Asia fuels growth of pressure transmitter market
An
ARC Advisory Group product story
Edited by the Engineeringtalk editorial team
Aug 11, 2005
The pressure transmitter worldwide market is expected to grow at a compounded annual growth rate of 3.8% over the next five years, according to a new report.
Increased adoption of multivariable transmitters and complete solutions has been a contributing factor to growth of the pressure transmitter market.
The pressure transmitter worldwide market is expected to grow at a compounded annual growth rate (CAGR) of 3.8% over the next five years.
The market, which was approximately $1492 million in 2004, is forecasted to reach nearly $1796 million in 2009, according to a new ARC Advisory Group study: "Pressure transmitter worldwide outlook".
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".
"The explosive growth in the Asian market fueled the growth of the pressure transmitter market", according to Field Systems Analyst Paula Hollywood, the study's principal author.
Increased adoption of smart pressure transmitters is a contributing factor to growth of pressure transmitter revenues.
This smarter generation of transmitter provides the benefits of improved accuracy, reliability, and long-term drift.
High-performance pressure transmitters 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 Brownfield growth.
Smart transmitters are more expensive than their traditional counterparts which are contributing to increased supplier revenues.
ARC's projected 3.8% CAGR for pressure transmitter revenues may appear somewhat optimistic.
What cannot be ignored is the enormous demand in Asia where growth is expected to be well above average.
Although many industry watchers have been expecting a manufacturing slowdown in China, it has not materialised.
The demand for pressure transmitters in China remains strong as efforts to build infrastructure and a manufacturing base continue with heavy investments in core sectors such as chemical and petrochemical, oil and gas, power, and steel production.
ARC does not expect growth in China to decrease until late in the forecast period at which time other developing countries in Asia are expected to pickup where China left off.
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