Pressure Gauges Market Size, Share, Opportunities, And Trends By Type (Absoulute Pressure Gauge, Differential Pressure Gauge, Diaphragm Pressure Gauge, Others), By Material (Brass, Steel, Plastic), By Product Type (Digital, Analog), By End-User (Automotive, Chemical, Pharmaceuticals, Oil & Gas, Aerospace & Defence, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Jun 2023
- Report Code : KSI061615598
- Pages : 143
The global pressure gauges market is estimated to grow at a CAGR of 4.28% during the forecast period.
Pressure gauges, alternatively referred to as pressure meters or vacuum gauges, serve as essential instruments utilized to determine the internal pressure of substances within a particular system. These devices are widely employed in various industrial facilities due to their frequent usage and importance in monitoring and maintaining operational conditions. They are broadly classified into three types absolute pressure gauge, differential pressure gauge, and diaphragm pressure gauge. The bolstering growth of various sectors namely pharmaceuticals, chemicals, and oil & gas are the prominent drivers propelling the pressure gauge market growth.
Rising pharmaceuticals sector drives the pressure gauge market growth.
Pressure gauges are utilized in pharmaceutical equipment such as reactors, filtration systems, distillation columns, and sterilization chambers to ensure precise pressure management and prevent any deviations that could compromise the safety of the operations. The pharmaceutical sector is playing a significant role in boosting the pressure gauge industry and as the industry strives to maintain strict quality control and ensure the safety of its manufacturing processes, pressure gauges are essential instruments for monitoring and regulating critical pressure. According to the European Federation of Pharmaceutical Industries and Associations, the European pharmaceutical industry demonstrated remarkable progress in 2021. Production figures surged from approximately 286,697 units in 2020 to a substantial increase of 300,000 units in 2021. This upward trend in production indicates a positive development for the Eurozone's pharmaceutical sector.
Booming chemical industry bolsters the pressure gauge market growth.
Chemical plants and facilities require accurate and reliable pressure gauges to ensure the safe and efficient operation of various processes. Pressure gauges are utilized in critical applications such as monitoring and controlling pressure in reactors, pipelines, storage tanks, and other equipment as a result, their growing applicability is expanding the pressure gauge market size. According to the European Chemical Industry Council, there is substantial growth in global chemical sales, with a remarkable increase of 15.2% from €3,494 billion in 2020 to €4,026 billion in 2021. Among the leading contributors to these sales, the EU27 chemical industry secures the second position with a share of 14.7%.
The growing oil & gas sector has enhanced the pressure gauge market size.
The pressure gauge market receives a substantial boost from the oil and gas sector as the pressure gauges are utilized across various critical applications such as drilling, exploration, production, refining, and transportation of oil and gas. Their primary function is to monitor and control pressure levels in essential components such as pipelines, storage tanks, wellheads, and other equipment. By ensuring accurate pressure measurements, pressure gauges contribute to the safety and efficiency of oil and gas operations. The growing oil demand on a global scale coupled with the establishment of exploration projects has propelled the demand for pressure gauges. For instance, according to the International Energy Agency, the global oil demand is estimated to increase by 6% from 2022 to 2028, reaching a significant volume of 105.7 million barrels per day.
Asia-Pacific region is anticipated to dominate the market.
The Asia-Pacific region with its dynamic industrial landscape has emerged as a dominant player in the global pressure gauge industry. According to the Department of Pharmaceuticals by 2025, the medical device industry in India has the potential to achieve a remarkable market value of $50 billion. As the 4th largest medical devices market in Asia, India follows Japan, China, and South Korea. Additionally, it holds a prominent position among the top 20 global medical device markets worldwide. Additionally, in March 2022 press release, the Australian Government announced a substantial investment of $132 billion in 2022–23 for significantly bolstering the health system with a rising to $140 billion in 2025–26. This commitment amounts to a total of $537 billion over the next four years, reflecting a strong focus on building a robust healthcare infrastructure for the future.
Alternative availability is restraining the pressure gauges industry growth.
The growing acceptance of electronic monitoring systems, such as remote monitoring and control solutions, has resulted in a decreased dependency on conventional pressure gauges. One of the primary advantages of electronic monitoring systems is their ability to provide real-time data. Unlike pressure gauges that offer point-in-time measurements, electronic monitoring systems continuously gather and transmit data, allowing for immediate analysis and decision-making. This real-time monitoring capability enables industries to promptly identify and address any deviations or abnormalities in pressure levels. Consequently, this trend has the potential to restrict the expansion of the pressure gauge market as electronic monitoring systems gain preference.
