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Flow Research Study Finds Strong Growth for Pressure Transmitter Market
Wakefield, Massachusetts, December 13, 2007 — A new research study finds strong growth for the worldwide pressure transmitter market. The new study from Flow Research (www.flowresearch.com), called The World Market for Pressure Transmitters, 2nd Edition, found that the worldwide pressure transmitter market totaled $1.93 billion in 2006, with a projected yearly growth of 6.1 percent through 2011. The most rapid growth is occurring where new process plants are being built, primarily in China, the Middle East, and in developing countries in Asia.
Pressure transmitters are widely used in the oil and gas industry, which is currently undergoing rapid growth. Increases in the price of crude oil have generated a major increase in upstream oil and gas activity. It is now profitable to drill for oil in many locations that were previously too expensive for oil exploration and production. Other industries where pressure transmitters are widely used include refining, chemical, and power.
Rapid growth in the multivariable transmitter market is also driving growth in the pressure transmitter market. The market for multivariable pressure transmitters for flow more than doubled in the past four years, the study found. In addition, a large number of current users reluctant to abandon their investment assures sustained growth in the differential pressure transmitter market. Even when faced with a need for higher performance levels, many of these users will choose to stick with differential pressure transmitter technology as suppliers provide advanced features. A need for higher performance also encourages users to move up the ladder from pressure transducers to pressure transmitters.
According to Dr. Jesse Yoder, president of Flow Research, the future looks bright for pressure transmitters:
“Instrumentation markets are riding a wave of capital expansion in the process industries that began in 2004. Pressure transmitters are benefiting from that expansion. Growth in the process industries, together with increased activity in the oil and gas industry, is expected to drive the pressure transmitter market to new revenue levels in the next several years.”
The chart below shows the projected growth of the worldwide pressure transmitter market from 2006 to 2011.
Flow Research (www.flowresearch.com) is a market research company that specializes in providing market data and strategies on flow, pressure, and temperature products. In addition to the above pressure transmitter study, Flow Research has published a study called The World Market for Differential Pressure Flowmeters and Primary Elements, 2nd Edition. Current study topics include Coriolis and ultrasonic flowmeters, as well as steam flow measurement. Flow Research also publishes quarterly updates on the flowmeter and energy markets as part of the Worldflow Monitoring Service (www.worldflow.com).
Total Shipments of Pressure Transmitters Worldwide
(Millions of Dollars)
Compound Annual Growth Rate (CAGR) = 6.1%