The global fluid sensors market is expected to witness striking growth by 2030, due to the growing emphasis on industrial automation. The flow sensor sub-segment is expected to be the most lucrative. The Asia-Pacific region is expected to be dominant.
NEW YORK, July 6, 2022 /PRNewswire/ — Research Dive has added a new report to its offering titled, “Fluid Sensors Market by Type (Flow Sensor and Level Sensor), Technology (Non-contact Sensor and Contact Sensor), End-user (Automotive, Water & Wastewater, Oil & Gas, Chemical, Food & Beverage, Power & Utilities, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2030.“
According to the report, the global fluid sensors market is anticipated to generate a revenue of $25,388.9 million and rise at a CAGR of 7.45% during the analysis timeframe from 2022 to 2030.
Dynamics of the Fluid Sensors Market
The rising emphasis on industrial automation all across the globe is expected to foster the growth of the fluid sensors market during the estimated period. Besides, the increased emphasis on research and development of fluid sensors is predicted to bolster the growth of the market over the analysis period. Moreover, the increasing prominence of the industrial internet of things (IIOT), is projected to create huge growth opportunities during the forecast period. However, the capital-intensive nature of fluid sensors technology may hinder the growth of the market throughout the forecast timeframe.
Covid-19 Impact on the Fluid Sensors Market
The outbreak of the Covid-19 pandemic has had a negative impact on the fluid sensors market, likewise several other industries. This is mainly due to the decrease in consumer demand across industries where fluid sensors are utilized such as food & beverage, oil & gas, power & utilities, automotive, and many more during the pandemic period. However, the increasing need for the implementation of advanced technologies such as IIOT for remote monitoring of products and virtual control of production is expected to boost the growth of the market throughout the crisis.
Segments of the Fluid Sensors Market
The report has divided the market into various segments based on type, technology, end-user, and region.
By type, the flow sensor sub-segment is expected to be the most lucrative and is predicted to generate a revenue of $15,510.4 million during the analysis timeframe. The advancement in the measurement technology has led to cause a reduction in the manual measurement methods used for different parameters of fluid such as temperature, humidity, chemical and medical power generation, and many more, which is expected to fortify the growth of the market sub-segment during the forecast period.
By technology, the non-contact sensor sub-segment is projected to be the most profitable and is expected to generate a revenue of $15,258.4 million during the estimated period. The use of non-contact sensors in various fields such as measuring fluid flow rate in food production, catheterization, and many more, is expected to uplift the growth of the market sub-segment over the analysis timeframe.
By end-user, the power & utility sub-segment is predicted to be most productive and is expected to garner a revenue of $5,819.7 million during the forecast period. The increasing applications of fluid sensors in the power generation units such as thermal and hydropower plants to reduce the level of emissions are expected to upsurge the growth of the market sub-segment during the estimated timeframe.
By region, the Asia-Pacific region of the fluid sensors market is expected to hold the largest share of the market and is predicted to generate a revenue of $9,350.7 million during the analysis timeframe. The increasing economic development in the developing countries of this region due to the increasing per capita income and development of industrial infrastructure is expected to drive the regional growth of the market over the forecast period.
Key Players of the Fluid Sensors Market
The major players of the fluid sensors market include
1. Emersion Electric Company
3. Schneider Electric
4. NXP Semiconductors
5. Robert Bosch GmbH
6. SICK AG
7. Texas Instruments
9. Rockwell Automation
10. Siemens, and many more.
These players are working on the development of new business strategies such as product development, mergers, and acquisitions, collaborations, and partnerships, to obtain leading positions in the global industry. – Inquire here to get an access for Key Manufacturers Development Strategic Report
For instance, in November 2020, Siemens Energy, a leading energy company formed by the spin-off of the former Gas and Power division of Siemens Group, announced its partnership with ProFlex Technologies, a renowned provider of technology-driven solutions. With this partnership, the companies planned to provide leak detection services for pipeline operators.
Further, the report also presents other important aspects including product portfolio, the financial performance of the key players, SWOT analysis, and the latest strategic developments.
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