NEW YORK, Sept. 20, 2021 /PRNewswire/ — Research Dive has added a new report to its offering stating that the Global Fluid Sensor Market is expected to garner a revenue of $17,354.9 million by 2028, growing exponentially at a CAGR of 8.1% during the forecast period (2021-2028).
Dynamics of the Market
Availability of modern measurement technologies like optical sensing, capacitance sensing, tuning fork, ultrasonic sensors, and many more are expected to drive the growth of the market during the forecast period. In addition, rising emphasis on industrial automation among people is further expected to bolster the growth of the market by 2028. However, extortionate expenses associated with the deployment of fluid sensor technology is expected to restrain the growth of the market in the coming future. Moreover, the increasing significance and adoption of industrial internet of things (IIoT) is anticipated to create remarkable opportunities for the growth of the market during the forecast period.
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COVID-19 Impact on the Market
The outbreak of COVID-19 has affected the global fluid sensors market in a negative way, owing to the prevalence of lockdowns in various countries across the globe. The lockdowns led to the stoppage and closure of all industrial activities, in order to curb the spread of the virus. This closure significantly disrupted the manufacturing and distributional channels, resulting in the decreased demand for fluid sensors. Thus, the pandemic has had a negative impact on the growth of the market.
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Segments of the Market
The report has divided the market into different segments based on type, technology, end-user, and region.
- By type, the flow sensor sub-segment is expected to be most profitable, and generate a revenue of $10,615.8 million over the forecast period. Flow sensors remarkably reduces the work done on manual measurement methods and are extensively used in industries like automotive, chemical, oil & gas, and many more. These factors are expected to accelerate the growth of the sub-segment during the forecast period.
- By technology, the non-contact sensor segment is expected to have the largest market share, and generate a revenue of $10,216.5 million by 2028. Non-contact sensors are widely used for the measurement of fluid temperature, volume and velocity. This factor is expected to bolster the growth of the sub-segment during the forecast period.
- By end-user, the power generation sub-segment is anticipated to be most lucrative, and generate a revenue of $4,149.2 million over the forecast period. Increasing demand for electricity in industries is predicted to drive the growth of the sub-segment during the forecast period.
- By region, the Asia-Pacific region is anticipated to dominate the market, and generate a revenue of $6,126.3 million by 2028. Rising rate of industrial production and surging economic development in the region are expected to accelerate the growth of the market during the forecast period.
Top 10 Key Players of the Fluid Sensors Market
- Emersion Electric Company
- Siemens
- Schneider Electric
- Rockwell Automation
- ABB
- Honeywell
- NXP semiconductors
- Robert Bosch GmbH
- SICK AG
- Texas Instruments
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These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in July 2019, CEVA, the leading licensor of signal processing platforms and artificial intelligence processors, acquired Hillcrest Laboratories, Inc., a dominant global supplier of software and components for sensor processing in consumer and IoT devices, so as to expand and strengthen CEVA’s smart and connected technology portfolio with highly complementary sensor processing technologies.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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