Flow Sensor Market 2020: Industry Report & Growth Forecast to 2025
The healthcare industry is one of the major drivers propelling the flow sensor market due to the need for medical advancements. Sensors are widely used in medical devices to make them more effective and safer while making their operations more simplified. They are used in devices such as respiratory, oxygen supply system, endoscopy, spirometers, insufflators, asthmatics devices, and ventilators. To cope with the increasing health issues and medical conditions, new equipment with advanced technologies, which have high performance, longer productivity, and increased safety are in great demand. The demand for such advanced devices in this industry anticipates a high demand for the flow sensor market.
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Automotive is also expected to be one of the major drivers of the flow sensor market due to its reliability on flow technology for critical flow measurement. Different types of sensors are used by the manufacturers due to various offerings such as efficiency, high accuracy, and reliability. Cooling tower plays a significant role in vehicle engines and industrial plants. For instance, ultrasonic flow sensors are used to map the flow of cooling water, whereas magnetic flow meters help in keeping the vehicle engine at a low temperature.
The integration of software with sensor devices has improved the functionalities, initiating more demand in the flow sensor market for increased precise measurement and efficiency calculation. Its simplified design and user interface make these devices very convenient to use. Another driver propelling the market growth is that these flow meters offer essential precision in terms of ideal & economical quantity during flow measurement.
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The North America region is expected to dominate the flow sensor market owing to the presence of numerous vendors for various markets such as automotive, healthcare, and industrial components. Whereas, the Asia Pacific region is expected to witness a high demand in the coming future owing to extensive use of sensing technology in industries such as automotive. Furthermore, rising investments in medical due to increasing urbanization and rapid industrial growth will provide viable growth opportunities in the region.
The industry participants in the flow sensor market are Honeywell, Elster Group, General Electric, Itron, and Siemens. As flow sensor devices are witnessing new advancements in the field of technology and innovations, heavy investments are being made in the field of research & development by these prominent players to introduce new varying devices to serve several industrial applications. For instance, Itron acquired C&N Gasgate Technology to improvise a smart gas distribution system.
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