New York, USA, May 31, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global fluid sensors market is anticipated to generate a revenue of $25,388.9 million by 2030 and grow at a CAGR of 7.45% over the forecast period from 2022-2030. The extensive report provides a concise layout of the fluid sensors market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2022-2030. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Fluid Sensors Market
Drivers: The rising emphasis on industrial automation along with the growing demand for fluid sensors in several manufacturing and processing industries like oil & gas, lubricating & hydraulic oil reservoirs, waste-water treatment sector, chemical, and power-generation realms are some factors estimated to drive the growth of the global fluid sensors market during the forecast period. Additionally, increasing research activities to develop small and low-cost digital fluid sensors is also expected to boost the market growth by 2030.
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Opportunities: The increasing utilization of industrial Internet of Things (IIOT) is one of the major factors predicted to create abundant growth opportunities for the global fluid sensors market during the forecast years. Moreover, the IIOT system can easily predict the need of maintenance of the sensors in case of high chances of equipment failure. This is also projected to provide ample growth opportunities for the market growth by 2030.
Restraints: High investment required for the development and implementation of fluid sensors is estimated to hinder the market growth.
Covid-19 Impact on the Fluid Sensors Market
The onset of the Covid-19 pandemic has had a negative impact on the global fluid sensors market just like most industries in the world. Several end-use industries like oil & gas, food & beverage, chemical, power & utilities, etc. that require fluid sensors as a necessary equipment witnessed declined growth that directly affected the fluid sensors market’s revenue. However, the rising need for industrial internet of things (IIOT) to easily monitor the manufacturing process of fluid sensors and virtually control the entire production is anticipated to revive the market growth post the pandemic chaos.
Segments of the Fluid Sensors Market
The report has divided the market into multiple segments based on type, technology, end-user, and regional analysis.
Type: Flow Sensor Sub-segment to be Highly Dominant
By type, the flow sensor sub-segment is expected to have a dominating market share and garner a revenue of $15,510.4 million during the forecast period due to the rising emphasis on industrial automation that highly requires flow sensors to measure the flow rate of gases and fluids. Moreover, the advancements in measurement technology has reduced the need for manually measuring different fluid parameters like humidity, temperature, fluid acceleration, and pressure. These factors are predicted to propel the sub-segment’s growth by 2030.
Technology: Non-contact Sensor Sub-segment to Have the Fastest Growth Rate
By technology, the non-contact sensor sub-segment of the global fluid sensors market is projected to have the fastest growth rate and gather a revenue of $15,258.4 million by 2030 due to the wide scale usage of these sensors in calculating fluid velocity, temperature, etc. Moreover, the application of non-contact sensors is multiple fields like blood infusions, catheterization, measuring fluid flow rate in food production, etc. is also estimated to augment the sub-segment’s growth during the analysis timeframe.
End-user: Power and Utilities Sub-segment to be Highly Lucrative
By end-user, the power and utilities sub-segment is anticipated to have a noteworthy market share and surpass $5,819.7 million during the analysis years due to the growing number of power generation plants around the globe. The high demand for electricity by industries and the growing population along with the significant application of fluid sensors in power generation units are some factors expected to bolster the sub-segment’s growth by 2030.
Region: Market in the Asia-Pacific Region to be Highly Beneficial
By region, the fluid sensors market in the Asia-Pacific region is predicted to have the fastest growth rate and garner a revenue of $9,350.7 million during the forecast period due to the increasing industrial production rate in countries like India, Japan, China, and South Korea. Moreover, rising economic development, increase in per capita income of the people, and growing development of industrial infrastructure are some other factors projected to uplift the market growth in the Asia-Pacific region by 2030.
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Prominent Fluid Sensors Market key Players
Some prominent fluid sensors market players include
- ABB
- Emersion Electric Company
- Rockwell Automation
- Siemens
- Robert Bosch GmbH
- Schneider Electric
- SICK AG
- Texas Instruments
- Honeywell
- NXP Semiconductors, among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth. – Inquire more about key companies development report
For example, in October 2020, Flusso, a UK-based semiconductor startup, announced its brand-new launch of the world’s smallest fluid sensors that are low-cost and have digital flow sensing solution. These sensors can be easily utilized in high-volume consumer and industrial markets.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
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