Increasing Importance on Industrial Automation among People to Propel the Growth of the Global Fluid Sensors Market By 2028, Says Research Dive

New York, USA, Nov. 03, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global fluid sensors market is expected to generate a revenue of $17,354.9 million by 2028, growing rapidly at a CAGR of 8.1% during the forecast period (2021-2028). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.

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Dynamics of the Market

• Drivers: Growing emphasis on industrial automation among people is expected to drive the growth of the market during the forecast period. In addition, enhancements in measuring technologies like capacitance sensing, optical sensing, vibrating fork, etc. are further expected to bolster the growth of the market by 2028.

• Restrains: High cost of investment in the fluid sensor technology is expected to impede the growth of the market during the forecast period.

• Opportunities: Rising prevalence and application of industrial internet of things (IIoT) in the near future is expected to create tremendous opportunities for the growth of the market in the analysis period.

Segments of the Market

The report has divided the market into different segments based on type, technology, end-user, and region.

Type: Flow Sensor Sub-segment to be Most Profitable

The flow sensor sub-segment is expected to generate a revenue of $10,615.8 million during the forecast period. Flow sensors significantly reduce the use of manual measurement methods and is extensively used in various industries like oil & gas, automotive, chemical, power generation, and many more. These factors are expected to drive the growth of the sub-segment during the forecast period.

The Fluid Sensors Market Trends to Experience a Surge Due to the Revival of the Oil and Gas Industry Globally

Technology: Non-Contact Sensor Sub-segment to be Most Beneficial

The non-contact sensor sub-segment is expected to generate a revenue of $10,216.5 million during the forecast period. Extensive application of non-contact fluid sensors in order to decipher fluid volume, temperature, and velocity is expected to accelerate the growth of the sub-segment in the analysis period.

End-user: Power Generation Sub-segment to be Most Lucrative

The power generation sub-segment is expected to generate a revenue of $4,149.2 million during the forecast period. Subsequent need for electricity around the globe due to the rapid surge in population is expected to drive the growth of the sub-segment during the forecast period.

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Region: Asia Pacific Region Anticipated to Dominate in the Global Market

The Asia Pacific region is expected to generate a revenue of $6,126.3 million during the forecast period. Rapid economic development and rising rate of industrial production in this region are anticipated to accelerate the growth of the Asia Pacific market during the forecast period. In addition, continuous development of industrial infrastructure in the public and private has contributed in the increasing utilization of fluid sensors in the water & wastewater, oil and gas, chemical, automotive, food & beverage, automotive, and other sectors in the region.

COVID-19 Impact on the Market

The outbreak of coronavirus has adversely impacted the global fluid sensors market, owing to the redundant lockdowns prevalent in various countries across the globe. These lockdowns led to the closure of numerous industries and factories, disrupting their production, supply chain and distribution. This led to a consequent reduction in the demand for fluid sensors. Thus, the pandemic has had a negative impact on the global fluid sensors market.

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Key Players of the Global Fluid Sensors Market

1. Emersion Electric Company
   
2. Schneider Electric
   
3. SICK AG
   
4. ABB
   
5. Honeywell
   
6. Siemens
   
7. Rockwell Automation
   
8. NXP semiconductors
   
9. Texas Instruments
   
10. Robert Bosch GmbH

These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.

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For instance, in December 2020, CTS Corporation, a leading designer and manufacturer of sensors, actuators, and electronic components, acquired Sensor Scientific, Inc., a privately held temperature sensing company, so as to expand CTS’s temperature sensing product portfolio.

The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.

Porter’s Five Forces Analysis for the Global Fluid Sensors Market:

1. Bargaining Power of Suppliers: There are moderate number of suppliers in the fluid sensors market. Across the world there are different organizations working in the field of fluid sensors to get a competitive edge in the market.
   Thus, the bargaining power suppliers is moderate.
   
   
2. Bargaining Power of Buyers: The buyers in market have moderate bargaining power, therefore the suppliers in the fluid sensors market focus on providing superior quality services in a cost-effective manner.
   Thus, the bargaining power of the buyers is moderate.
   
   
3. Threat of New Entrants: The companies that entering in the fluid sensors market emphasize on innovation for reducing the cost of production. The capital requirement in fluid sensors market is high.
   Thus, the threat of the new entrants is low.
   
   
4. Threat of Substitutes: The fluid sensors process is essential and currently there is no alternative of fluid sensors measures.
   Thus, the threat of substitutes is low.
   
   
5. Competitive Rivalry in the Market: There is a highly competitive rivalry between companies in the fluid Sensors market. Including Siemens, Schneider Electric, ABB, and Honeywell.
   Therefore, competitive rivalry in the market is high.

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