Global digital barometer demand is anticipated to be valued at USD 1.03 Billion in 2022, forecast to grow at a CAGR of 3.5% to be valued at USD 1.46 Billion from 2022 to 2032.
Although barometers had been invented centuries back, advanced digital barometers have witnessed a plethora of modifications with additional features, accuracy, and compactness.
| Report Attribute | Details |
|---|---|
| Estimated Base Year Value (2021) | USD 1 Billion |
| Expected Market Value (2022) | USD 1.03 Billion |
| Anticipated Forecast Value (2032) | USD 1.46 Billion |
| Projected Growth Rate (2022 to 2032) | 3.5% CAGR |
Advancements in the technology of digital barometers significantly spur the market of digital barometers. On the basis of modality, hand-held digital barometers are expected to account for the largest revenue share owing to maximum adoption by research laboratories and meteorological departments. However, wall-mounted digital barometers are expected to grow with the highest CAGR over the forecast period due to the incorporation of various advanced features.
On the basis of end-user, meteorological departments, and research laboratories are estimated to account for the largest market share in terms of revenue owing to the increasing number of research laboratories and higher adoption by them in the forecast period.
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Maintenance of specific atmospheric conditions is very important in research laboratories and pharmaceutical manufacturing as well as research and laboratory sites. Increasing demand for biotechnology and drug designing propel the growth of research institutes and pharmaceutical companies.
This is considered an important driver of the digital barometer market. The advancements in technologies fuel the growth of digital barometers in the market to develop new innovative product types with additional features and greater sensitivity in a compact size with affordability. Today’s digital barometers are popular for a variety of reasons ranging from contemporary styling, advanced features, greater precision, long life, and low-on-pocket nature. These characteristics make digital barometers a great choice for numerous applications in pharmaceutical industries, research laboratories, academic research institutes, and many more.
Apart from laboratories, digital barometers find applications in meteorological departments for weather forecasts. Digital barometers can efficiently tell the short-term expected changes in the climate. Modern-day digital barometers are wall-mounted tablets from digital barometers that come with multi-specialties such as temperature, future forecast, time, etc. Digital barometer display enables easy interpretation of measurements and allows computer storage of the analysis. The electronic format of digital barometers allows multiple scales for precision and sensitivity. Moreover, digital barometers track the atmospheric pressure for every minute.
The challenges associated with the growth of the global digital barometer market are variations in regulatory standards for different regions or countries. In addition, the cheaper cost of normal barometers with the same functionality makes end users not opt for digital barometers creating a restraint in the global expansion of the digital barometer market. However, digital barometer manufacturers are continuously focused on manufacturing digital barometers based on regional standards and are expected to overcome this challenge by the end of the forecast period.
According to Future Market Insights, North America is the most dominating market and holds the largest revenue share, due to the higher presence of research and academic laboratories. Increasing expenditure and funding on biotechnology and research and developmental programs are also a contributor to the domination of North America in the digital barometer market.
As per the FMI analysis, Europe accounts for the second large revenue share in the global digital barometer market, owing to the increasing adoption of digital barometers by end users and higher expenditure on research and development. Moreover, rapid growth is expected in the digital barometer market, due to advances in technology and the establishment of science research groups and laboratories.
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Some of the key participants present in the global digital barometer market include Thermo Fisher Scientific, Traceable Products, Meteorologische Instrumente KG, Fotronic Corporation, Shenzhen Handsome Technology Co., Ltd., NovaLynx Corporation, WIKA Alexander Wiegand SE & Co. KG, Ahlborn Mess- und Regelungstechnik GmbH, Aquatech Scientific Instruments LLC and Omegadyne, Inc., and others. Attributed to the presence of such a high number of participants, the market is highly competitive.
| Report Attribute | Details |
|---|---|
| Market Value in 2022 | USD 1.03 Billion |
| Market Value in 2032 | USD 1.46 Billion |
| Growth Rate | CAGR of 3.5% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Modality, End-Use, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia and the Pacific; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, Italy, France, United Kingdom, Spain, BENELUX, Russia, China, Japan, South Korea, India, ASIAN, Australia and New Zealand, GCC Countries, Turkey, South Africa |
| Key Companies Profiled | Thermo Fisher Scientific; Traceable Products; Shenzhen Handsome Technology Co. Ltd.; NovaLynx Corporation; WIKA Alexander Wiegand SE & Co. KG; Ahlborn Mess- und Regelungstechnik GmbH; Aquatech Scientific Instruments LLC; Omegadyne Inc. |
| Customization | Available Upon Request |
FMI projects the global digital barometer market to expand at a 3.5% value CAGR by 2032
North America is expected to be the most opportunistic digital barometer market.
Thermo Fisher Scientific, Traceable Products, and Meteorologische Instrumente KG are some prominent digital barometer manufacturers.
| Market Size (2024) | USD 8,131.3 million |
|---|---|
| Market Value (2034) | USD 16,603.7 million |
| Market Projected CAGR (2024 to 2034) | 7.4% |
| Market Size (2023) | USD 7,797.6 million |
|---|---|
| Market Size (2033) | USD 30,553.8 million |
| Market CAGR (2023 to 2033) | 14.6% |
| Estimated Market Value (2022) | USD 4.8 Billion |
|---|---|
| Projected Market Size (2032) | USD 42.5 Billion |
| Value-based CAGR (2022 to 2032) | 24.4% |
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Digital Barometer Market
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