Pressure Transmitter & Transducer Market Size

Pressure Transmitter & Transducer Market Analysis

The pressure transmitter & transducer market is expected to register a CAGR of 4.1% over the forecast period from 2021 to 2026. Digitization is playing an increasingly important role across industries where new technological possibilities are being exploited. So far, data collection and advanced control monitoring have been the focus. Currently, a new area of advanced control systems is expanding, bringing new business opportunities. Industry 4.0 is one of the major drivers for the market studied. With the rapid introduction of Industry 4.0 tools and technologies, manufacturers are under pressure to boost their operations' productivity and profitability.

• Apart from streamlining efficiencies, Industry 4.0 is related to revolutionizing manufacturing-related processes and systems to achieve dramatic improvements in every area. The Industrial Internet of Things (IIoT) is a core driver in helping companies break down communication and collaboration siloes. Pressure transducers are being useful in a variety of industries. Many of these industries handle volatile chemicals or fluids that are under immense pressure. They are used in applications requiring high-resolution and accurate measurement of pressure. So, pressure transducers providing the engineers or operators with values that indicate the real conditions within a container, are therefore of demand. Due to the weak signals that are generated by the pressure transducer, it is exclusively used over relatively short distances, such as inside a test laboratory or some instrumentation.
• The aerospace industry extensively uses pressure transducers in aircraft flight testing processes. The technical specific, regulated aerospace sector globally demands high-quality pressure transducers for such critical applications. Pressure transducers used in an industrial environment such as in chemical, petrochemical, and oil & gas have specific characteristics that ensure they are not compromised within harsher, more demanding areas. They have a rugged enclosure and are often water-resistant as well as resistant to dirt and dust. They are equipped with a wide operating temperature range to ensure accuracy. The amount of space available within the application also needs to be taken into consideration, as this affects the size of the transducer selected.
• Pressure transmitters are extensively used in the process industry. The advertised accuracy specification of modern pressure transmitters has become entirely accurate. In line with the industry requirements, the vendors increase their presence in the pressure transmitter market by rolling out new products. In January 2020, UK-based ESI Technology Ltd introduced the HI6000, which includes a silicon-sapphire sensor, to make accurate measurements at high temperatures. It is designed for applications in aviation, oil & gas, automotive, and general industrial. In October 2019, Danfoss introduced DST P140, which offers MEMS technology and excellent vibration stability and a high degree of EMC/EMI protection. Its extremely robust encapsulation ensures long-term stability against humidity and temperature variations.
• One of the factors challenging market growth is recurring failures associated with pressure transducers and price pressures. Generally, pressure transducers from reputed companies vary only as little as 0.25% from the actual value. However, the wrong arrangement of wiring of the device and mechanical connection can result in a very inaccurate reading. Another factor challenging the market growth is the spread of coronavirus. Due to the closing of international borders to contain the spread of the virus, the supply chain has been affected, which has created a gap between the suppliers and vendors. For locally purchased raw material, the lead times are high due to the high workload caused by the absence of workers from factories, to maintain social distancing. This trend is expected to prevail shortly.