European pressure sensor, transmitter market set for higher growth
Demand for process instruments is experiencing a steady increase, a recent study from Frost and Sullivan (F&S) shows, and a growing need for information and monitoring is expected to create continued interest in these devices across process industries in Europe. Total revenues in the European pressure sensors and transmitters markets stood at $1.
After a 2003 dip in revenue for valves and actuators used in process industries, Frost & Sullivan forecasts 2% growth to continue from 2006 at least through 2011. These numbers are for North America.
New York, NY —Demand for process instruments is experiencing a steady increase, a recent study from Frost and Sullivan (F&S) shows, and a growing need for information and monitoring is expected to create continued interest in these devices across process industries in Europe.
Total revenues in the European pressure sensors and transmitters markets stood at $1.48 billion in 2005. They are expected to reach $2.07 billion by 2012. MEMS-based pressure sensors and transmitters registered the largest revenue share in 2005 at 42.1%. Eastern Europe holds the greatest potential for future growth.
"Strategic Analysis of the European Pressure Sensors and Transmitters Market" study notes that monitoring and process control play a pivotal role in ensuring that processes are within operational limits. Users seeking greater accuracy and efficiency are demanding more information for monitoring through PLCs and computers. This is requiring more instruments, such as pressure transmitters, to relay information to controllers.
Technological advancements also are aiding market growth, the study reports. Pressure sensors have more functionality and can monitor temperature variations, detect leaks, and provide feedback to the control systems. As users strive for better asset management, they will create more demand for combination sensing systems, F&S says.
"Advances in manufacturing techniques, such as micromachining, thick and thin film deposition techniques, and electrical discharge machining have enabled development of micron-scale pressure sensors, expanding the scope of application of pressure sensors," says F&S analysts Gomathinayagam S. and Rejender Thusu. "The hike in demand for microelectromechanical systems (MEMS)-based sensors is an indication of the growing popularity of miniature sensors, and demand for such sensors will increase further over the forecast period."
The analysts caution, however, that these markets are nearing maturity. A general slackening of demand, moderate technology innovation, and heightened competition is creating greater price pressure. Lack of investment in greenfield projects is also considered a growth restraint.