LONDON--(BUSINESS WIRE)--The new pressure transmitters market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the growing popularity of pressure transmitters due to pressure equipment accidents,” says a senior analyst for industrials at Technavio. The vendors should focus on growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover Technavio expects the pressure transmitters market size to grow by USD 374.98 million during the period 2020-2024.
Pressure Transmitters Market Segment Highlights for 2020
- The pressure transmitters market is expected to post a year-over-year growth rate of -5.25%.
- Based on the end-user, the oil and gas segment saw maximum growth in 2019. Factors such as the growing popularity of pressure transmitters due to pressure equipment accidents will increase the growth of the segment.
- The growth of the segment will be significant during the forecast period.
Regional Analysis
- 48% of the growth will originate from the APAC region.
- APAC will offer several growth opportunities to market vendors during the forecast period. The growing use of wireless pressure transmitters will significantly increase the pressure transmitters market's growth in the APAC region.
- China and Japan are the key markets for pressure transmitters in APAC.
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Notes:
- The pressure transmitters market size is expected to accelerate at a CAGR of over 2% during the forecast period.
- The pressure transmitters market is segmented by end-user (oil and gas, chemicals and petrochemicals, Power generation, Mining, and Other industries), type (Differential pressure transmitters, Multivariable pressure transmitters, and Other pressure transmitters), and geography (APAC, North America, Europe, MEA, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including ABB Ltd., Azbil Corp., Emerson Electric Co., Endress+Hauser Group Services AG, Fuji Electric Co. Ltd., General Electric Co., Honeywell International Inc., Schneider Electric SE, Siemens AG, and Yokogawa Electric Corp.
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