The market was $1.8 billion in 2006 and is forecasted to be over $2.3 billion in 2011, according to a new ARC Advisory Group study.
Courtesy of ARC Advisory Group
Propelled by a booming automation market and robust capital expenditures, the pressure transmitter market has seen strong growth in recent years. Going forward, the market will continue to grow at higher than average rates, thanks to the continued emphasis on plant asset management (PAM) and smart instrumentation and an expected upswing in the adoption of wireless transmitters. “Much of the installed base of pressure transmitters needs to be upgraded to leverage PAM applications, representing a huge opportunity for suppliers to replace existing conventional transmitters with smart units,” according to Allen Avery, the principal author of ARC’s “Pressure Transmitter Worldwide Outlook.”
The report also concludes that, while still in its early stages, the adoption of wireless field devices will dramatically affect the dynamics of the market for pressure transmitters and other field devices. Wireless technology will allow users to connect field devices to take process measurements that would not have been feasible before because of the cost of wiring. The recent release of the WirelessHART standard is a watershed moment for the adoption of wireless field devices and will have a significant impact on the pressure transmitter market in the years to come.
Regionally, suppliers can expect to see the largest growth in the Middle East, due to its high concentration of oil and gas activities, and in Asia, where heavy investment in new plant construction continues in core sectors such as chemical and petrochemical, oil and gas, power, and steel production, where pressure transmitters are used extensively. In the mature North American and Western European markets, suppliers will largely rely on replacement business.