Pressure Recorders Market Size, Share, Growth, and Industry Analysis by Type (Digital Pressure Recorder, Manual Pressure Recorder), by Application (Pharmaceutical Industry, Energy and Utilities, Chemical/Petrochemical Industry, Food Industry, Power Industry, Others), Regional Insights, and Forecast To 2032

Updated On: 22 April 2024

Report Overview

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The global pressure recorders market size was 417.1 million in 2020. As per our research, the market is expected to reach USD 523.5 million in 2027, exhibiting a CAGR of 3.3% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with pressure recorders market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over. 

The pressure recorder is a data recording device for pressure monitoring. It incorporates sensors and smart meters into one, and can collect and record pressure data according to the set pressure recording interval. The growth is accredited to the growing demand for electronic devices across the world. The medical device manufacturing industry is anticipated to grow at a substantial rate over the forecast period due to its high product demand in various uses such as drug delivery systems, imaging equipment, and patient monitoring devices.  The uses of pressure recorders in medical device manufacturing can differ, but normally they are used as part of quality control and to maintain parts precision. A pressure recorder is a type of instrument used in the energy and utility industries to acquire data about pressures and flows in pipelines, tanks, and other fluid systems. The market is projected to witness extensive growth. This can be ascribed to the high adoption of advanced technologies and the presence of major industry players both contributing to the formation of abundant growth prospects. Developments in medical technology involve accurate pressure monitoring leading to a growth in the market within the healthcare sector. The growing prominence on safety standards and regulations in industrial operations is acting as a major growth-inducing factor for the market. The automotive industry is experiencing a technology transition with an increasing focus on comfort and safety which provides plenty opportunities for the development of pressure recorders. It is also used in engine management systems to monitor intake diverse pressure and enhance fuel delivery. This can benefit to improve fuel efficiency and reduce emissions. Participants are fixing their efforts on encouraging Research & Development. Technological development are supporting the regional market growth. Companies coming up with progressive technological solutions for firming their positions in the market.

COVID-19 Impact:  Pandemic hampered the market due to unexpected disruption in the sector

Covid 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. Covid 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

Latest Trends

"Use of innovative products to boost the market growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into digital pressure recorder, manual pressure recorder.

Digital pressure recorder will capture the maximum market share through forecast period.

• By Application Analysis

According to application, the market can be segmented into pharmaceutical industry, energy and utilities, chemical/petrochemical industry, food industry, power industry, others.

Pressure recorders market players cover segment as pharmaceutical industry will dominate the market share during forecast period.

Driving Factors

"Rapid expansion of the pharmaceutical industry to boost the market growth"

The prompt growth of the pharmaceutical industry is a substantial factor motivating the demand for focussed product variants. The constant evolution of pharmaceutical processes and the over-all push towards more operative and personalized medical treatments further increase the need for innovative pressure recorders.

"Technological advancement and development to upsurge the market."

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the pressure recorders market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market in variety of practices.

Restraining Factors

"High cost to hamper the market growth"

High cost is hampering development of pressure recorders market. Investment cost required for the industry is not affordable for all smaller companies. High initial cost, complex procedure and upkeep condition are involved in the restraining factors. Lack of knowledge and awareness is also another factor which is depleting the market growth. Technical difficulties will reduce the industry revenue.

Regional Insights

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"Asia Pacific to dominate the region due to growing demand in various industries"

Asia Pacific is further expected to witness growth in the pressure recorders market share. The region is dominating the market due to growing demand from end-user industries such as pharmaceuticals, the food & beverage sector. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

Key Industry Players

"Key players focus on partnerships to gain competitive advantage."

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.

List of Market Players Profiled

• Spectris (U.K.)
• Richard Jahre GmbH (Germany)
• Ametek (U.S.)
• Dickson (U.S.)
• Honeywell (U.S.)

Report Coverage

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.