Market Size of Pressure Gauge Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.25 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Pressure Gauge Market Analysis
The pressure gauge market is anticipated to grow from USD 866.08 million in 2022 to USD 1049.20 million in 2028, registering a CAGR of 3.25% during the forecast period.
The COVID-19 pandemic severely impacted various industries such as aviation, automotive, construction, and others. Reduced demand from OEMs and disrupted supply chains hinder the pressure gauge market during the pandemic. On the other hand, the outbreak of the COVID-19 pandemic led to an extremely high surge in the demand for ventilators and other medical equipment, such as oxygen cylinders. Many companies that are involved in other businesses shifted their focus to the development of ventilators and other medical equipment.
Pressure gauges are used in various industries, such as aerospace, automotive, healthcare, construction, chemical industries, and oil and gas. Pressure sensors are used for hydraulic systems as well as test and measurement applications. These sensors are used for force and torque in different parts of aircraft including actuation systems, braking systems, and in-flight controls. The growing aviation sector, increasing demand for new aircraft, and aircraft modernization programs create demand for pressure sensors which in turn drive the growth of the market.
Pressure gauges detect leaks, and pressure changes that reduce the unreliability and unpredictability of hydraulic and other fluid-operated devices and help in the proper tuning and calibration of such devices. Thus, increasing the use of pressure gauges in various end-user industries boost the growth of the market during the forecast period.
