The Global Fluid Sensors Market Is Anticipated to Generate a Revenue of $25,388.9 Million, Growing at A CAGR Of 7.45% from 2022 to 2030Download Sample Reports Overview
The global fluid sensors market forecast to be valued at $25,388.9 million by 2030, surging from $13,242.7 million in 2021, at a noteworthy CAGR of 7.45%.
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 sensors, fluid pressure sensors, and fluid temperature sensors. 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 fluid sensors market share growth. 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 micro sensors and sensors systems, for expansion of environmental sensors 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 & gas industry is projected to drive the demand for 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, which 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 & 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. In the vehicle sector, there is a growing demand for high-performance automated systems that provide comfort and safety. Leading car manufacturers, such as Audi and BMW, are gradually adding sensors into their vehicles. Sensors are used to measure fluid in the braking system, as well as detect water cooling and temperature, to avoid future problems. Liquid sensors with integrated cable connections and magnetic floats can be used to detect multiple fluid locations or low liquid levels.
The high initial capital requirement for development of fluid sensor products such as surveillance systems and complex nature of technology involved in the fluid sensors, which requires highly skilled workforce with majority of its manufacturers in the developed countries can act as a -barrier and hamper the growth of global fluid sensors market share.
The fluid sensors market share is expected to observe an accelerating growth owing to advancements in technology trends such as growing demand for industrial internet of things (IIOT). With the combination of IIOT, fluid sensors will be able to perform many tasks like real-time monitoring, visual control, and predictive maintenance. The system will also be able to notify the need of maintenance of the fluid flow meters when the chances of equipment failure are high. Such factors are anticipated to generate huge fluid sensors market share growth in future.
Global Fluid Sensors Market Segmentation
The global fluid sensors market is segmented based on type, technology, end-user, and region.
On the basis of type, the global fluid sensors market segment is further classified into flow sensor and level sensor. The level sensor sub-segment is anticipated to have the fastest market growth and generate a revenue of $9,878.5 million by 2030, growing from $5,015.5 million in 2021, at a healthy CAGR of 7.7% in the forecast period. The increasing demand for automation in the industries where the level of fluid is measured such as oil & gas, wastewater treatment, chemical making & refinery units, food & beverage is expected to aid the growth of the fluid level sensor sub-segment in the forecast period
On the basis of technology, the market segment is further classified into non-contact sensor and contact sensor. The non-contact sensor sub-segment is estimated to have a dominating market share as well as the fastest growth in the global market and register a revenue of $15,258.4 million in year 2030, with a healthy CAGR of 7.7% during the forecast period.
The adoption of non-contact flow sensor 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, contact sensitive materials unlike contact sensors and required accuracy grades of 0.5 and 1 are also available. These factors are expected to aid the growth of non-contact flow sub-segment.
On the basis of end-user, the market has been sub-segmented into oil & gas, water & wastewater, chemical, power & utilities, food & beverage, automotive, and others. Among the mentioned sub-segments, the power & utilities sub-segment is anticipated to have a dominating share in the global market and surpass $5,819.7 million by 2030, with an increase from $3,339.6 million in 2021. The adoption of fluid sensors in the power generation plants such as in thermal based and hydro power plants in dams has benefits such as the reduction in the emission levels. 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 and utilities sub-segment during the fluid sensors market in the forecast period.
On the basis of region, the fluid sensors market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific fluid sensors market generated $4,495.9 million in 2021 and is projected to register a revenue of $9,350.7 million by 2030. The development of industrial infrastructure in diverse industries in the Asia-Pacific region such as water & wastewater, chemical, food & 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 fluid sensors market players are
- Schneider Electric
- Robert Bosch GmbH
- Emersion Electric Company
- SICK AG
- NXP Semiconductors
- Texas Instruments
- Rockwell Automation.