Worldwide pressure transmitter market growing
Increased adoption of multivariable transmitters and growth in Asia are among contributors to the solid growth of the worldwide pressure transmitter market, a recent study released by the ARC Advisory Group shows.
Increased adoption of multivariable transmitters and growth in Asia are among contributors to the solid growth of the worldwide pressure transmitter market, a recent study released by the ARC Advisory Group shows. “ Pressure Transmitter Worldwide Outlook ” reports a Compound Annual Growth Rate (CAGR) of 3.8% over the next 5 yr. The $1,492 million-market of 2004 is forecast to reach nearly $1,796 million by 2009.
According to the study, 2004 marked the end of a down cycle in process automation. “Increased consumer demand and spending contributed to global economic growth in 2004, sparking renewed investment in process automation” said Paula Hollywood, ARC field systems analyst. “The explosive growth in the Asian market fueled the growth of the pressure transmitter market.”
The study said that increased adoption of smart pressure transmitters is a contributing factor to growth of pressure transmitter revenues. It noted that smart-generation transmitters provide improved accuracy, reliability, and long-term drift, and are more expensive than the traditional devices, which are contributing to increased supplier revenues. High-performance pressure transmitters, the report continued, are more widely implemented in greenfield projects where manufacturers can take full advantage of their increased functionality, while complete flow solutions and safety integrity level (SIL) rated pressure transmitters are driving growth within existing installations.
ARC admitted its 3.8% CAGR may be optimistic. Growth in Asia, where demand has been enormous, is expected to be well above average, it said, noting that the manufacturing slowdown in China expected by many industry watchers has not materialized. ARC said demand for pressure transmitters in China remains strong, and it does not expect growth to decrease until late in the forecast period. At that time, it expects other developing countries in Asia to pick up where China left off.
—Jeanine Katzel, senior editor, Control Engineering, firstname.lastname@example.org