The worldwide market for temperature transmitters is expected to grow at a compounded annual growth rate (CAGR) of 6.5% over the next five years, driven by a stronger emphasis on plant asset management (PAM) and safety applications.
The ARC Advisory Group says that, propelled by a booming automation market and robust capital expenditures, the temperature transmitter market has seen strong growth in recent years. Going forward, the market will continue to grow at higher than average rates, thanks to the continued emphasis on PAM and smart instrumentation, and an expected upswing in the adoption of wireless transmitters.
“Sales of smart temperature transmitters will outpace those of conventional and low cost devices, as users seek to improve their visibility into plant operations to maximize productivity and the availability of production resources,” according to Analyst Allen Avery, the principal author of ARC’s Temperature Transmitter Worldwide Outlook.
ARC anticipates that the adoption of wireless field devices will dramatically affect the dynamics of the market for temperature transmitters and other field devices. Regionally, suppliers can expect to see the largest growth in the Middle East, due to its high concentration of oil & gas activities and in Asia, where heavy investment in new plant construction continues in core sectors such as chemical & petrochemical, oil & gas, power, and steel production, where temperature transmitters are used extensively. In the mature North American and Western European markets, suppliers will largely rely on replacement business.