The Global Market for Flow Sensors is Projected to Reach US$5.5 Billion by 2020
Expanding Applications & Strong
Replacement Demand Drive the Global Market for Flow Sensors, According to a New
Report by Global Industry
Analysts, Inc.
GIA announces the release
of a comprehensive global report on Flow Sensors markets. The
global market for Flow Sensors is projected to reach US$5.5 billion by 2020,
driven by expanding application areas and strong replacement demand in key
end-use markets.
As a technology that
measures the rate of fluid and air flow, flow sensors are vital for any equipment or device
used for monitoring and controlling the flow of gases or liquids. Key end-use application markets include oil
& gas, waste water management, petrochemical refineries, chemical
processing plants, and pulp & paper industries. The growing emphasis on energy efficiency, reduced
maintenance costs, enhanced asset utilization, and improved process monitoring,
is favoring adoption of flow sensors in industrial processing plants. With the
manufacturing sector embracing automation and control solutions, flow sensors
and transmitters are poised to witness strong demand.
Technology innovation
aimed at enhancing the accuracy and reliability of flow meters will also help benefit
market growth. The market is already witnessing a massive shift away from
conventional technologies like positive flow and differential pressure flow
meters, towards newer technologies like mass flow sensors,
magnetic flow sensors and those based on Vortex, Ultrasonic, Coriolis and
thermal measurement principles. Vortex, Ultrasonic and Coriolis flow sensors will
especially benefit from the projected rise in activity in oil and gas, chemical
and petrochemical industries in the coming years. The growing global focus on energy efficiency against
a backdrop of rising energy costs and environmental pollution is expected to
benefit the market. The need to reduce energy wastages is expected to assume
critical importance when mandatory carbon emission reporting turns carbon into
a fully tradable commodity. Under this scenario, the manufacturing industry is investing on efficient
energy management and monitoring systems including flow sensors, given their instrumental
role in tracking, monitoring and measuring energy consumption and controlling
energy wastages. Other advantages of flow sensors when used for sub-metering of
production processes include higher plant productivity, superior production
efficiencies, and early detection of equipment failure/malfunctioning.
Guided by factors such as
growing world population, contamination of water resources, expansion of water
infrastructure, and legislation of drinking water quality and waste-water
treatment norms, the water and wastewater industry is poised to emerge into a
lucrative end-use market. In the oil & gas industry, accurate flow
measurement is critical in efficient production of hydrocarbons. In the oil and
gas industry, flow sensors are used to identify leaks and fuel loss, measure cooling
water flow, hydraulic fluid flow and process gas flow, among others.
As
stated by the new
market research report on Flow Sensors, Asia-Pacific
represents the largest as well as the fastest growing regional market with a
CAGR of 6.3% over the analysis period.
Major players in the
global marketplace include ABB Limited, Analog Devices Inc.,
Robert Bosch GmbH, Emerson
Electric Company, First Sensor AG, Gems Sensors & Controls, Gill Research
& Development Ltd., Honeywell International Inc., Keyence Corporation,
Meggitt PLC, Omron Corporation, Posifa Microsystems, Sensirion AG, Sick Ltd.,
Siemens AG, Thomas Products Ltd., and UTC Aerospace Systems, among others.
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