REPORT HIGHLIGHT
Bourdon Tube Pressure Gauges Market size was valued at USD 1,360.8 Million in 2022, expanding at a CAGR of 7.7% from 2023 to 2030.
A common mechanical tool for showing and measuring pressure is a Bourdon tube pressure gauge. It may be used to gauge the conditions of liquid and gas systems' pressure components. Despite having a straightforward exterior, the gadget is nonetheless a preferred pressure-measuring option across sectors.
Bourdon Tube Pressure Gauges Market - Market Dynamics:
- Growing oil & gas industries drive market growth
- Due to rising investments in the worldwide oil & gas sector, the Bourdon tube pressure gauges market is anticipated to expand. The pressure measurement instrument is utilized in this industry to gauge pressure in boilers, well fluids, pipelines, and other operating machinery. There will be increasing demands for effective Bourdon tube pressure gauges as the need for oil and gas rises in tandem with the expansion of these vital communities' usage. For instance, according to the Petroleum Planning Analysis Cell, in comparison to the same period in the previous year, crude oil imports rose by 7.9% in March 2023 and by 9.4% in April-March 2023, respectively. In March 2023, oil and gas import costs were $10.5 billion, down from March 2022 when they were $12.1 billion. $11.6 billion in funds was spent on importing crude oil, $1.5 billion on importing LNG, and $4.6 billion was spent on exports in March 2023. Thus, this is expected to drive the market growth over the forecast period.
Bourdon Tube Pressure Gauges Market - Key Insights:
- As per the analysis shared by our research analyst, the global Bourdon Tube Pressure Gauges market is estimated to grow annually at a CAGR of around 7.7% over the forecast period (2023-2030)
- The Bourdon Tube Pressure Gauges industry is projected to grow at a significant rate owing to rapid industrialization.
- Based on the type, the digital pressure gauges segment is expected to hold a significant market share over the forecast period.
- Based on region, the Asia Pacific is expected to dominate the market over the forecast period.
Bourdon Tube Pressure Gauges Market- Segmentation Analysis:
- The Global Bourdon Tube Pressure Gauges Market is segmented based on type, technology, application and Region.
- Based on the type, the global Bourdon Tube Pressure Gauges market is segmented into digital pressure gauges and analog pressure gauges. The digital pressure gauges segment is expected to hold a significant market share over the forecast period. It includes a digital information display, more precision, and improved data-entering capabilities. They additionally reduce the possibility of human mistakes. Fluid pressure in the range of 0.6 to 7,000 bar, or 8 to 1,000 pounds per square inch (psi), may be controlled with Bourdon tube pressure gauges. Thereby, driving the market growth.
Bourdon Tube Pressure Gauges Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific is expected to dominate the market over the forecast period. This is mostly due to the expanding use of pressure measurement gauges in the developing economies of nations like China and India, as well as others like Malaysia, Australia, and Japan, to mention a few. Bourdon tube pressure gauges are inexpensive investments, making them a great option for developing nations that are now investing extensively in all major industries to improve economic growth.
Bourdon Tube Pressure Gauges Market- Competitive Landscape:
The key players operating in the market are: ABB Ltd., Bourdon-Haenni SA, Emerson Electric Co., Baumer, Omega Engineering Inc., Dwyer Instruments Inc., Noshok Inc., Ashcroft Inc., Yokogawa Electric Corporation, Honeywell International Inc., McDaniel Controls Inc., AMETEK Inc., SMC Corporation, REOTEMP Instruments and WIKA Alexander Wiegand SE & Co. KG among many others.
Recent Developments:
In May 2023, the introduction of Bourdon pressure gauges, thermometers, and accessories to the US market was announced by Engineered Specialty Products, Inc. (ESP). The original Bourdon tube, used in the majority of pressure gauges, was created by Bourdon's creator Eugene Bourdon 150 years ago, helping to pave the way for contemporary industry.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL BOURDON TUBE PRESSURE GAUGES MARKET KEY PLAYERS
- ABB Ltd.
- Bourdon-Haenni SA
- Emerson Electric Co.
- Baumer
- Omega Engineering Inc.
- Dwyer Instruments Inc.
- Noshok Inc.
- Ashcroft Inc.
- Yokogawa Electric Corporation
- Honeywell International Inc.
- McDaniel Controls Inc.
- AMETEK Inc.
- SMC Corporation
- REOTEMP Instruments
- WIKA Alexander Wiegand SE & Co. KG
GLOBAL BOURDON TUBE PRESSURE GAUGES MARKET, BY TYPE
- Digital Pressure Gauges
- Analog Pressure Gauges
GLOBAL BOURDON TUBE PRESSURE GAUGES MARKET, BY TECHNOLOGY
- Electronic
- Mechanical
- Hydraulic/Pneumatic
GLOBAL BOURDON TUBE PRESSURE GAUGES MARKET, BY APPLICATION
- Chemical/Petrochemical Industry
- Power Industry
- Measurement
- Metallurgical Industry
- Oil & Gas
- Military Machinery
- Pulp & Paper
- Food & Beverages
- Pharmaceutical
- Water Treatment
- Others
GLOBAL BOURDON TUBE PRESSURE GAUGES MARKET, BY REGION
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA