Flow Sensor Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3402
Flow Sensor Market Size is set to showcase considerable expansion during the period 2021 to 2027 owing to the increasing utility in the automotive and healthcare sector. The growing concerns over the emission of toxic gases have resulted in the emergence of various stringent regulations. The higher need for modernization of products has paved the path for surge in R&D activities. Rising developments in the water and wastewater sector together with the mounting deployment of cutting-edge flow measurement technologies will support the market dynamics.
With regards to technology, the industry share from ultrasonic flow sensors or meters will reach a substantial value driven by the higher deployment of IoT solutions. Apart from measuring the velocity of liquids, this technology is employed for custody transfer of natural gas and petroleum liquids. Increasing penetration in the pharmaceutical, oil & gas, chemical, pulp & paper, mining, and food and beverage sectors will favor the segment growth.
The adoption of differential pressure flow sensors, which is further segmented into analog and digital, is slated to show notable proceeds with growing utilization in the medical sector. Moreover, the higher need for compact sizes and affordability are other paramount factors fueling the market progression.
The oil & gas sector will grow at a substantial pace through 2027 led by the higher utility of chemical and petrochemical products, mainly in Europe. The surge in the instances of exploration and drilling in oil and gas fields has led to the robust requirement for accurate flow instrumentation. The rising number of shale gas reserves will further add positive impetus to the demand for flow sensors.
Asia Pacific flow sensor market is anticipated to gain momentum on account of the rapid advancements in urbanization and industrialization. The booming population size in the region has made way for the increasing need for wastewater treatment and adequate power generation. The mount in the number of emerging markets will also complement the regional growth.
North America is expected to hold a considerable share in the flow sensor market due to the jump in the number of wastewater treatment plants coupled with the rising government support. There is a higher rate of power generation in the region. The flourishing oil and gas sector has led to the increased acceptance of various types of flow meters. The robust presence of some of the leading market players and the growing influx of innovations will favor the market expansion.
For instance, in October 2020, Flusso, a Cambridge startup introduced FLS110, the world's smallest flow sensor with a footprint of 3.5mm by 3.5mm.
Major participants in the flow sensor market include Siemens, General Electric, Honeywell, Itron, and Elster Group (Honeywell). These companies are constantly focusing on inorganic and partnership-oriented strategies, such as mergers, and acquisitions, along with investments, and novel product launches to amplify their revenue sales and portfolio. For instance, in October 2018, Keyence Corporation released a novel clamp-on micro flow sensor, FD-X Series, to expand its impressive lineup of clamp-on flow devices. The novelty finds numerous applications for monitoring the liquid flow.
In another instance, Emerson, in September 2020, launched Micro Motion™ Coriolis, a new flow meter that is designed for high-pressure hydrogen dispensing as well as chemical injection applications that deal with measurement accuracy and safety.
Impact of the COVID-19 pandemic on the flow sensor market trends
Apart from bringing dramatic changes across several end-user industries, the ongoing COVID-19 outbreak gave rise to massive hurdles in the global economy. Although the penetration of flow sensors saw a plummeted response in the industrial sector, it recorded substantial demand in the healthcare vertical. Owing to the dearth of mechanical ventilators, inexpensive respiratory flowmeters are increasingly used to monitor the affected individuals.
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