New York, USA, Oct. 11, 2022 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global fluid sensors market is expected to gather $25,388.9 million by 2030 and rise at a stable CAGR of 7.45% in the 2022-2030 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the fluid sensors market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2030. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Fluid Sensors Market
Drivers: Since the last few years or so, there is a growing emphasis on industrial automation which is predicted to be the primary growth driver of the fluid sensors market in the forecast period. Additionally, the growth of the chemical, power generation, and wastewater treatment industries is predicted to help the market grow substantially in the forecast period.
Opportunities: The growth in prominence of advanced technologies such as the Industrial Internet of Things is predicted to offer numerous growth opportunities to the market in the forecast period. Furthermore, increased need and demand for industrial automation are anticipated to push the market forward.
Restraints: However, according to market analysts, capital intensive nature of fluid sensors technology might become a restraint in the growth of the fluid sensors market.
Impact of Covid-19 on the Fluid Sensors Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The fluid sensors market, too, faced a tremendous negative impact of the pandemic. Due to the lockdowns, various industries such as food & beverage, oil and gas, power and utilities, automotive, power generation, etc. were shut down, which reduced the demand for fluid sensors. This decline in demand ultimately affected the growth rate of the market.
Segments of the Fluid Sensors Market
The Research Dive report has fragmented the fluid sensors market across different segments such as type, technology, end-user, and region.
Type: Flow Sensor Sub-segment to be the Most Dominant
By type, the flow sensor sub-segment is expected to be the most dominant sub-segment and generate a revenue of $15,510.4 million by 2030. The increasing emphasis on industrial automation is expected to boost the demand for flow sensors, and thus the growth of the sub-segment in the forecast period.
Technology: Non-Contact Sensor Sub-segment to be the Most Profitable
By technology, the non-contact sensor sub-segment of the fluid sensors market is predicted to be the most profitable one and garner a revenue of $15,258.4 million by 2030. The wide-scale utilization of non-contact sensors for the calculation of fluid velocity, temperature, and volume is predicted to boost the growth of the sub-segment in the forecast period.
End-User: Power & Utilities Sub-segment to Have the Highest Market Share
By end-user, the power & utilities sub-segment is expected to be the most dominant and generate a revenue of $5,819.7 million by 2030. The rising need for electricity due to increasing population around the globe and growth in demand for electricity in various industries has led to an increase in the number of power generation plants, which is expected to boost the growth of this sub-segment in the forecast period.
Region: Market in the Asia-Pacific Region be the Most Lucrative
By regional analysis, the fluid sensors market in the Asia-Pacific region is predicted to register a revenue of $9,350.7 million by 2030, thereby being the most lucrative one. The increasing rate of industrial production in the developing and developed countries of the region such as India, China, Japan, and South Korea is predicted to be the primary driver of the market in the forecast period.
Broader Insights Pertaining of Specific Segments or Regions of Fluid Sensors Market
Prominent Fluid Sensors Market Players
Some prominent players in the fluid sensors market are
- Schneider Electric
- Robert Bosch GmbH
- NXP Semiconductors
- Siemens
- Emersion Electric Company
- Texas Instruments
- ABB
- SICK AG
- Rockwell Automation
- Honeywell, among others.
These players are introducing and coming up with new technological advancements and innovations to gain primacy in the market. – Buy the Full Report Here Starting at $2999 (Read-Only)
For instance, in March 2022, Standex, a global manufacturing company, announced the acquisition of Sensor Solutions, a Colorado-based sensor manufacturing company. This acquisition is expected to help Standex to cater to the demands of the industrial manufacturing sector in a much more comprehensive way in the coming period.
Finally, this comprehensive report also summarizes many crucial facets of the fluid sensors market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Fluid Sensors Market:
- Persistent Technological Advancements and Strategic Partnerships among Major Companies to Create Vital Opportunities for the Growth of the Global Fluid Sensors Market
- Top 3 Fluid Sensors One Can Buy to Monitor the Industrial Operations
- How are Fluid Sensors Captivating Several Industries Worldwide?
