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Fluid Sensors Market size is anticipated to observe a growth trajectory over 2023-2032, due to the strong demand for real-time accurate fluid monitoring, detection, and analysis in end-use industries. In the automotive sector, for example, liquid sensors with magnetic floats and integrated cable terminals can detect fluid flow, pressure, temperature, level control, and volume, among other parameters.
With the growing consumption of automotive vehicles due to the high disposable income, the demand for fluid pressure sensors and other liquid monitoring solutions will rise. According to statistics from the Society of Motor Manufacturers and Traders, in February 2023, new car registrations increased by 26.2% to reach 74,400 units, escalating the production of fluid flow sensors for automotive applications.
A fluid sensor refers to an electronic device designed to regulate the flow of liquids and gases within tubes and pipes. This sensor is attached to gauges to provide measurements and be connected to digital computers and interfaces. These attributes help it gain widespread applications in industries, including petrochemical to ensure real-time detection of corrosive and highly acidic elements.
One of the prominent reasons behind the global fluid sensors market expansion is rapid urbanization, industrialization, and the mounting investment in the food processing sector. For example, in February 2023, the food processing department of India announced plans to revise its budget for subsidy schemes from approximately USD 4.9 million to USD 48.6 million. The requirement for level sensors will therefore increase to accurately monitor high-viscosity liquids including sauces, cooking oils, and syrups to ensure food hygiene.
Despite the growth trajectory, the periodic replacement of sensor systems results in high maintenance and operation costs. Moreover, the installation complexity and the lack of skilled professionals may hinder the industry dynamics to some extent over the forecast period.
In terms of technology, the fluid sensors industry share from the non-contact sensor segment will increase substantially by 2032. Key attributes including enhanced operational efficiency, durability, and ease of installation and configuration will proliferate product sales. Non-contact technologies reduce the instances of mechanical failures, ensuring sensor longevity and delivering continuous detection in semiconductor applications. Furthermore, accurate reading due to remote operation capabilities will spur the deployment of contactless sensor technologies for liquid monitoring applications.
Oil & gas will emerge as a lucrative end-user segment for the fluid sensors market in the upcoming years, given the sensor’s application scope in oil quality assessment and tank level monitoring. Increasing industrialization and mobility have led to a surge in the usage of crude oil and natural gas. With favorable commodity prices and record cash flow, the capital expenditure of oil and gas companies was also estimated to rebound in 2022. The adoption of fluid temperature sensors and other products will rise to maintain the oil composition and environmental parameters.
The fluid sensors market is projected to witness growth in the Asia Pacific over 2023-2032, driven by rapid industrialization and urbanization. The penetration of IoT and AI, especially in Singapore, will further bolster the development of sensors since they form a core component of these technologies. Fluid sensors gain ground in large water reservoirs to control and monitor water levels to ensure optimal electricity generation and other processes. The introduction of the National Mission for Clean Ganga and other wastewater treatment projects will therefore add impetus to the regional industry expansion over the estimated timeline.
Yokogawa Electric Corporation, FUTEK Advanced Sensor Technology, Inc., SICK AG, Infineon Technologies AG, TE Connectivity, NXP Semiconductors N.V., Schneider Electric SE, Honeywell International, Inc., and Omron Corporation are some of the key players in the fluid sensors market. Key players are investing in new and innovative solutions to differentiate their product offerings and gain a competitive edge over other companies in the industry.
Inflation is at an all-time high over recent years, with the supply of durable, non-essential goods manufactured from polymers and chemicals expected to collapse due to rising costs. As a result, the usage of liquid sensors to detect leakages in chemical plants and limit significant capital loss may reduce. Furthermore, supply chain issues continue to disrupt the chemical sector since the pandemic began, hindering the industry outlook over the foreseeable future.