The Global Fluid Sensors Market Is Anticipated to Generate a Revenue of $17,354.9 Million, Growing at a CAGR of 8.1% from 2021 to 2028 - Research DiveDownload Sample Reports Overview
The global fluid sensors market forecast to be valued at $17,354.9 million by 2028, surging from $9,284.0 million in 2020, at a noteworthy CAGR of 8.1%.
Analysis of Covid-19 Impact on Fluid Sensors Market
The Covid-19 impact on fluid sensors market has been negative. The restrain in the global industrial production due to imposed lockdowns across the globe has disturbed supply chain of sensors manufacturing industry with shortage of crucial components required in manufacturing of fluid level sensor, fluid pressure sensor, and fluid temperature sensor. These factors are expected to negatively impact the market growth.
However, the companies operating in the production of fluid sensors are adopting strategies such as acquisition and partnerships to gain major market share during the pandemic period. Such factors are predicted to positively impact the global software defined radio market. For instance, in April 2020, Alps Alpine Co., Ltd., a Japanese multinational corporation headquartered in Tokyo, Japan, entered into a strategic partnership with Sensirion Holding AG, a leading manufacturer of digital microsensors and sensor systems, for expansion of environmental sensor business. These factors are expected to positively impact the market growth and grow the fluid sensors market size.
Global Fluid Sensors Market Analysis
The revival of the oil and gas industry is projected to drive the demand in the global fluid sensors market, as per the World Energy Outlook 2020 report, by the International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization founded in 1974, it acts as an energy policy advisor to different countries. According to IEA, the global oil demand will grow by 5.7 mb/d over the 2019-25 period, at an average annual rate of 950 kb/d. The increased production and expansion in the oil and gas industry is anticipated to aid the growth of fluid sensors market as fluid sensors are extensively used in the oil & gas industry. These factors are expected to contribute to the growth of the global fluid sensors market size.
The high initial capital requirement for development of fluid sensors products such as surveillance systems and complex nature of technology involved in the fluid sensor, which requires highly skilled workforce with majority of its manufacturers in the developed countries can act as a barriers in the transfer of technology in the developing and underdeveloped regions can hamper the growth of global fluid sensors market share.
The fluid sensors market trends such as growing implementation of industrial internet of things (IIOT) are estimated to open new scope of opportunities for fluid sensors market. It will introduce real-time monitoring, visual control, and predictive maintenance. The system can predict the need of maintenance of the fluid flow meters when the chances of equipment failure are high. These features are expected to improve in the domain of operational efficiency, mass customization, remote diagnostics, and others. These factors are anticipated to open new scope of opportunities for the fluid sensors market.
Global Fluid Sensors Market, Segmentation
The global fluid sensors market is segmented based on type, technology, end-user, and region.
The type segment is further classified into flow sensor and level sensor. Among these, the flow sensor sub-segment is expected to have the largest fluid sensors market share and surpass $10,615.8 million by 2028, with an increase from $5,806.2 million in 2020.
In addition to this the new innovations in the fluid sensors are expected to positively impact the flow sensors sub-segment market. For instance, in April 2020, Fuji Electric Corp., headquartered in Tokyo that manufactures pressure transmitters, flowmeters, gas analyzers, and controllers, launched new Ultrasonic Flow Meter for steam. The FSJ/FSX series demonstrates Fuji Electric’s EMS (Energy Management Solution) by "Visualization", "Recognition", and "Optimization". Fuji Electric designed the FSJ/FSX series ultrasonic flow meters for steam with effective energy measurement without pressure loss. These new developments are expected to aid the growth of flow sensors sub-segment in the forecast period.
The technology segment is further classified into non-contact sensor and contact sensor. Among these, the non-contact sensor sub-segment is anticipated to dominate the technology sub-segment in the forecast period and surpass $10,216.5 million by 2028, with an increase from $5,417.9 million in 2020.
The adoption of non-contact flow sensors has advantages such as high degree of operational safety for specimen whiplashing at break, thus discharging high mechanical energy, safe and precise measurements when testing high elastic, high extension, and contact sensitive materials unlike contact sensors, required accuracy grades of 0.5 and 1 are available. These factors are expected to aid the growth of noncontact flow sub-segment.
The end-user segment is further divided into oil and gas, water & wastewater, chemical, power generation, food and beverage, automotive, and others. The power generation sub-segment is projected to have a dominating market share in the global market and register a revenue of $4,149.2 million during the forecast timeframe of 2021-2028.
The adoption of fluid sensors in the power generation plants such as in thermal based and hydro power plants in dams have benefits such as the reduction in the emission levels by the application of fluid sensor. Along with this, the implementation of fluid sensors aids in monitoring the release of rate of ammonia gas from the chimneys. Fluid sensors have flexibility in terms of installation, are easily attachable on pipes made from any material, and possess compatibility with pipes of different diameters. These factors are anticipated to aid the growth of the power generation sub-segment during the fluid sensors market in the forecast period.
The fluid sensors market for the Asia-Pacific region generated a revenue of $3,138.9 million in 2020 and is further projected to reach up to $6,126.3 million by 2028. The development in the Asia-Pacific region of industrial infrastructure in the diverse industries such as water & wastewater, chemical, food and beverage, automotive, and other sectors has aided the growth of fluid sensors market. These factors are fueling the growth of the fluid sensors market in the Asia-Pacific region.
Key Players in the Global Fluid Sensors Market
Some of the leading global fluid sensors market players are –
- Schneider Electric
- Robert Bosch GmbH
- Emersion Electric Company
- SICK AG
- NXP semiconductors
- Rockwell Automation
- Texas Instruments
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Fluid Sensors Market:
- Bargaining Power of Suppliers: There are moderate number of suppliers in the fluid sensors market. Across the world there are different organizations working in the field of fluid sensors to get a competitive edge in the market.
Thus, the bargaining power suppliers is moderate.
- Bargaining Power of Buyers: The buyers in market have moderate bargaining power, therefore the suppliers in the fluid sensors market focus on providing superior quality services in a cost-effective manner.
Thus, the bargaining power of the buyers is moderate.
- Threat of New Entrants: The companies that entering in the fluid sensors market emphasize on innovation for reducing the cost of production. The capital requirement in fluid sensors market is high.
Thus, the threat of the new entrants is low.
- Threat of Substitutes: The fluid sensors process is essential and currently there is no alternative of fluid sensors measures.
Thus, the threat of substitutes is low.
- Competitive Rivalry in the Market: There is a highly competitive rivalry between companies in the fluid Sensors market. Including Siemens, Schneider Electric, ABB, and Honeywell.
Therefore, competitive rivalry in the market is high.