New York, Dec. 06, 2023 (GLOBE NEWSWIRE) -- The global fluid sensors market size is poised to grow at a CAGR of over ~7.5% from 2024 to 2036. The market is anticipated to garner a revenue of USD 39 billion by the end of 2036, up from a revenue of ~USD 15 billion in the year 2023.The major factor for the growth of this market is the growing production of oil & gas. In 2022, there were a total of about 92 million barrels of oil produced everyday worldwide. The utilization of fluid sensing in the oil and gas sectors has grown more significant. As a result, the demand for fluid sensors is estimated to grow over the coming years.
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Tank level pressure can be tracked and recorded by sensors, which can warn businesses of potential safety issues before they become serious with the guidance of fluid sensors. Additionally, oil & gas are integrating IoT rigorously in their daily which could further aid in the efficiency of the sensor. IoT technology is already being used by a large number of oil and gas industries. Furthermore, approximately 19 percent of survey oil & gas companies want to incorporate IoT into their operations in the near future in the world. As a result, the market for fluid sensors is set to grow.
Growing Population to Boost the Growth of the Global Fluid Sensors Market
The overall population of the globe is expected to grow by almost two billion individuals throughout the course of the next 30 years, from currently 8 billion to 9.7 billion in 2050, with a potential peak of roughly 10.4 billion in the middle of the 1980s. Consequently, the demand for food & beverages is also growing and hence the market is predicted to rise. The food and beverage industry is frequently in need of guaranteeing that all of its products meet the required standards. As a result, numerous companies utilize fluid sensors to guarantee the products' consistency in flavor and softness with the goal of preserving their good name. Additionally, capable of detecting the quality of milk, wine, beer, etc. are these sensors.
Fluid Sensors Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Sewage Water Treatment to Drive the Market Expansion in Asia Pacific
The fluid sensors market in Asia Pacific is poised to capture the highest market share of about 38% over the forecast period. The major factor to influences the market expansion in this region is growing sewage water treatment. For instance, it is estimated that currently, over 39 percent of Singapore's water demand may be fulfilled by recycled wastewater; by 2060, that percentage is predicted to grow to close to 54 percent. Hence, the use of fluid sensors is predicted to grow over the coming years. Level sensors are frequently employed in wastewater treatment facilities for gauging the liquid and solid contents of tanks and other containers. With the real-time data these sensors provide on wastewater volume, operators are able to maintain an eye on the treatment process and adjust as needed to ensure optimal performance.
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Rising Demand for Renewable Energy to Influence the Market Expansion in North America
The North America market for fluid sensors is estimated to have significant share of about 27% over the coming years. This growth of the market in this region is set to be dominated by rising demand for renewable energy. In the United States, 20% of electricity is produced by renewable energy, and this figure is still rising.
Fluid Sensors, Segmentation by End-User
- Automotive
- Water & Wastewater
- Oil & Gas
- Chemical
- Food & Beverages
- Power & Utilities
The power & utilities segment is projected to capture the largest share in the market of close to 38% over the projected period. This growth of the segment is set to rise on account of rising demand for electricity. The amount of electricity consumed worldwide has increased steadily over the last 50 years, and in 2022 it is expected to reach about 25,400 terawatt-hours.
Fluid Sensors, Segmentation by Type
- Flow Sensor
- Level Sensor
The flow sensor segment is predicted to gather the largest share in the market of about 62% over the forecast period. The main element to dominate the segment growth is rising production of vehicles. Global automobile production expanded to about 84 million in 2022 from 2021, an approximately 4% rise.
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A few of the well-known industry leaders in fluid sensors market that are profiled by Research Nester are Texas Instruments, Rockwell Automation, Inc., Emerson Electric Company, Siemens, NXP Semiconductors N.V., ABB, Sick AG, Schneider Electric, Robert Bosch GmbH, Honeywell, and others.
Recent Development in the Fluid Sensors Market
- At its Brno Instrument Transformers and Sensors plant in the Czech Republic, ABB has invested 11 million USD in a brand-new, cutting-edge sensor production line. Brno is now the largest facility of its kind in the world, spanning 15,000 square meters. By 2026, Medium Voltage (MV) sensor manufacturing will exceed 100,000 units annually thanks to a nearly 100% increase in scale and speed due to the new production line.
- The distribution deal between Digi-Key and Schneider Electric was inked. Digi-(Thief Key's River Falls, Minnesota) will be able to offer a wider choice of Schneider Electric power, automation, control, and sensor solutions as a result of this new partnership, hence expanding its current line of electronic components and automation products.
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