Asset management drives growth in temperature transmitter market
Recovering from the economic downswing, process industries got back on track and temperature transmitter shipments saw positive growth in 2011. This recovery in the temperature transmitter market was mainly due to an increase in orders from growing industries such as oil & gas, chemical and electric power. The continued emphasis on plant asset management and Fieldbus technology also proved to be a strong growth enabler for smart temperature transmitters, according to a new ARC Advisory Group market research study, “Temperature Transmitter Worldwide Outlook.”
Manufacturers have begun to realize the cost saving benefits of implementing HART and digital protocol standards to enable plant asset management, particularly in the maintenance and operation phase of the asset’s lifecycle. Growth and spending for plant asset management systems continue to outpace that of the automation industry in general as end users seek to reduce maintenance costs and increase production availability using tools, such as predictive diagnostics and software-based configuration solutions.
Among many other benefits, smart temperature transmitters offer diagnostic capabilities that help end users strengthen their asset management initiative, and save precious time and money. This asset management focus of users is fueling demand for smart transmitters. The wealth of information provided by temperature measurement technology cannot only reveal the health of a company’s plant assets for PAM purposes, but can also help users diagnose their processes.
When most parts of the world are struggling with weak economic recovery, business opportunities are maximum in the global regions that are experiencing the highest industrial and infrastructure growth, such as BRIC (Brazil, Russia, India, China), MIST (Mexico, Indonesia, South Korea, Turkey), and MENA (Middle East, North Africa) countries. These growth regions continue to draw investment from around the world and are witnessing significant industrial expansion and improvement in manufacturing operations.