Pune, India, Sept. 28, 2023 (GLOBE NEWSWIRE) -- The need for airflow sensors is growing significantly with the increasing demand for air travel and the subsequent expansion of the aviation industry. These sensors are important in aviation for providing critical data on engine performance, flight control, navigation, safety systems, and more, subsequently contributing to aircraft's safety, efficiency, and complete functionality in various operational aspects. Therefore, the proliferating aviation industry boosts the airflow sensor market size in the US.
Airflow Sensors Market in terms of revenue was estimated to be worth $2.41 billion in 2022 and is poised to reach $3.50 billion by 2030, growing at a CAGR of 4.8% from 2022 to 2030 according to a new report published by The Insight Partners.
The airline industry holds a significant share in the overall US economic growth. The rising number of airlines and a growing commercial aviation sector are a few factors fueling the airflow sensor market growth.
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Global Airflow Sensors Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 2.41 Billion in 2022 |
| Market Size Value by | USD 3.50 Billion by 2030 |
| Growth rate | CAGR of 4.8% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Type, Output Signal, Application, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
The airflow sensor market is broadly segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). The demand for airflow sensors is increasing with the proliferation of the automotive, manufacturing, and aerospace industries, among others, in countries such as the US, the UK, China, and India. Initiatives taken by companies to improve HVAC systems in their premises propel the uptake of eco-friendly HVAC systems worldwide. For instance, in 2022, Chromasun, an Australian manufacturer of advanced high-temperature solar panels developed for integration with heat pumps and thermal chillers, announced its plans to develop energy-efficient chillers enabled by gas and solar panels.
Various governments across the world are taking initiatives to encourage developments in sensor technologies. The Government of the Netherlands invests in semiconductor manufacturing businesses as part of its “Technology and Innovation Strategy,” which is a subset of its broader “National Technology Strategy,” scheduled for release in July 2023. In July 2020, energy efficiency standards for HVAC systems were revised in Brazil as a result of a collaboration between JICA, the Energy Conservation Center in Japan, and Daikin Industries (a Japanese air conditioner manufacturer). Such initiatives are expected to influence the demand for HVAC systems in various countries directly.
US Dominates Airflow Sensors Market in North America:
According to the Bureau of Economic Analysis, the GDP of the US in the fourth quarter of FY2022 increased by ~2.6% compared to the same period in 2021; this growth in the GDP was primarily driven by strong business investment and consumer spending. As per the Federal Aviation Administration (FAA), the National Airspace System (NAS)—a network administering equipment, facilities, services, and workforce in American domestic and oceanic airspace—serves 45,000 flights carrying 2.9 million passengers daily.
Airflow Sensors Market: Segmental Overview
Based on type, the airflow sensors market is bifurcated into:
- Volume Airflow Sensors
- Mass Airflow Sensors
The volume airflow sensors segment held a larger share of the airflow sensor market in 2022 and is anticipated to register a higher CAGR in the market during 2022–2030.
Based on the output signal, the airflow sensors market is bifurcated into:
- Analog
- Digital
The analog segment held a larger share of the airflow sensors market in 2022 and is anticipated to register a higher CAGR in the market during 2022–2030.
Based on application, the airflow sensor market is segmented into:
- Automotive
- Aerospace
- Manufacturing
- Power and Utility
- Others
The automotive segment held the largest share of the airflow sensors market in 2022 and is anticipated to register the highest CAGR in the market during 2022–2030.
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Airflow Sensors Market Growth Analysis: Competitive Landscape and Key Developments
Honeywell International Inc., POSIFA Microsystems Inc., Siemens AG, Denso Corporation, Bosch, Degree Controls Inc., TE Connectivity Corporation, CARDONE Industries, Sensirion AG Switzerland, and Analog Devices are among the key players profiled in the report. Several other major airflow sensor market players were studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The airflow sensor market report provides detailed market insights, which can help the market players strategize their growth.
Global Airflow Sensors Market - Key Industry Dynamics:
Drivers
- Increasing Demand for Airflow Sensors in the Automotive Industry
- Growing Demand for HVAC Systems:
Restraints
- Limited Availability of Raw Materials
- Reliability and Accuracy Issues of Airflow Sensors
Opportunities
- Growing Popularity of Digital Airflow Sensors
Future Trends
- Increasing Initiatives & Product Development Using New Technologies
Recent Developments:
In 2022, Degree Controls Inc. introduced the Rooster Sensor200, the first BACnet air velocity and temperature sensor with a built-in color touch panel for facility management professionals to achieve local and remote alerts simultaneously.
In 2021, Analog Devices completed its acquisition of Maxim Integrated to boost its analog and mixed-signal portfolio, expand its reach in more markets, and broaden its digital and sensor products, serving the communications, automotive, consumer, and industrial end markets.
Go through further research published by The Insight Partners:
Automotive Mass Air Flow (MAF) Sensors Market - Global Analysis and Forecast to 2030.
Tunnel Sensor Market - Global Analysis and Forecast to 2027.
HVAC Sensors Market - Global Analysis and Forecast to 2027.
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