The worldwide market for pressure transmitters is expected to grow at a compounded annual growth rate of 3.8 percent to nearly $1.8 billion by 2009, according to a study by ARC Advisory Group (www.arcweb.com). The study cites increased uptake for multivariable transmitters as a reason for the market growth.
ARC says increased consumer demand and spending in 2004 sparked renewed investment in process automation. At the same time, ARC says a boom in development in Asian countries fueled a rise in demand for pressure transmitters.
In addition, the study points to increased uptake for smart pressure transmitters as a major contributing factor to growth. Smart transmitters provide the benefits of improved accuracy, reliability, and long-term drift. According to ARC, these high-performance pressure transmitters are being more widely implemented in greenfield projects where manufacturers can take full advantage of their increased functionality, while safety integrity level (SIL)-rated pressure transmitters are driving brownfield growth. Further, smart transmitters are more expensive than their traditional counterparts, which ARC says is also contributing to increased supplier revenues.
ARC acknowledges that its projected 3.8 percent growth rate for pressure transmitter revenues may appear optimistic. However, the research firm says enormous demand in Asia, where growth is expected to be well above average, will help the market achieve its projected growth rate. ARC does not believe development in China will slow down until late in the forecast period, by which time it expects new development to pick up in other Asian countries.