Microfluidic Components Market Research: Key Companies Profile with Sales, Revenue, Price and Competitive Situation Analysis 2020-2024

2019 Research Report on Global Microfluidic Components Market is a professional and comprehensive report on the Microfluidic Components industry.

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Key Players: Parker Hannifin Corporation (US), Camozzi Automation Spa Societ? Unipersonale (Italy), Staiger GmbH & Co. KG (Germany), Vesta Automation Srl (Italy), Metal Work S.p.A. (Italy), Fortive Corporation (US), Aignep s.p.a. (Italy), FIM Valvole Srl (Italy), International Polymer Solutions (US), The Lee Company (US), Humphrey Products Corporation (US), and Dolomite Microfluidics (UK).

"The global microfluidic components market is projected to grow at a CAGR of 20.0%."

The microfluidic components market is expected to reach USD 53.7 billion by 2024 from an estimated USD 21.6 billion in 2019, at a CAGR of 20.0%.The growing demand for smart and intelligent flow meters, sensors, and advanced pumps in high-end industries; technological advancements; increasing focus on data precision and accuracy; and the growing demand for miniature portable devices are the primary growth factors for this market. The need for the constant replacement of valves, rising number of refineries and petrochemical plants, and the increasing application areas of the microfluidics technology are expected to offer significant growth opportunities for players in this market. However, standardization and commercialization of components are the major market challenges.

"The valves segment is expected to grow at the highest rate during the forecast period."

On the basis of product, the microfluidic components market is segmented into valves, micro pumps, nozzles, pressure controllers, micro needles, connectors, tubing, and other components. The valves segment is projected to witness the highest growth in the microfluidic components market during the forecast period. Growth in this segment is largely driven by the diverse functionality of valves in various industrial sectors and the increasing automation across all industries.

"The oil & gas industry is expected to account for the largest market share in 2019."

The oil & gas industry segment is expected to hold the largest share of the microfluidic components market. The growing demand for maintenance of refineries and the increasing number of oil exploration projects across the world are factors contributing to the larger share of this segment.

"The Asia Pacific region is likely to be the fastest-growing market for players operating in the microfluidic components market."

Although North America is expected to account for the largest share of the global microfluidic components market in 2018,the Asia Pacific is expected to witness the highest CAGR during the forecast period. Increasing industrialization, investments in water infrastructure, growth in various industries (such as chemicals, power & energy, and aerospace), the increasing number of infrastructural development projects (especially in China and India), rising standard of living, and growing urbanization are factors driving the growth of this regional segment.

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In the end, the Global Microfluidic Components Market report's conclusion part notes the estimation of the industry veterans.

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