The Global Market for Flow Sensors is Forecast to Reach US$6.5 Billion by 2024

Development of Technically Advanced Flow Sensors and Expanding Applications Drive the Global Flow Sensors Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size, and demand forecasts on the global Flow Sensors market. The global market for Flow Sensors is forecast to reach US$6.5 billion by 2024, driven by the advent of modern technologies; growing popularity of miniaturized and smart flow sensors; and continued demand from traditional end-use sectors such as automotive, oil & gas, medical, and process industries.

As a technology component that measures the rate of fluid and/or air flow, flow sensor is a vital element for any equipment or device used for monitoring and controlling flow of gases or liquids in a range of end-use applications. They are typically used in equipment such as flow meters that measure linear/non-linear or volumetric flow rate of liquids/ gases. In the modern industrial set up, the need for flow sensors continues to grow and evolve as seen by its huge adoption in automotive industry, oil & gas sector, and process industries such as water conservation & waste water management, petrochemical refineries, chemical processing plants, and pulp & paper industries. Thanks to their increasing sensitivity, flow sensors have also been finding use in aircraft, shipbuilding and discrete manufacturing industries, medical sector, power plants and construction sector.

Growing acceptance of the use of technology for measuring flow of gases or liquids in wide range of industries has also been encouraging their consumption. Government regulations pertaining to safety and industrial flow sensing standards are also factors driving demand for flow sensors in key end-use markets. The ever rising energy demand and subsequent increase in activity in oil & gas sector and growing focus on renewable energy sector will also boost market prospects for flow sensors in the coming years. Growing focus on achieving optimum asset utilization, reducing maintenance costs, and realizing high energy efficiency, better process monitoring have been favoring adoption of flow sensors. With many manufacturers and process industries embracing automation and control solutions for achieving aforementioned goals, poised to benefit are flow sensors and transmitters. The healthcare segment of the flow sensors market has evolved considerably from a niche, low coverage area to the mainstream market. Some of the primary factors responsible for value gains within the segment are technological advancements, investment in R&D and rising demand for advanced medical equipment.

Traditional flow sensor technologies such as positive flow and differential pressure flow however have been giving way to relatively new technologies such as mass flow sensors, magnetic flow sensors and those based on Vortex, Ultrasonic, Coriolis and thermal measurement principles. Technology developments, which render flow sensors more accurate, reliable, efficient, versatile, and at the same time less expensive will drive significant opportunities in the market. Flow sensors in smaller form factors will especially gain significant traction in coming years given the trend towards miniaturization of electronic systems in which they are incorporated. In addition, improvements in chips, microprocessors etc. will drive down the prices of flow sensors and expand market penetration. There is also a huge demand for smart flow sensors equipped with micro-controllers and featuring two-way digital communication and self-diagnostic capabilities.

As stated by the new market research report on Flow Sensors, Japan represents the single largest market worldwide. Asia-Pacific (excluding Japan) is the fastest growing market exhibiting a CAGR of 6.0% over the analysis period. Primary reason for this growth includes the rapid strides in industrialization. Leading end-use industries with favorable demand prospects for flow sensors in the region include automobiles, electronics and communication, biotechnology and pharmaceutical and household appliances.

Key players in the market include ABB, Analog Devices Inc., Emerson Electric Co., First Sensor AG, Gems Sensors & Controls, Gill Research & Development Ltd., Honeywell International Inc., Keyence Corp., Meggitt PLC, Omron Corp., Posifa Microsystems Inc., Robert Bosch GmBH, Sensirion AG, SICK AG, Siemens AG, Thomas Products Ltd., and UTC Aerospace Systems, among others.

The research report titled “Flow Sensors: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, and other strategic industry activities of global companies. The report provides market estimates and projections in value (US dollars) terms for major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, and Rest of Latin America), and Rest of World.

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