According to a recent survey published by FMI, the global Industrial Gauges market is expected to grow at a healthy CAGR during the forecast period between 2017 and 2027. The objective of the report is to uncover micro and macro-economic factors accelerating the sales of Industrial Gauges over the coming decade.
Advent of Industry 4.0 Technology to Create New Growth Avenues for the Industrial Gauges Market
The industrial sector is undergoing a change as manufacturers throughout the world place a high priority on incorporating modern automation. This is usually referred to as Industry 4.0.
With the advent of Industry 4.0, manufacturing facilities are emphasising the use of novel technologies such as artificial intelligence, smart manufacturing, internet of things (IoT), and machine learning, among others. This is projected to generate attractive growth prospects in the Industrial Gauges market.
Additionally, increasing government emphasis building a better manufacturing sector and integration of augmented and virtual reality using smart equipment to enhance the output is estimated to propel the demand in the market for coming years.
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Key Industrial Gauges Market Takeaways and Projections
· The U.S. is estimated dominate the Industrial Gauges market in North America, accounting for the largest share in the region through 2022.
· Germany is projected to account for a significant share in the Europe market over the assessment period.
· China is forecast to hold the lion’s share the East Asia market, projecting the fastest growth in the region between 2017 and 2027
· India is anticipated to emerge as a highly remunerative market in South Asia, accounting for the largest sales during the forecast period.
Report Benefits & Key Questions Answered
· Industrial Gauges Historical Market Outlook: Future Market Insight’s analysis examines vital dynamics, such as drivers, opportunities and challenges. It studies their impact on the market over the previous assessment period 2016-2020. The report provides crucial insights to market players to capitalize on opportunities and counter challenges.
· Industrial Gauges Demand-Supply Assessment: A latest study published by FMI offers in-depth insights into governing factors facilitating the demand outlook of the Industrial Gauges market. As per the survey, Industrial Gauges sales will project steady growth over the forecast period.
· Industrial Gauges Consumption by Demographics: The report published by FMI provides consumption by demographics analysis to assist the market players in formulating their marketing strategies on the basis of purchasing power of the customers. It examines changes in consumer behavior and also studies its effect on the demand for Industrial Gauges.
· Industrial Gauges Market Trend Analysis: FMI’s market trend analysis provide detailed insights into current and upcoming trends in the industrial automation industries. It also assist the industry players to identify potentials trends to capitalize on them.
Market Competition
Established in 1946, WIKA Instrument, LP is based in the U.S. It operates as a subsidiary of WIKA Alexander Wiegand GmbH & Co. KG. The company boosts its competence in manufacturing pressure gauges, pressure transmitters, diaphragm seals, and thermometers.
The broad product portfolio of the company includes meters and displays, level measurement products, pressure gauge mechanical and electrical temperature products, high precision and calibration test products, and similar accessories.
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Gauges Market: Market Segmentation
The industrial gauges market has been bifurcated on the basis of:
- Gauge Type
- Application
- End-use Industry
- Region
By Gauge Type
- Pressure
- Temperature
By Application
- Hydraulic systems
- Boilers
- Pumps
- Compressors
- Others
By End-use Industry
- Chemical
- Power
- Dairy
- Refining
- Petrochemical
- Pharmaceutical
- Others
Industrial Gauges Market Segmentation – By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Middle East and Africa
- Japan
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About Us
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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