing at a CAGR of 4.1% from 2021 to 2028. Absolute pressure transmitters consist of pressure sensors, conditioning elements,s or amplifiers, along with output signals. The output signal transfers the pressure interoperated to a flow computer, distributed control system. Pressure transmitters are utilized to regulate pressure; they also have widely regular variables: temperature, flow, and level.
Key Findings
- Steam under type segment of absolute pressure transmitter market is projected to have growth at a CAGR of over 6% between 2021 and 2028. This is attributed to the rise in the use of steam pressure transmission in hospitals to regulate the quality of steam produced by maintaining the pressure inside the sterilizing chamber.
- The water and wastewater under the application segment are expected to grow at a CAGR of 4.59% between 2018 and 2024. These transmitters are used in pumping stations, chemical feeds, sewage systems, wet wells, storage, mixing vessels in the treatment of the water & wastewater industry globally. Other applications of these transmitters are to monitor and control the level, pressure, and flow of the fluid. All these uses of transmitters are expected to propel the demand for the absolute pressure transmitter market.
- In 2019 North American region held a share of around 20.12%. The surge is due to the growth in oil & gas activities during the past decade. Additionally, the presence of key market players such as ABB Ltd, Emerson Electric Company, Endress+Hauser AG, and Honeywell International Inc. are some of the reasons for the growth of the absolute pressure transmission market in the reason.
Some of the major players in the absolute pressure transmitter market are Endress+Hauser AG, Honeywell International Inc., ABB Ltd, Emerson Electric Company, Yokogawa, Schneider Electric, Siemens, General Electric, and Huba Control among others. The industry players are involved in R&D to enhance their current offering to cater to more customers. The technological advancement in the field of transmitters will also support market growth in the long run.
Asia-Pacific is expected to have a CAGR of over 7.21% between 2021 and 2028. The growing populations and surging urbanization in the APAC region. This is propelling the demand for electricity and chemicals to grow in order to match the increasing requirements. Additionally, the increasing requirement of utility and industrial grade water treatment and wastewater treatment plants are also anticipated to propel the demand for absolute pressure transmitters in the Asia Pacific region in the forecast period.