Global Multivariable Transmitters Market Will Grow at a CAGR of Nearly 5% During 2019-2023 | Technavio
LONDON--(BUSINESS WIRE)--Jan 9, 2019--Technavio has announced the release of their research report on the Global Multivariable Transmitters Market for the forecast period 2019-2023. This multivariable transmitters market analysis report segments the market by end-users (oil and gas, C&P, power, M&M, and others) and geography (the Americas, APAC, and EMEA).
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Technavio predicts the global multivariable transmitters market size to grow by almost USD 293 million during 2019-2023, at a CAGR of nearly 5%. (Graphic: Business Wire)
Global multivariable transmitters market size will grow by almost USD 293 million during 2019-2023, at a CAGR of nearly 5%. Wireless multivariable transmitters are easy to install in remote locations and they eliminate the need for hard wiring. It is easier to add measurement points in wireless transmitters and a few of them can operate with remote process control and monitoring systems. They can also be connected using Bluetooth connectivity communication protocols. The demand for wireless multivariable transmitters is expected to increase due to the rise in remote operations in oil and gas, mining, and chemical and petrochemical industries.
Increasing focus on reducing the overall component required for flow measurement
Multivariable pressure transmitters can simultaneously capture static pressure, differential pressure, and temperature. They also offer a consolidated output, thereby providing a faster measurement of process variables and eliminate the need for the installation of separate sensors as most of the multivariable transmitters are integrated with real-time data analysis feature. System complexity, overall downtime, and associated cost are also reduced through optimized process controllability. This will promote the adoption of multivariable transmitters by end-users.
“Around 35% of the market’s growth will come from the EMEA region. The largest markets for multivariable transmitters in EMEA include Germany, the UK, and France. The factors such as growing investments in metals and mining and water and wastewater treatment industries are anticipated to drive the growth of the multivariable transmitters market in Europe. For instance, the European Investment Bank approved more than USD 3.5 billion for water-related projects in Europe in 2017. These projects involve improved sanitation and access to clean water for the citizens of Europe”, says an analyst at Technavio.
Multivariable transmitters are integral parts of the oil and gas industry as they are used in applications such as pipelines, compressors, and HVAC systems. With the crude oil prices stabilizing, major oil vendors are gradually resuming their offshore operations, particularly in regions such as the Gulf of Mexico and Brazil. For instance, ExxonMobil announced its new oil discovery offshore Guyana in March 2017. Esso Exploration and Production Guyana Ltd., a subsidiary of ExxonMobil drilled the well and encountered around 29 meters of high-quality, oil-bearing sandstone reservoirs.
This multivariable transmitters industry research report provides an in-depth analysis of the major drivers, upcoming trends, and challenges that will impact market growth over the forecast period. The report analyzes the competitive landscape and offers details on several multivariable transmitter product manufacturers including –ABB Emerson Electric Honeywell Siemens Yokogawa Electric
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. Technavio’s report library consists of more than 10,000 reports covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies.
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KEYWORD: EUROPE ASIA PACIFIC NORTH AMERICA SOUTH AMERICA AFRICA MIDDLE EAST
INDUSTRY KEYWORD: TECHNOLOGY CONSUMER ELECTRONICS HARDWARE MOBILE/WIRELESS PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES
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PUB: 01/09/2019 09:01 AM/DISC: 01/09/2019 09:01 AM