Flow Sensor Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3402
Flow Sensor Market size is expected to witness high gains from 2019 to 2025 due to its substantial use in the oil & gas industry for monitoring the flow. Flow meters are witnessing a steady rise in wastewater management for monitoring and measurement of the flow of steam, water, gas, chemicals; and mineral oil. The increasing demand in the oil industry globally and the use of innovative technologies & equipment for efficient operations adopted by the manufacturers on a large scale are accelerating the flow sensor market growth. Moreover, continuous development in technologies will fuel penetration across the automotive & industrial applications as well. In addition, low cost and the presence of a large number of vendors offer significant growth opportunities for the market.
The integration of software with sensor devices has improved the functionalities, initiating more demand in the flow sensor market for increased precise measurement and efficiency calculation. Its simplified design and user interface make these devices very convenient to use. Another driver propelling the market growth is that these flow meters offer essential precision in terms of ideal & economical quantity during flow measurement. Recent advances in flow sensing technology gave rise to much durable, reliable, and economical sensors, which are being increasingly adopted by manufacturers, consequently accelerating the demand for the market.
The rising price competition among vendors to provide high-quality products along with the high adoption of slow sensing technology will hinder the flow sensor market growth. Installation costs of lines and fittings are other challenges affecting the market. In addition, for differential flowmeter sensors, high maintenance is required. Regular maintenance is required to avoid the contamination of the equipment, which eventually adds to the costs of the device.
Based on technology, the flow sensor market can be classified into two general categories, differential and linear sensors. The former can be further classified into analog and digital differential pressure sensors. These sensors are mostly used in the medical sector and their cost-effectiveness & compact design makes them ideal for demanding but price-sensitive solutions. Some of the majorly used flow meters, such as ultrasonic flow meters, are usually used for measuring the velocity of fluids with the help of ultrasound. Its area of application includes liquid level control, robotic sensing, automotive assembly, etc. Whereas, turbine flow meters are widely used in the automobile industry for applications such as monitoring fuel consumption, flow rate, and velocity.
The healthcare industry is one of the major drivers propelling the flow sensor market due to the need for medical advancements. Sensors are widely used in medical devices to make them more effective and safer while making their operations more simplified. They are used in devices such as respiratory, oxygen supply system, endoscopy, spirometers, insufflators, asthmatics devices, and ventilators. To cope with the increasing health issues and medical conditions, new equipment with advanced technologies, which have high performance, longer productivity, and increased safety are in great demand. The demand for such advanced devices in this industry anticipates a high demand for the flow sensor market.
Automotive is also expected to be one of the major drivers of the flow sensor market due to its reliability on flow technology for critical flow measurement. Different types of sensors are used by the manufacturers due to various offerings such as efficiency, high accuracy, and reliability. Cooling tower plays a significant role in vehicle engines and industrial plants. For instance, ultrasonic flow sensors are used to map the flow of cooling water, whereas magnetic flow meters help in keeping the vehicle engine at a low temperature. With the increasing adoption of technology by automobile manufacturers, a substantial demand in flow technology has accelerated the market.
The North America region is expected to dominate the flow sensor market owing to the presence of numerous vendors for various markets such as automotive, healthcare, and industrial components. Whereas, the Asia Pacific region is expected to witness a high demand in the coming future owing to extensive use of sensing technology in industries such as automotive. Furthermore, rising investments in medical due to increasing urbanization and rapid industrial growth will provide viable growth opportunities in the region.
The industry participants in the flow sensor market are Honeywell, Elster Group, General Electric, Itron, and Siemens. As flow sensor devices are witnessing new advancements in the field of technology and innovations, heavy investments are being made in the field of research & development by these prominent players to introduce new varying devices to serve several industrial applications. For instance, Itron acquired C&N Gasgate Technology to improvise a smart gas distribution system. In addition, it also acquired the Silver Spring Network, which develops software for utilities and customers to improve energy efficiency. Leading end-user industries are keen on replacing traditional sensors with advanced sensors such as ultrasonic flow sensors. Furthermore, another aspect augmenting the market is that the big players are also focusing on strategies such as the expansion of their product line to gain market share.
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