Over the years, flow sensors have become an integral part of instrumentation and control in various industries. For instance, the production processes in the food & beverages (F&B) manufacturing industries entail a lot of operations that include fluid movement, and flow sensors or flow measuring meters are used to control these fluid flow operations. The manufacturing activities in the F&B sector utilize flow sensors, and this creates a major revenue source for the vendors in the flow sensors market which is poised to attain a lucrative valuation of $10.42 billion by 2023. Furthermore, the forecast period 2018-2023 will observe a growth in demand for flow sensors at a CAGR of 7.1%, according to the findings by IndustryARC’s analyst that are documented in a recently published market intelligence report.
The demand for flow sensors in the F&B industry can be further fathomed by opportunities in the frozen desserts market. Many fluid flow processes are involved in the production of frozen desserts that require measurement of flow of gases or liquids which in turn creates a requirement for flow sensors. Manufacturing units of frozen desserts and others such as oil, soft drinks, and many more in the F&B industry create opportunities for vendors in the flow sensors market.
The flow sensors market research report titled, “Flow Sensors Market: By Type (Velocity Flow, Differential Pressure Flow, Mass Flow, Open Channel Flow, Others); By Technology (Coriolis, Electromagnetic, Ultrasonic, Thermal, Mechanical, Others); By Industry (Automotive, Manufacturing, Oil & Gas, Petrochemical, Healthcare); By Geography - Forecast (2018-2023)” contains essential facts, figures, and statistics pertaining the industry, and it provides a peek into the dynamics of the market in different region. Additionally, the market expert has delved into the growth prospects for vendors in the flow sensors market in various end-use industries, which will help to identify the most lucrative flow sensors marketplace.
Flow Sensors Market: Geographical Analysis & Leading Segments
APAC had the largest flow sensors market share in 2017, and the industry experienced a lucrative valuation of $2.523 billion during the fiscal year. This is attributable to the growth prospects in the booming chemical, pharmaceutical, and oil & gas industry of countries such as China and India which will continue to generate opportunities for the vendors in the flow sensors market. The Indian pharmaceutical industry had already observed exports of $17.27 billion worth in FY18, according to the Indian Brand Equity Foundation (IBEF). This indicates that there was a significant production in the Indian pharmaceutical industry during 2018, which created a profitable flow sensors market scope. Additionally, China is also witnessing a substantial growth in the manufacturing industry, which is creating a demand influx in the flow sensors market.
The most lucrative end-use industry for the vendors in the flow sensors market is oil & gas industry, and the application of flow sensors in the oil & gas sector will be growing at a profitable CAGR of 9.2% through to 2023. This is attributable to burgeoning demand for oil & gas across the globe, which is evident when the Organization of Petroleum Exporting Countries (OPEC) projects that the demand for oil & gas would increase from 145.7 mboe/d in 2015 to 193.2 mboe/d by 2040 globally. The rising demand for oil & gas will increase the operations in refineries worldwide, and refineries have a lot of fluid flow operations that will require flow sensors. Hence, the oil & gas industry is the most profitable flow sensors marketplace.
Flow Sensors Market: Trends and Growth Drivers
- The HVAC Market: Sustainable Flow Sensors Marketplaces –
The HVAC equipment market is poised to reach $242.59 billion by the end of 2023, according to the market expert of IndustryARC, and the growth prospects in the HVAC industry was fathomed by booming HVAC sensors market. The growing HVAC industry will create opportunities for the vendors in the flow sensors market, because air flow sensors are commonplace in HVAC equipment.
- The Electricity Requirement Creating Demand in the Flow Sensors Market –
World gross electricity production was 2.9% higher in 2016 as compared to that in 2015, according to the International Energy Agency (IEA). Furthermore, the organization has found that the electricity demand is increasing continuously since 1974. Evidently, power plant electricity production entails various operations that involve fluids, which, in turn, leads to the demand for flow sensors. The rising electricity demand is leading to a growth in electricity production, which is leading to opportunities in the flow sensors market.
Flow Sensors Market: Competitive Landscape
Some of the key companies identified in the flow sensors market intelligence report that are striving to capitalize on the customer-base are ABB AG, Siemens AG, The Emerson Electric Co., Honeywell International, Inc., General Electric Company, and others.
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8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisitions Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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