Dedham, Massachusetts; August 15, 2007: Driven by a stronger emphasis on plant asset management (PAM) and safety applications, the worldwide market for pressure transmitters is expected to grow at a compounded annual growth rate (CAGR) of 5.2% over the next five years. 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.
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 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 Analyst Allen Avery, the principal author of ARC’s “Pressure Transmitter Worldwide Outlook.”
PAM and Safety Applications to Drive Market Growth
With a variety of suppliers from which to choose and advanced features such as plant asset management that give manufacturers a window into the health of their equipment and processes, users are applying pressure transmitters more extensively in their plants. Recent industrial accidents in the oil & gas sector have brought safety to the forefront for the process industries, and have highlighted the need for better process measurements. This is driving the increasing adoption of reliable SIL- rated transmitters for Safety Instrumented Systems.
Wireless Technology Gaining Momentum
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 economically connect field devices to take process measurements that would not have been feasible before, due to 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.
The Middle East and Asia Offer Highest Growth Potential
Regionally, suppliers can expect to see the largest growth in the Middle East, due to its high concentration of oil & gas activities and in Asia, where heavy investment in new plant construction continues in core sectors such as chemical & petrochemical, oil & 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
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