The Flow Sensors Market To Grow At A CAGR Of 7.3% by the year 2026
The global Flow Sensor Market was valued at US$ 7,020 million in the year 2018 and is expected to reach US$ 12,334.9 million by the year 2026, growing at a CAGR of 7.3%. Flow sensors are used for the measurement of the flow of gases, liquids, solid materials, viscous media, and steam. Flow sensors are upgraded with technologies like self-diagnostic ability, remote two-way communication, and microcontrollers.
The increasing adoption of IoT-based technologies which demand intelligent meters for the smooth implementation of smart flow sensor-based solutions, is accentuating the growth of the global flow sensor market during the forecast period. However, less knowledge about the operational process and the high initial cost are expected to impede the growth of the flow sensor market.
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On the basis of the end-user, the global flow sensor market is categorized into food & beverage, oil & gas, power generation, automotive & transportation, healthcare, paper & pulp, and others. There is a huge demand for flow sensors in the automotive & transportation sector for the purpose of engine control, exhaust gas circulation, and for breath control in electronic engine immobilizers.
In the oil & gas industry, the measurement of the flow of gases and liquids is critical in every step of production and transportation, and hence, there is a huge demand for flow sensors in this industry. Flow sensors which are used in this industry should be robust & rugged, in order to sustain the harsh industrial environment.
- In June 2018, Emerson launched a special kind of flow sensor & Smart Meter Verification software for the verification of Coriolis force. The Smart Meter Verification gives information about all sensors & their specification information for ensuring process compliance.
- Faure Herman has recently launched a flow sensor called FH8400, which is used for the purpose of bi-directional measurement of fluids. The sensor has found applications in oil refineries, oil production, petrochemical plants, pipeline leak detection, and many more.
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Geographically, North America is holding the largest share in the global flow sensor market, owing to the increasing investment in the renewable power generation sector. For instance, as per the record of the US Department of Energy, the hydropower sector is projected to increase its capacity from 101 GigaWatt to approximately 150 GigaWatt by 2050.
The key players in the global flow sensor market are Hach Company (US), First Sensor AG (Germany), Bopp & Reuther Messtechnik GmbH (Germany), Faure Herman (France), Keyence Corporation (Japan), OMEGA Engineering (US), Emerson Electric Co. (US), Siemens AG (Germany), Sika AG (Switzerland), and TSI Incorporated (US), amongst others.
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