Market Size of Pressure Gauge Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.25 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Pressure Gauge Market Analysis
The pressure gauge market is anticipated to grow from USD 866.08 million in 2022 to USD 1049.20 million in 2028, registering 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 Industry Segmentation
A pressure gauge is a device that measures the pressure of fluid (gas/liquid) and provides the output in analog or digital form. An analog pressure gauge, which is also known as a mechanical gauge, uses a needle that points to a number on a scale corresponding to the pressure sensed by the measuring element. A digital pressure gauge displays the acting pressure in an integrated digital display and is more accurate and easier to read with a higher level of precision than a mechanical dial pressure gauge. Pressure gauges are used for measuring the fluid pressure in various applications. The scope of the report includes various pressure measurement equipment, like pressure gauges, pressure sensors, and pressure transducers. The demand for pressure gauges in various sectors, like aerospace and defense, automotive, healthcare, energy, and other industries, is included in the study. The other industries segment includes the food and beverage (F&B), mining, metal processing, and consumer goods industries.
The pressure gauge market is segmented by output type, application, and geography. By output type, the market is segmented into analog and digital. By application, the market is classified into aerospace and defense, automotive, healthcare, energy, and other applications. By geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The report offers the market size and forecasts by value (USD Million) for all the above segments.
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Pressure Gauge Market Size Summary
The pressure gauge market is poised for steady growth over the forecast period, driven by its critical applications across various industries such as aerospace, automotive, healthcare, construction, chemical, and oil and gas. The market experienced disruptions during the COVID-19 pandemic due to reduced demand from original equipment manufacturers and supply chain challenges. However, the surge in demand for medical equipment like ventilators and oxygen cylinders provided a temporary boost. Pressure gauges play a vital role in ensuring the reliability and accuracy of hydraulic and fluid-operated devices, which is essential for the proper tuning and calibration in these sectors. The healthcare segment, in particular, is expected to witness significant growth, with digital pressure gauges offering precise measurements for medical conditions.
The Asia Pacific region is anticipated to dominate the pressure gauge market, supported by its robust manufacturing and industrial sectors in countries such as China, Japan, India, and South Korea. The region's growth is further fueled by advancements in high-tech industries and the expansion of the aviation and defense sectors. The automotive industry in these countries also contributes to the market's expansion, with leading manufacturers producing a significant number of vehicles. The market is highly fragmented, with major players like Honeywell International Inc., Emerson Electric Co., AMETEK Inc., Meggitt PLC, and Crane Company investing in new technologies and products to enhance their global presence. Innovations such as Honeywell's next-generation cabin pressure control system and OMEGA's advanced digital pressure gauges exemplify the ongoing developments aimed at meeting the evolving demands of various industries.
Pressure Gauge Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Output Type
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2.1.1 Analog
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2.1.2 Digital
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2.2 Application
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2.2.1 Aerospace and Defense
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2.2.2 Automotive
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2.2.3 Healthcare
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2.2.4 Energy
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2.2.5 Other Applications
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.2 Europe
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2.3.2.1 United Kingdom
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2.3.2.2 Germany
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2.3.2.3 France
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2.3.2.4 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 India
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2.3.3.3 Japan
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2.3.3.4 Rest of Asia-Pacific
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2.3.4 Latin America
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2.3.4.1 Brazil
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2.3.4.2 Rest of Latin America
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2.3.5 Middle-East & Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 United Arab Emirates
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2.3.5.3 Turkey
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2.3.5.4 Rest of Middle-East & Africa
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Pressure Gauge Market Size FAQs
What is the current Pressure Gauge Market size?
The Pressure Gauge Market is projected to register a CAGR of 3.25% during the forecast period (2024-2029)
Who are the key players in Pressure Gauge Market?
Honeywell International Inc., Emerson Electric Co., AMETEK Inc., Meggitt PLC and Crane Company are the major companies operating in the Pressure Gauge Market.
