|12-06-2018 09:55 AM CET - Media & Telecommunications||
Global Fluid Sensors Market to Breach $18 Billion Mark by 2025, estimates TMR
Press release from: Global Fluid Sensors Market
Global Fluid Sensors Market: Snapshot
Fluid sensors find applications in nearly every manufacturing and processing industry. For instance, the oil and gas industry utilizes fluid sensors for their hydraulic and lubricating oil reservoirs, storage tank level monitoring, and wall-head automation, whereas food and beverage applications of fluid sensors includes beverage dispensing, coffee making, and food warming. The industries pertaining to chemical, power generation, and water and waste water treatment are some of the other primary end users of fluid sensors and the prosperity of each of these industries is reflecting positively on the market for fluid sensors. According to this business and commerce study, the demand in the global fluid sensors market will increment at a notable CAGR of 5.6% during the forecast period of 2017 to 2025. The analysts of the report have estimated that the global fluid sensors market will be worth US$18,026.8 mn by the end of 2025.
Apart from the prosperity of various industries that fluid sensors cater to, the market for the same is gaining traction from recent technological advancements. Resilient research and development by the companies of the fluid sensors market has resulted in energy efficient fluid sensors that are equally accurate and reliable, and hence are gaining adoption. The advent of digital sensors and smart sensors has enabled two-way communication as well as self-diagnosis. The increasing usage of micro-electro-mechanical systems (MEMS) as a contact-less type technology for the monitoring of water usage and capacity in commercial, residential, and industrial measurement application is also expected to reflect positively on the global fluid sensors market in the near future.
Pressure Sensors to Remain Key Product Segment until 2025
Based on product type, the fluid sensors market has been segmented into pressure sensors, temperature sensors, flow sensors, and level sensors. In 2016, in terms of revenue, pressure sensors provided for the maximum demand, which can be attributed to increasing application areas of various pressure sensing techniques across different end use industry. However, temperature sensors segment is expected to grow significantly too during the forecast period 2017 to 2025.
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In terms of end use industry, the global fluid sensors market has been bifurcated into oil & gas, chemical, power generation, food & beverages, and water and wastewater treatment. In 2017, the oil & gas industry contributed to the largest market share in terms of volume. Additionally, the demand from the oil & gas industry is expected to expand at the highest CAGR during the forecast period. In the near future, adoption of fluid sensors is expected to increase in application areas such as fluid and gases pressure control and temperature control. This reason is subsequently expected to drive the demand for fluid sensors across industries such as chemical, food & beverages, and water & waste water treatment.
Asia Pacific to Soon Produce Demand Nearly Equivalent to North America
In 2015, North America was the most lucrative regional market for fluid sensors, providing for a demand that translated into a revenue of US$3,767.9 mn. However, while the North America fluid sensors market is anticipated to hold onto its leading position until 2025 while providing for a demand worth of US$6,587.1 mn, the Asia Pacific fluids sensors market is poised to reach a valuation of US$US$6,016.3 mn by 2025, expanding at an above average CAGR of 6.2% during the forecast period of 2017 to 2025. The surge in demand for fluids sensors from APAC is owing to the growing usage of fluid sensors in various industry infrastructure development such as oil & gas, chemical, food & beverages, and others, particularly in the emerging economies of China, India, and Japan.
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NXP Semiconductor, SICK AG, Honeywell Corporation, Schneider Electric AG, BOSCH, Gems Sensors, Inc., Yokogawa Electric Corporation, and General Electric Company are some of the key companies operating in the global fluid sensors market.
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