This will mostly be due to higher investments in the chemicals and petrochemicals and power generation end-user sectors. Other factors supporting steady market growth are technical advancements, infrastructural development in end-user sectors and migration toward electronic pressure measurement.
New analysis from Frost & Sullivan (sensors.frost.com), South African Pressure Sensors Market, finds that market earned revenues of over $22.5 million in 2007 and estimates this to reach $40.5 million in 2014.
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"Several major factors will drive demand for pressure sensing technologies in the chemicals and petrochemicals and power generation end-user sectors," notes Frost & Sullivan Research Analyst James Fungai Maposa. "These include the need for investment within the power sector, the boom in metal prices during the first half of 2008, and informed decision-making for batch process industries."
In the long term, a surge in demand is anticipated in the chemical and petrochemicals, power generation, metals, minerals and mining, automotive as well as water and wastewater end-user sectors. Moderate growth is expected for the food and beverage, pulp and paper, and pharmaceutical end-user sectors.
However, the current global financial crisis could limit the financial resources available for key end-user expansion and periodic equipment replacement purchases. Major end-user companies are tightening their budgets in order to stay viable and profitable, resulting in reduced purchases of pressure sensing equipment.
A flexible pricing strategy and the establishment of a sensor repair facility are strategies that suppliers could adopt to maintain a sizeable client base capable of sustaining revenue generation over the long term.
"To maintain market growth, suppliers should also market the benefits of purchasing newer pressure sensing technologies including software competence, multivariable measurement and harsh environment adaptability," concludes Maposa.
South African Pressure Sensors Market is part of the Sensors & Instrumentation Growth Partnership Service programme, which also includes research in the following markets: South African Flow Sensors Market, South African Channel Partners Analysis for Industrial Automation and Control Solutions, and South African Valves and Actuators Market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
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South African Pressure Sensors Market / M301