Pressure Gauge Market Analysis
The Pressure Gauge Market is expected to register a CAGR of 3.25% during the forecast period.
The COVID-19 pandemic severely impacted various industries such as aviation, automotive, construction, and others. Reduced demand from OEMs and disrupted supply chains hinder the pressure gauge market during the pandemic. On the other hand, the outbreak of the 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 to the development of ventilators and other medical equipment.
Pressure gauges are used in various industries, such as aerospace, automotive, healthcare, construction, chemical industries, and oil and gas. Pressure sensors are used for hydraulic systems as well as test and measurement applications. These sensors are used for force and torque in different parts of aircraft including actuation systems, braking systems, and in-flight controls. The growing aviation sector, increasing demand for new aircraft, and aircraft modernization programs create demand for pressure sensors which in turn drive the growth of the market.
Pressure gauges detect leaks, and pressure changes that reduce the unreliability and unpredictability of hydraulic and other fluid-operated devices and help in the proper tuning and calibration of such devices. Thus, increasing the use of pressure gauges in various end-user industries boost the growth of the market during the forecast period.
Pressure Gauge Market Trends
Healthcare Segment is Projected to Show the Highest Growth During the Forecast Period
The healthcare segment will showcase remarkable 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 gauges with 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 COVID-19 pandemic has sharply driven the demand for ventilators, as in extreme cases, patients require machine-assisted breathing due to irreparable damage to their lungs. For instance, in July 2022, Nanochip announced the launch of a gauge pressure sensor NSPGS5 series. The newly launched products use a CMOS mixed-signal conditioning chip to amplify, calibrate and compensate the output of the MEMS core. Such developments will drive the market growth during the forecast period.
Asia-Pacific Dominates Market Share in the Market During the Forecast Period
Asia Pacific is anticipated to dominate market share during the forecast period. The growth is attributed to the presence of the manufacturing and industrial sectors in countries, like China, Japan, India, and South Korea. China ranks first in 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. Also, the rapid expansion of the aviation and defense sector in the Asia Pacific creates demand for new commercial as well as military aircraft and the rising number of local manufacturers will drive the market growth in coming years.
Furthermore, 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.
Pressure Gauge Industry Overview
The market of pressure gauges is highly fragmented, with the presence of several players holding significant shares 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 Company. The key original equipment manufacturers (OEMs) are highly investing in the development of new pressure sensors and gauge models to increase their presence across the world.
For instance, in January 2021, Honeywell International Inc. introduced the next generation of its cabin pressure control and monitoring system with applications in both commercial and military aircraft. The new version of the system is all-electric, lighter-weight, and used for business and regional aviation as well as tactical or military trainer-sized aircraft. Such investments are expected to bolster the company's growth across various regions in the coming years.
Pressure Gauge Market Leaders
Honeywell International Inc.
Emerson Electric Co.
AMETEK Inc.
Meggitt PLC
Crane Company
- *Disclaimer: Major Players sorted in no particular order
Pressure Gauge Market News
- In December 2022, OMEGA announced the launch of DPG509, OMEGA's newest series of digital pressure gauges, an advanced product designed with maximum functionality. The new DPG509 features a user-friendly interface with four buttons and a large 4-digit backlit display. The full-scale accuracy the product offers is as high as 0.08%.
- In October 2022, Parker Meggitt announced the launch of iPRESS, a long-range wireless tire pressure gauge for aviation. The new pressure gauge will be used for a range of Cessna and Beechcraft products manufactured by Textron Aviation. The new gauge will deliver an enhanced user experience by verifying inflation pressure through the use of the company's Wireless Tire Pressure Sensor (WTPS), and a new tire pressure status feature that is integrated into the Textron Aviation Service app for smartphones and tablets.
