Selbyville, Delaware, May 18, 2021 (GLOBE NEWSWIRE) --
According to latest report “Mass Flow Controller Market by Material Type (Stainless Steel, Exotic Alloys), Flow Rate (Low Flow Rate, Medium Flow Rate, High Flow Rate), Product Type (Differential Pressure Flow Meter, Thermal Mass Flow Meter, Coriolis Mass Flow Meter), Connectivity Technology (Analog, Profibus, RS-485, ProfiNet, EtherCAT, Ethernet/IP, Modbus RTU, DeviceNet, Foundation Fieldbus), Industry Vertical (Oil & Gas, Pharmaceutical, Food & Beverages, Chemical, Healthcare & Life Science, Semiconductor, Water & Wastewater Treatment), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of mass flow controller will cross $1.5 billion by 2027.
The market growth is credited to favorable government initiatives supporting smart manufacturing in industries across developed economies. The countries, such as China, South Korea, the U.S., and Taiwan, are emphasizing on smart factory adoption, which is anticipated to fuel the demand for mass flow controllers. In January 2020, Government of South Korea announced to invest USD 414.4 million in establishing and adding new smart factories in the country. Through this funding, the government aims to support local manufacturers to integrate smart and automated systems into the production facilities to boost the country’s economy. These smart factories are integrated with industrial pipelines, valves, fittings, and automation equipment that requires mass flow controllers for process control operations. The development in IoT and smart sensor technologies will further support the market expansion.
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The high flow rate segment captured 20% of the mass flow controller market share in 2020 on account of the increasing requirement of high flow rate controllers from oil & gas and water & wastewater treatment sectors. The high flow rate controllers offer high accuracy and large measuring range from 0-1,500 standard-liter-per-minute (slpm). The excellent repeatability feature offered by these controllers will further support the industry growth over the forecast period.
The coriolis mass flow meter held 10% of revenue share in 2020 and will witness 3.5% growth rate through 2027 led by several high-end features offered by coriolis mass flow meters such as high reliability, low leakage rate, and precision flow monitoring of various liquids and gases. These flow meters offer high performance even in changing operating conditions such as temperature, pressure, viscosity, and fluid density. High mechanical performance and robustness will increase its adoption in harsh industrial environments and applications.
The RS-485 segment accounted for 15% of the mass flow controller market share in 2020 and is estimated to grow at a CAGR of more than 7% by 2027 owing to high transmission speed up to 10 Mbit/sec offered by RS-485 connectivity technology. This technology enables multiple devices to be connected over a single framework, further resulting in faster response time. The market players are emphasizing on integrating RS-485 technology into their new products to stay competitive in the market.
The chemical segment in the mass flow controller market captured around 10% of the revenue share in 2020 and is predicted to expand at a CAGR of 5% through 2027 driven by the increasing demand for mass flow controllers in chemical reactors, catalyst research, gas chromatography, and mass spectroscopy systems used in the chemical sector. Rising government initiatives to accelerate the manufacturing and process industry will foster the market opportunities for mass flow controller manufacturers.
The Europe mass flow controller market is poised to register over 5% CAGR during 2021 to 2027 due to the presence of major pharmaceutical manufacturers in the region including Pfizer, Inc., AstraZeneca, Novo Nordisk, etc., which are focusing on high-volume manufacturing of drugs and vaccines for various diseases. In addition, the regional pharma companies are highly investing in R&D activities, which will further fuel the pharmaceutical production.
Some of the major companies operating in the mass flow controller market include Alicat Scientific, Bronkhorst High-Tech, Brooks Instrument, Dwyer Instruments, Hitachi Metals, Ltd., Horiba, Ltd., MKS Instruments, Sierra Instruments, among others. These industry leaders are continuously involved in new product innovations and R&D activities to gain a competitive edge among other players.
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Some major findings of the mass flow controller market report include:
- Rising trend toward renewable energy generation will impel the growth opportunities for mass flow controller manufacturers. The mass flow controllers are extensively used for manufacturing solar cells and photovoltaic modules by efficiently controlling the supply of gaseous and liquid chemical compounds. Increasing government initiatives to boost the solar PV capacity will add opportunity to the market value.
- High-end mechanical properties offered by exotic alloy materials, such as high resistance to oxidation, corrosion & deformation under extreme pressure and temperatures, will amplify the adoption of mass flow controller in the market
- Increasing demand for low flow rate controllers in semiconductor manufacturing equipment will support the mass flow controller market demand. The low flow rate controllers offer high precision and accuracy, which are essential for various semiconductor manufacturing processes such as chemical vapor deposition (CVD), atomic layer deposition (ALD), and physical vapor deposition (PVD).
- Precision flow calibration, high accuracy, and low-cost benefits offered by analog connectivity technology will support the market progression over the forecast period
- The COVID-19 pandemic severely impacted the industry growth in the first and second quarters of 2020. Several end-use industries, such as oil & gas, semiconductor, and chemical, have halted their production activities due to supply chain disruption and international trade barriers. This will hinder the industry expansion for a short-term period.
Table of Contents (ToC) of the report:
Chapter 3 Mass Flow Controller Market Insights
3.1 Industry segmentation
3.2 Impact analysis of corona virus (COVID-19) pandemic on mass flow controller market
3.2.1 Global outlook
3.2.2 Impact by region
3.2.3 Industry value chain
3.2.4 Competitive landscape
3.3 Industry ecosystem analysis
3.3.1 Raw material and component suppliers
3.3.2 Manufacturers
3.3.3 Distribution channel
3.3.4 End-user
3.3.5 Vendor matrix
3.4 Technology & innovation landscape
3.4.1 Introduction of MEMS technology in mass flow controller
3.4.2 Developments in bi-directional mass flow controller
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls and challenges
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.