The new report by Expert Market Research titled, ‘Global Pressure Gauge Market Growth, Share, Size, Price, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global pressure gauge market, assessing the market based on its segments like output types, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 3.5%
The aerospace industry’s use of pressure gauges is fueling market expansion as it is critical to precisely measure the operating range of engines to enable effective maintenance and operations. Furthermore, the need to identify oil pressures in airplanes to avoid high-temperature conditions and excessive friction is driving up demand for analogue pressure gauges, which is boosting industry growth.
Furthermore, the increased deployment of fuel pressure gauges that can warn of any potential risk is augmenting demand for pressure gauges.
The extensive use of pressure gauges, such as gas-based and oil-based systems, is expected to boost the demand for pressure gauges. Furthermore, the need to measure pressure in industrial products such as water heaters, gas cylinders, and fire extinguishers is anticipated to increase the demand for pressure gauges.
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Pressure Gauge Industry Definition and Major Segments
A pressure gauge is a device that measures the fluid intensity of liquids or gases. It checks the pressure of a device or piece of machinery to guarantee uniformity and prevent machine leaks. It is used in a variety of industrial applications because it is essential for adjusting, setting, and constructing fluid power devices and systems.
The output types of pressure gauge in the industry are analogue and digital. The application segments of pressure gauge in the market are aviation and defence, automotive, healthcare, and energy, among others.
Pressure Gauge Market Trends
One of the primary factors driving the worldwide pressure gauge market is the growing desire to maximise production yield. Process and discrete sectors in all geographies are attempting to reduce downtime in order to increase production yield. The decrease of downtime can be achieved by effective equipment maintenance, thus pushing the demand for pressure gauge.
The ongoing COVID-19 epidemic is pushing the demand for ventilators, since patients in extreme situations require machine-assisted breathing. During the projection period, this is expected to generate parallel demand for digital pressure gauges from medical device OEMs.
The development of corrosion-resistant pressure gauges for use in harsh environments, such as the petrochemical, power, and energy industries, among others, is expected to increase demand, thereby, fueling market expansion.
Furthermore, the increased availability of chemical seals and case protectors to safeguard pressure gauges and increasing their durability, is favourably boosting industry growth. Aside from that, the increasing need for pressure gauges in the energy industry to transport natural gas is assisting market expansion. This trend is predicted to intensify in the forecast period as demand for alternative energy sources rises, fueling market expansion in the coming years.
Key Market Players
The major players in the market are WIKA Alexander Wiegand SE & Co. KG, QED Inc., Meggitt PLC, Honeywell International Inc., and Winters Instruments, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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