The pressure gauge market is projected to register a CAGR of 3.25% during the forecast period.
- The market of pressure gauges is expected to increase significantly during the forecast period, owing to growth in the automotive, aerospace and defense, chemical, energy, and healthcare industries.
- The outbreak of COVID-19 pandemic led to an extremely high surge in the demand for ventilators and other medical equipment, such as oxygen cylinders. Many companies that are involved in other businesses shifted their focus on the development of ventilators and other medical equipment.
- The pressure gauge market is very highly fragmented, and few international brands have a global presence.
Key Market Trends
The Healthcare Segment of the Market is Anticipated to Witness the Highest Growth During the Forecast Period
In the healthcare sector, analog and digital pressure gauges are used in various medical equipment, such as ventilators and oxygen cylinders. Digital pressure gaugeswith MEMS sensor technology also provide highly accurate and reliable methods for measuring pressure in situ, during various clinical conditions, such as brain injury, heart failure, compartment syndrome, airway obstruction, and spinal tumor. Medical pressure sensors measure the oxygen tank level (about 2,000 psi or more) and the flow of oxygen (about 4 kPa) being delivered to the patient. Pressure sensors are also required in the module that concentrates oxygen (typically 2 bar) directly from the atmosphere. Moreover, the technological expertise required to design sophisticated pressure gauges and sensors that are sensitive to even minor fluctuations in pressure readings is encouraging merger and acquisition activities in the market. The ongoing COVID-19 pandemic is driving the demand for ventilators, as in extreme cases, patients require machine-assisted breathing due to the irreparable damage to their lungs. This is anticipated to create a parallel demand for digital pressure gauges from medical device OEMs and drive the healthcare segment of the market studied, during the forecast period.
Asia-Pacific Dominates the Market in Terms of Market Share
The Asia-Pacific region accounted for the largest share in the market in 2019, and the region is also projected to witness the highest growth rate during the forecast period. This is due to the presence of the manufacturing and industrial sectors in countries, like China, Japan, India, and South Korea. China ranks first around the world in industrial output. The Made in China 2025 initiative aims to develop high-tech industries, including electric cars and other new energy vehicles, next-generation information technology (IT) and telecommunications, advanced robotics and artificial intelligence, agricultural technology, aerospace engineering, new synthetic materials, advanced electrical equipment, emerging bio-medicine, high-end rail infrastructure, and high-tech maritime engineering. In the automotive sector, China, India, Japan and South Korea are some of the leading manufacturers of passenger cars and commercial vehicles in the region. Also, the energy sector is growing in Australia, New Zealand, and Southeast Asian countries. The growth in various industries in the region is anticipated to propel market growth in the Asia-Pacific region during the forecast period..
The market of pressure gauges is highly fragmented, with many local players in the market that support various industries, such as automotive, aerospace and defense, chemical, energy, and healthcare. Some of the major companies in the pressure gauge market are Honeywell International Inc., Emerson Electric Co., AMETEK Inc., Meggitt PLC, and Crane Co. Honeywell International Inc. and Emerson Electric Co. together account for more than 35% of the share in the market. The companies are investing in development of new pressure sensors and gauge models to increase their presence across the world. For instance, in May 2019, Emerson introduced Rosemount R305 Integral Manifolds and Rosemount R306 In-line Manifolds, the new manifold product family, for its Rosemount pressure transmitters, with a new Pressure-Lock Valve design for simplified high-pressure operation, enhanced safety, and reliability. Also, the company announced its plans to invest more than USD 100 million to expand its manufacturing space in its Boulder facility (180,000-square-foot) and launch a new innovation center (85,000-square-foot) focused on research and development, to design and develop advanced flow measurement products. Such investments are expected to bolster the company's growth across various regions in the coming years.
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