Wellesley, Mass., Aug. 16, 2017 (GLOBE NEWSWIRE) --
The growing use of emerging communication and sensor technologies, along with an end-user shift from capital to consumer goods, is reshaping the instrumentation sensors for fluid control industry. A new BCC Research report predicts the global market for this industry to grow at a 6.7% CAGR to reach $16.2 billion by 2021, up from $11.8 billion in 2016.
Instrumentation Sensors for Fluid Power: Stationary and Mobile Applications reports that smart transmitters are replacing conventional transmitters, a shift due to the revolutionary developments occurring in the relevant technologies, including the design of high-performance microcontrollers and low-power devices, computer integrated manufacturing (CIM), data communication and industrial networking. Smart devices offer the potential of remote interaction using a handheld configurator. Moreover, when smart field devices are connected to a Fieldbus, they can perform various operations otherwise unimaginable using the conventional devices.
The competitive position of the main players in the instrumentation sensors for the fluid control market is well guarded due to protected and patented technologies used by General Electric, Emerson, Siemens, Vega, Honeywell, Schneider Electric, Krohne, Yokogawa, and other original equipment manufacturers in the stationary industry. In the mobile machinery sectors, position sensors are integrated in hydraulic cylinders for position detection of piston rods, a method also used by OEMs such as Parker Hannifin, Hyde and Pepperl + Fuchs.
Research Highlights
- Stationary applications, which held the largest market share (97.9%, $11.5 billion) in 2016, is estimated to increase to 98.1% (15.9 billion) by 2021.
- Research on instrumentation sensors for mobile application study is mainly focused on position sensors as integrated into hydraulic cylinders used in mobile machineries.
- Regulatory agencies are requiring that more process data be acquired and stored, a trend that has increased visibility and usage of two-way smart instrumentation sensors.
"The use of Intelligent process variable transmitters and digital field communications is expanding. End-users are demanding even greater functionality and benefits from their intelligent instrumentation," says BCC Research analyst B.L. Gupta, who authored the report. "Manufacturers of instrumentation sensors see this trend as customers focus more on the cost and conditions of production, and these are two key reasons why it's happening."
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.