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Detecting the Future: Fluid Sensors in Industry and Beyond
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According to The Business Research Company's, The fluid sensors market size has grown strongly in recent years. It will grow from $14.62 billion in 2023 to $15.93 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to industrial automation growth, industry 4.0 revolution, rise in manufacturing activities, demand for environmental monitoring, automotive sector expansion.
The fluid sensors market size is expected to see strong growth in the next few years. It will grow to $22.22 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to environmental monitoring emphasis, stringent safety regulations, energy sector demands, agricultural automation, wastewater treatment enhancements. Major trends in the forecast period include rapid prototyping and iterative design, cross-industry applications, human-machine interfaces (hmi), digital twins and simulation, flexible and customizable sensors.
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Market Drivers and Trends:
The rising expansion of the automotive industry is expected to propel the growth of fluid sensors market going forward. The automotive industry is a vast and complex sector that encompasses all aspects of the design, development, manufacturing, marketing, selling, repairing, and modification of motor vehicles. Fluid sensors play a crucial role in the automotive industry, ensuring the proper functioning and safety of various vehicle systems. They monitor and measure various fluid parameters, such as pressure, temperature, level, and flow, providing essential data for engine management, emissions control, safety systems, and comfort features. For instance, in February 2023, according to the European Automobile Manufacturers Association, a Belgium-based association, in 2022, 85.4 million motor vehicles were produced around the world, an increase of 5.7% compared to 2021. Furthermore, in 2022, according to the International Organization of Motor Vehicle Manufacturers, a France-based trade association, global vehicle sales increased from 78,787,566 units in 2020 to 82,755,197 units in 2021, representing a growth of 5.03%. Therefore, the rising expansion of automotive industry is driving the growth of fluid sensors market.
Technological advancements in the fluid sensors market are a key trend gaining popularity in the fluid sensors market. Major companies in the fluid sensors market are advancing in their new technologies and research and developments in the fluid sensors market. For instance, in March 2021, Bosch, a Germany-based engineering and technology company introduced the Robust Barometric Pressure Sensor (BMP384, a new sensor's package design that uses a unique gel to protect it against the intrusion of mostly water, but also other liquids and dust. It is now simple for OEMs to incorporate a barometric sensor into goods that call for high robustness. The sensor will be used in household appliances, such as washing machines that detect water levels to ensure proper water volume measurement and prevent floods. The BMP384 is sturdy, making it perfect for use cases like vacuum cleaner blockage detection in dirty situations. It offers a temperature coefficient offset (TCO) of +/- 1.0 Pa/K, an absolute precision of +/- 50 Pa, and a relative accuracy of +/- 9 Pa. Importantly, the sensor won't drain the batteries of portable devices with its normal power usage of just 3.2mA at 1Hz.
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Major Key Players of the Market:
Schneider Electric SE, Siemens AG, ABB Ltd., Honeywell International Inc., Robert Bosch GmbH, Emerson Electric Co., SICK AG, NXP Semiconductors N.V., Texas Instruments Incorporated, Rockwell Automation Inc., First Sensor AG, OMEGA Engineering Inc., Rechner Industrie-Elektronik GmbH, Yokogawa Electric Corporation, TE Connectivity Ltd., Murata Manufacturing Co. Ltd., TDK Corporation, Nidec Corporation, Amphenol Corporation, Broadcom Inc., Mouser Electronics Inc., Eaton Corporation, Garmin Ltd., Curtiss-Wright Corporation, Baxter International Inc., Fortive Corporation, MTS Systems Corporation, Panasonic Corporation, Samsung Group, Qualcomm Incorporated
Fluid Sensors Market 2024 Key Insights:
• The fluid sensors market size is expected to see strong growth in the next few years. It will grow to $22.22 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%.
• Rising Demand In The Oil And Gas Industry To Drive Market Growth
• Technological Advancements Driving Innovation In Fluid Sensors Market
• Asia-Pacific was the largest region in the fluid sensors market in 2023 and is expected to be the fastest-growing region in the forecast period
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