Rapid Growth Predicted For Pressure Gauge Industry to Exhibit a Moderate 5.9% CAGR Through 2028
Pune, Maharashtra, November 15, 2019 (Wired Release) Prudour Pvt. Ltd. A pressure Gauge is a device which 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 for the expected increase in market growth. The growing markets like the Oil and Gas, chemical are the ones which will drive the market in future. According to the industrial research, 20-25% of the pressure gauges require replacement in the near future, which will be one of the big contributing factors in 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.
The global Pressure Gauge Industry market is projected to be US$ 1,218.5 Mn in 2018 to reach US$ 2,165.4 Mn by 2028 at a CAGR of 5.9%.
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.
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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 the industrial growth and thus the growth of pressure gauge market.
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 in the global pressure gauge industry market.
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On the basis of region, the market is segmented into North America, Europe, Asia Pacific, South America and the Middle East and Africa. The North America region is expected to accounts for the majority share in the global pressure gauge Industry market, followed by Europe owing to 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 and Africa are expected to register stable growth over the forecast period.
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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.