- October 2022: Parker Meggitt, a renowned global aerospace and defense engineering group launched an innovative product named iPRESS a cutting-edge long-range wireless tire pressure gauge designed specifically for aviation. This groundbreaking gauge not only provides an enhanced user experience but also ensures accurate verification of inflation pressure for aircraft tires.
- December 2020: Ashcroft launched a new product Ashcroft 1147 differential pressure gauge, which is a cutting-edge measurement solution that offers exceptional quality and cost-effectiveness in applications such as tank level monitoring, filtration, and flow monitoring. With its availability in two sizes, 4 ½" and 6" diameter dials, 1147 introduces a 270° dial arc, significantly enhancing resolution and accuracy. Moreover, it incorporates an upgraded movement mechanism, guaranteeing smoother pointer motion even in the presence of shock and vibration.
- May 2019: Omega launched its latest collection of cutting-edge High Precision Digital Pressure Gauges, spearheaded by the advanced DPG210 model. Boasting a generously sized LCD screen with a primary display of 17mm and five digits, this gauge offers exceptional clarity. It not only exhibits real-time pressure and local temperature readings but also provides the ability to showcase maximum or minimum pressures from reference data.
- Model JH: Honeywell International presents the impressive Model JH, a state-of-the-art Digital Pressure Gauge renowned for its high-pressure capabilities. Designed for demanding applications, it offers an exceptional pressure range spanning from 15,000 psi to an impressive 60,000 psi. With a remarkable accuracy of 0.2% FS (Full Scale), this gauge ensures precise and reliable measurements.
- Rose mount wireless pressure gauge: Emerson Electric introduces the cutting-edge Rosemount Wireless Pressure Gauge, a product designed with a durable and resilient construction that overcomes common failures associated with traditional gauges. Powered by industry-proven sensor technology, this pressure gauge offers enhanced resistance and reliability. With a remarkable lifespan of up to 10 years of maintenance-free operation,
- 1550/1553 Liquid Filled Pressure Gauge: A Stainless-Steel Gauge specifically designed for reliable performance by AMETEK Inc, which is equipped with a crimped ring and a dual-scale psi/kPa dial as standard, this gauge offers versatility and ease of use. It excels in environments characterized by high vibration, pulsation, pressure spikes, and condensation buildup.
Pressure Gauges Market Scope:
|Growth Rate||CAGR of 4.28% from 2021 to 2028|
|Forecast Period||2023 – 2028|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Type, Material, Product Type, End User, and Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Honeywell International Inc., Emerson Electric Co, AMETEK.Inc., WIKA Group, Omega Engineering, Inc, Excel Instruments, General Instrument Consortium, and more.|
|Customization Scope||Free report customization with purchase|
- By Type
- Absoulute Pressure Gauge
- Differential Pressure Gauge
- Diaphragm Pressure Gauge
- By Material
- By Product Type
- By End User
- Oil & Gas
- Aerospace & Defence
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. PRESSURE GAUGES MARKET ANALYSIS, BY TYPE
5.2. Absolute Pressure Gauge
5.3. Differential Pressure Gauge
5.4. Diaphragm Pressure Gauge
6. PRESSURE GAUGES MARKET ANALYSIS, BY MATERIAL
7. PRESSURE GAUGES MARKET ANALYSIS, BY PRODUCT TYPE
8. PRESSURE GAUGES MARKET ANALYSIS, BY END-USER
8.5. Oil & Gas
8.6. Aerospace & Defense
9. PRESSURE GAUGES MARKET ANALYSIS, BY GEOGRAPHY
9.2. North America
9.3. South America
9.5. Middle East and Africa
9.5.1. Saudi Arabia
9.6. Asia Pacific
9.6.3. South Korea
10. COMPETITIVE ENVIRONMENT AND ANALYSIS
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrativeness
10.3. Mergers, Acquisitions, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. COMPANY PROFILES
11.1. Honeywell International Inc.
11.2. Emerson Electric Co
11.4. WIKA Group
11.5. Omega Engineering, Inc
11.6. Excel Instruments
11.7. General Instrument Consortium
11.9. Watts Water Technologies
11.10. BCST Group Co. Ltd
Honeywell International Inc.
Emerson Electric Co
General Instrument Consortium
Watts Water Technologies
BCST Group Co. Ltd
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