Global Pressure Gauge Industry Market by Product (Pointer Type and Digital Type), By Application (Gas and Liquid), By Region and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022–2032

Pressure Gauge Market Overview:

The Global Pressure Gauge Industry Market is projected to be USD 1.4 billion in 2021 to reach USD 2.7 billion by 2032 at a CAGR of 5.9%.

A pressure Gauge is a device that uses fluid force for measurement. Pressure gauges are an essential part of fluid power machines. If pressure gauges are not used, fluid-powered systems would be impossible to use as well as incalculable, rendering them unreliable and unpredictable. The gauges are useful to ensure that there is no leak or change in pressure, that might impact the operating condition of the hydraulic system.

The rapid industrialization in the developing markets and strict government policies towards industries is the big contributing factor to the expected increase in market growth. The growing markets like Oil and Gas, and chemicals are the ones that will drive the market in the future.

According to industrial research, 20-25% of the pressure gauges require replacement in the near future, which will be one of the big contributing factors in the pressure gauge market. Further, around 38-42% of the pressure gauges are going to require corrective action, which will drive the after-service market. Industrial automation might decrease the growth of the pressure gauge market.

Rapid industrialization will drive the pressure gauge market. Stringent governmental policies for machine control will help the market to increase. The replacement market of the pressure gauge will help the market boost. The growing demand for the pressure measurement of liquid and gaseous material will drive the market.

Global Pressure Gauge Industry Market Revenue (US$ Mn), 2018–2028

The target market is expected to be hampered by a few factors such as limited profit margins in the B2B market on smaller orders might restrict the market growth. The global economic recession might hinder industrial growth and thus the growth of the pressure gauge market.

The global pressure gauge industry market is segmented on the basis of product, application, and region. On the basis of the product, the market is segmented into pointer type and digital type. The pointer segment accounts for the majority share in the global pressure gauge industry market, while the digital is expected to register the highest growth rate over the forecast period.

On the basis of application, the market is segmented into gas and liquid. The gas segment accounts for a majority share of the global pressure gauge industry market.

Pressure Gauge Market drivers:

The Pressure Gauge Market is driven by various factors including increasing demand from various end-user industries such as oil and gas, chemical and petrochemical, water and wastewater management, power generation, and others.

Advancements in technology leading to the development of new and innovative pressure gauges with improved accuracy and reliability are another key driver. Growing concern for safety and regulations mandating the use of pressure gauges in certain industries is also driving market growth.

An increase in infrastructure projects and rising demand for process automation in various industries are also factors contributing to the growth of the market. Furthermore, increasing investments in research and development activities to improve the existing pressure gauge technology and to develop new products is also a key driver for the market.

Global Pressure Gauge Industry Market by Application, 2018

On the basis of region, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The North American region is expected to account for the majority share in the global pressure gauge Industry market, followed by Europe owing to an increase in industrialization.

Emerging economies, such as China and India, are expected to register the highest growth rate over the forecast period. Regions such as South America and Middle East & Africa are expected to register stable growth over the forecast period.

The research report on the global Pressure Gauge Industry market includes profiles of some of the major companies such as Spectris plc, Winters Instruments, Illinois Tool, AMETEK, Festo Corporation, AB SKF (publ), Swagelok Inc., Emerson Electric Co., W.W. Grainger, Inc. WIKA Instrument, LP, Baumer Holding AG, Nuova Fima SPA and other prominent players.

Key Market Segments:

Type

• Pointer type
• Digital type

Application

• Gas
• Liquid

Key Market Players included in the report:

• Spectris plc
• Winters Instruments
• Illinois Tool
• AMETEK
• Festo Corporation
• AB SKF (publ)
• Swagelok Inc.
• Emerson Electric Co.
• W.W. Grainger Inc
• WIKA Instrument
• LP
• Baumer Holding AG
• Nuova Fima SPA

For the Pressure Gauge Industry Market research study, the following years have been considered to estimate the market size: