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The multivariable transmitters market size is forecast to increase by USD 329.77 million, at a CAGR of 5.12% between 2023 and 2028. The growth rate of the market depends on several factors rising focus on automation and optimum use of resources, growing investments in renewable energy sources and increased focus on reducing overall components required for flow measurement Our report examines historical data from 2018-2022, besides analyzing the current and forecasts market scenario.
In 2023, the multivariable transmitters market is poised for significant growth in North America, driven by the initiation of numerous upstream oil and gas projects and the launch of new chemical and petrochemical ventures in the region. ABB Ltd contributes to this market with its model 266CRH multivariable transmitters, specifically designed for differential pressure flow measurements. Additionally, Azbil Corp offers the Smart Multivariable Flow Transmitter Model JTD720A, a differential pressure transmitter equipped with built-in temperature and pressure compensation, designed to accurately measure the mass flow rate of gases.
Market Forecast 2024-2028
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Our researchers studied the market growth analysis research and growth data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
Traditionally, pressure transmitters, differential pressure transmitters, temperature transmitters, and flow computers were needed to measure changes in process conditions and to produce accurate mass flow readings. This increased the number of devices and costs associated with multiple pipe penetrations, process connections, wiring, and maintenance. This also increases system complexity. Therefore, replacing all of the devices mentioned with a multivariable transmitter has not only helped in reducing the overall installation cost by 35% -45% but also provided improved efficiency. Multivariable pressure transmitters capture the static pressure, differential pressure, and temperature simultaneously.
Also, they provide a consolidated output, thereby providing a faster measurement of process variables. As most of them are integrated with real-time data analysis features, separate sensor level are not required to be installed. The system complexity, overall downtime, and associated costs are also reduced through optimized process controllability. These factors should prompt the end-users to adopt, thereby driving the growth of the market during the forecast period.
Multivariable pressure transmitters can be used to calculate the differential pressure and absolute pressure. With a multivariable transmitter installed, there is no need for additional edge computing to calculate the flow rate. This type of pressure transmitter can be used as a flow meter, too. Manufacturers such as Emerson Electric Co. are integrating an element within the transmitter to perform the functions of a flow meter. These are used for various industrial applications to find differential pressures and to calculate the flow rate in pipelines. These pressure transmitters can eliminate the need for extra transmitters.
Moreover, their installation is cost-effective, considering the features provided by these devices. Hence, the preference for these devices from the end-users is increasing. Many consumers are already using these transmitters, which is contributing to the growth of the industry. Hence, the increase in the use of multivariable pressure transmitters is expected to be a growth-driving trend for the market during the forecast period.
Several end-user industries do not use them owing to their high cost. Only basic multivariable transmitter models are affordable; however, they are available only with limited functional capabilities. The prices of the models increase along with the features and functions they provide. For example, wireless transmitters and other types of digital transmitters are expensive compared with the basic models.
Moreover, the high prices of these products restrict many users from installing them. This remains a challenge for the pressure transmitter market, which can, in turn, hamper the growth of the market during the forecast period.
The market share growth by the pressure transmitter segment will be significant during the forecast period. The market is expanding rapidly, with pressure transmitters emerging as the predominant type segment. This increase is due to increased demand in a variety of industries, including oil and gas, pharmaceuticals, and manufacturing, where precise monitoring of many variables is critical. By delivering accurate and real-time data on pressure variations, pressure transmitters play a critical role in guaranteeing operational efficiency.
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The pressure transmitter segment was the latest and was valued at USD 452.64 million in 2018. Furthermore, technological improvements resulted in the development of smart and versatile pressure transmitters, which has accelerated their use. Pressure transmitters are rapidly being integrated into industrial processes to increase productivity, reduce downtime, and improve overall system reliability. This expanding market trend reflects the vital role that pressure transmitters play in current industrial applications, strengthening their position as a significant type in the market, which in turn is expected to drive the growth of the market during the forecast period.
Based on the end-user, the market has been segmented into oil and gas, chemical and petrochemical, power, metal and mining industry, and others. The oil and gas segment will account for the largest share of this segment. ?In the oil and gas industry, transmitters are used in upstream, midstream, and downstream operations. They are required to monitor the pressure to enhance the controllability of process variables in case of fluctuations, thereby maintaining the required safety level. LNG is required to be handled carefully during its transportation to avoid any spillage that could cause explosion, fire, or damage to the carrying vehicle. Safety can be ensured with the use of transmitters. Hence, the demand for multivariable transmitters from the oil and gas end-user industry is expected to increase, which in turn will drive the growth of the market during the forecast period.
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Europe is estimated to contribute 35% to the growth by 2028. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The demand for multivariable transmitters in the chemical and petrochemical industry in the region will increase due to the initiation of numerous new chemical and petrochemical projects. For instance, in January 2022, Saudi Basic Industries Corp. and Exxon Mobil Corp, in collaboration, launched the US Gulf Coast (USGC) Petrochemicals Project and started its operations at the Gulf Coast manufacturing facility in San Patricio County, Texas. The new manufacturing facility will produce materials used in packaging, agricultural film, construction materials, apparel, and automotive coolants.
Moreover, the operation contains a 1.8 MM metric tpy ethane steam cracker, two polyethylene units capable of generating up to 1.3 MM metric tpy, and a 1.1 MM metric tpy mono ethylene glycol unit. Thus, these developments in the chemical and petrochemical industry will increase the demand and consequently drive the growth of the market in the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
DP Flow - The company offers products such as IMV25 multivariable transmitter, IMV30 multivariable transmitter and SCADAPackTM 4102 ModbusTM multivariable transmitter.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including ABB Ltd., Azbil Corp., DP Flow, Eastern Instruments, Emerson Electric Co., Fuji Electric Co. Ltd., Honeywell International Inc., Integral Electronics, Meriam Process Technologies, Sarlin Oy Ab, Schneider Electric SE, Shanghai LEEG Instruments Co., Ltd, Siemens AG, SmartMeasurement, United Electric Controls, Yokogawa Electric Corp., KC Controls UK LLP, Maxima Automation Solutions Pvt. Ltd., and Motherwell Automation.
Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
Market Analyst Overview
The process instrumentation plays a vital role in industrial settings, encompassing various components like sensing components and control strategies. With advancements in technology, particularly in sensor technology and signal processing, there's a shift towards more efficient communication protocols and real-time monitoring capabilities. The focus on self-diagnosis and calibration helps minimize maintenance costs while enhancing instrument reliability. The ongoing digitization of processes ensures greater accuracy and enables technological developments such as advanced diagnostics and wireless connectivity. Integration with Industry 4.0 principles introduces concepts like Wi-Fi embedded microprocessors and LiDAR, facilitating optimal performance and supporting industrial automation. Additionally, features like machine learning algorithms and predictive maintenance contribute to improved efficiency and reduced downtime.
The market analysis and report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Multivariable Transmitters Market Scope |
|
Report Coverage |
Details |
Page number |
182 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.12% |
Market Growth 2024-2028 |
USD 329.77 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.88 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 35% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Azbil Corp., DP Flow, Eastern Instruments, Emerson Electric Co., Fuji Electric Co. Ltd., Honeywell International Inc., Integral Electronics, Meriam Process Technologies, Sarlin Oy Ab, Schneider Electric SE, Shanghai LEEG Instruments Co., Ltd, Siemens AG, SmartMeasurement, United Electric Controls, Yokogawa Electric Corp., KC Controls UK LLP, Maxima Automation Solutions Pvt. Ltd., and Motherwell Automation |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our market research and growth report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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