Flow sensors market to continue to get boosted by the steady rise in the handheld technology

2024-04-18 09:20:26 Business

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Flow Sensors are devices which are used for measuring the flow rate and other variables of liquid, gases, viscous media, steam and other fluids. The sensitivity of Flow Sensor is determined by fluid characteristics like pressure, density, temperature, and viscosity. Like most sensors, key performance characteristics are measured by repeatability, accuracy, linearity, and range-ability of the sensor. The Flow Sensors Market recovered well in 2011 and 2012 with double digit growth rates after facing a minor setback in 2010 as a result of the global recession.

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Market Drivers:
Flow Sensors Market is driven by a growth in End user Industries like Construction, Medical and Automotive. The re-emergence of USA as a major oil and gas supplier will also drive the market because of increased demands from that region. Emerging technology in the Flow Sensor Market like the Intelligent Ultrasonic Flow Sensors also has the potential to increase demands in the future. Fast pace development of Process Industries in the Asia-Pacific region is another Key Driver for the Global demand for Flow Sensors. The rising emphasis on energy efficiency, with better asset utilisation, reduction in maintenance costs, and enhanced process monitoring are also drivers for this market. Automation and control solutions also play a vital role in achieving these goals, resulting in heightened demand for flow sensors and transmitters. These trends are spreading to emerging economies, where the increased use of automated products is poised to boost demand for all types of sensors, including Flow Sensors.

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Market Segmentation:
Flow Sensor Market is segmented into two categories; by Technology and by Geography. The different technologies and principles used in flow sensors on which the devices are categorised are; Coriolis Flow Sensors, Magnetic Flow Sensors, Mass Flow Sensors, Ultrasonic Flow Sensors, Vortex Flow Sensors and Thermal Flow Sensors. The demand for the Coriolis Flow Sensors is increasing in the market as it is replacing Flow Sensors that use antiquated technologies. The market is also classified according to Geographical Analysis into; Americas, Europe, Asia-Pacific and Rest of the World.

Market Growth:
Global Flow Sensors Market is projected to grow at a Compounded Annually Growth Rate of 7.1 % from 2014 to 2020 to reach a market size of $8.49 Billion according to the Market Report by IndustryARC. The growth of the market can be accounted by the increase in demand of the product due to the trend of Automation in Industries. It is predicted that revenues of major Flow Sensor technologies like Magnetic, Ultrasonic and Coriolis Sensors will continue their high growth rates going forward, driven by expansion in the Process Industries.

Key Players:
This report by IndustryARC provides a complete list of Key Players with aspects like Company Profiles, Company Portfolio, and Financials & Developments. Some of the Key Players in the Flow Sensors Market are
ABB Ltd (Switzerland)
Honeywell International Inc (USA)
Siemens AG (Germany)
Emerson Process Management: Daniel
Siemens
Sensus

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