The multivariable, differential pressure, gauge, and absolute pressure transmitter markets are all benefiting from growth in the energy markets.
Wakefield, MA (PRWEB) February 28, 2015
A new Flow Research study finds that the pressure transmitter market has increased significantly in the last few years. According to The World Market for Pressure Transmitters, 4th Edition (http://www.pressureresearch.com) the pressure transmitter market in Western Europe totaled almost $600 million in 2013. Other regions showing strong growth include China and Asia/Pacific.
One reason for the increase in the pressure transmitter market size is growth in the multivariable pressure transmitter segment. The fastest revenue growth for multivariable (MV) pressure transmitters is projected to occur in China. Multivariable transmitters can be used to reduce the need to buy a separate flow computer to perform the flow calculation. In some cases, the multivariable transmitter measures one or two pressure values and temperature, then outputs these values to a flow computer that performs the flow calculation. In other cases, the computing power of the flow computer is brought on board the multivariable transmitter, which also performs the flow calculation. The trend towards multivariable transmitters can be expected to continue in the differential pressure (DP) transmitter and flowmeter markets. These products typically sell for less than it would cost to buy the transmitters separately.
Multiple other factors account for the growth in the pressure transmitter market worldwide. The market has grown due to growth in the number of capital projects in Asia and other countries, and especially due to growth in China and the Mideast. Secondly, there has been a tremendous increase in the amount of activity in oil & gas exploration and production in the past several years, due to increases in the price of oil and natural gas. Even though oil prices have recently declined, oil is still a valuable commodity, and prices are likely to continue to fluctuate. Finally, suppliers have made significant technological improvements to their pressure transmitters, resulting in more stable and accurate products, and this has given customers a reason to buy into this market, or to upgrade their existing products.
Flow Research (http://www.flowresearch.com) projects a compound annual growth rate (CAGR) in revenues for the Western European pressure transmitter market of 4.4 percent through 2018. By 2018, the pressure transmitter market in Western Europe is projected to reach almost $740.0 million. The most rapid market growth on a worldwide basis is occurring where new process plants are being built, primarily in China, the Middle East, and in developing Asian countries.
According to Dr. Jesse Yoder, president of Flow Research:
“The pressure transmitter market has grown substantially in the past four years. This market has a very large installed base, which contributes to growth. Suppliers have also made major improvements to the reliability and accuracy of pressure transmitters, which makes them more appealing to end-users. This market has also greatly benefited from the energy boom and from investments worldwide in the oil and gas industry. Multivariable, differential pressure, gauge, and absolute pressure transmitters have all shared in this growth.”
About Flow Research
Flow Research, with headquarters in Wakefield, Massachusetts, is the only independent market research company whose primary mission is to research flowmeter and other instrumentation products and markets worldwide. Flow Research specializes in flow measurement devices, and conducts market research studies in a wide variety of instrumentation areas that can be purchased by anyone interested in the topics. These studies are developed through interviews with suppliers, distributors, and end-users. Topics include all of the flowmeter technologies - both new and traditional - as well as temperature sensors, temperature transmitters, level products, and pressure transmitters. The company has a special focus on the energy industries, especially on oil and gas production and measurement. A series of quarterly reports called the Worldflow Monitoring Service provide regular updates on both the flowmeter markets and the energy industries (http://www.worldflow.com).
In 2015, Flow Research is doing the 3rd Edition of its classic series on the gas flowmeter market. This series is made up of a Core Study and six additional studies called modules. Areas of specific focus include custody transfer, multiphase measurement, and liquefied natural gas (LNG). Flow Research is also publishing two new studies on liquid and gas flow calibration (http://www.flowcalibration.org).