Fluid sensor is an equipment that analyzes and regulates the flow of liquids and gases present in pipes or tubes. Flow sensors are usually connected to gauges, but they can also be connected to computers and other digital appliances. Fluid sensors can not only detect clogs, leaks, pipe bursts but also fluctuations in liquid concentration which are caused due to the increase in pollution levels or contamination.
COVID-19 Impact on the Market
The outbreak of COVID-19 has had an adverse impact on the global fluid sensors market due to the prolonged lockdowns in various countries around the world during the pandemic. The lockdowns led to the closure of industries and factories, resulting in irregular flow and disruptions in the production & transport procedures. Stringent travel restrictions imposed by the government curbed the import and export of raw materials required to make the fluid sensors, leading to its decreased demand. Thus, the pandemic has had a negative impact on the growth of the market.
Recent Trends and Developments of the Fluid Sensors Market
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global fluid sensors market to grow exponentially.
For instance, in June 2019, Rochester Gauges, a dominant leader in design and manufacturing of liquid level gauges and sensors acquired FPI Sensors, a Minneapolis-based sensor manufacturing company that measures liquid levels, so as to expand Rochester’s market share in the liquid level sensor space.
In March 2020, TE Connectivity, an American Swiss-domiciled technology company acquired First Sensor, an innovative sensor technology company by holding its 71.87% shares, in order to maximize TE Connectivity’s presence in the fluid sensor market.
In April 2020, Sensiron, the world’s leading manufacturer of flow and environmental sensors, added a new product to its offering in the SLF3x series called, “SLF3S-0600F liquid flow sensor.” This sensor significantly helps in measuring low flow rates bidirectionally up to ±3000 µl/min, making it exemplary for applications in diagnostics and life sciences.
Forecast Analysis of the Global Fluid Sensors Market
The global fluid sensors market is expected to witness a noteworthy growth during the forecast period (2022-2030), owing to the increasing knowledge and emphasis on industrial automation among people. In addition, new features and enhancements in fluid sensors like optical sensing, ultrasonic sensors, capacitance sensing, etc. are expected to drive the growth of the market during the forecast period. But extortionate initial investments required for the fluid sensor technology is expected to restrain the growth of the market in the coming years. However, persistent technological advancements in the fluid sensor technology and increasing prevalence of industrial internet of things (IIOT) are expected to create enormous opportunities for the growth of the fluid sensors market in the analysis period.
According to the report published by Research Dive, the global fluid sensors market is expected to generate a revenue of $25,388.9 million by 2030, growing exponentially at a CAGR of 7.45% during the forecast period. The major players of the market include Schneider Electric, ABB, Siemens, Honeywell, Emersion Electric Company, Robert Bosch GmbH, SICK AG, Texas Instruments, NXP Semiconductors, and Rockwell Automation.
Most Profitable Region
The Asia-Pacific region is expected to have the highest market share, and hence is expected to dominate the market. The Asia-Pacific fluid sensors market is expected to garner a revenue of $9,350.7 million during the forecast period, owing to the rising rate of industrial production in the region. In addition, surging economic development and subsequent development in the industrial infrastructure in this region is further expected to bolster the growth of the Asia Pacific market during the forecast period.