Flow Sensors Market Size, Share, Growth, Trends and Industry Research Report, 2020
by Susan Hill Business ConsultantThe global flow
sensors market size is expected to reach USD 7.48 billion by 2020, according to a
new study by Grand View Research, Inc. Increasing quest for new energy sources
along with renewable energy development is expected to drive the market over
the forecast period. Regulations governing the industry have been favorable in
stimulating market growth for different types of sensor. For example, standards
laid by the EPA for power plants have increased the demand for gas flow sensor
which are effective in monitoring gas leakage. Various initiatives are taken
into consideration for energy conservation and efficiency over the years
worldwide. For instance, Omron Corporation offers high performance MEMS flow
sensor to optimize air conditioning energy efficiency.
Further, the industry has witnessed high demand from
numerous end-use industries. For example, in the automotive sector, active and
passive safety sensor have witness tremendous growth due to the growing need
for accident mitigation systems. Emission of hazardous gases has led to the
framing of legislations for emission control and resulted in the need for
monitoring the concentration of exhaust gases.
Further
key findings from the study suggest:
- The flow sensor market is expected to witness considerable growth
over the forecast period. The need for new energy sources, including oil
and gas exploration, and the growing significance of developing of
renewable energy sources are expected to be key market drivers.
- The process industries segment is poised for significant growth over
the next few years, and accounted for over 25% of the overall market in
2013. Growing number projects and the establishment of new process plants
along with reinvestments in plant modernization, renovation and capacity
expansion are expected to fuel the market demand.
- North America emerged as the dominant regional market in 2013
accounting for more than 30% of the overall market in the same year.
Surging demand owing to rebound in automotive and machinery production
along with regulatory mandates are expected to spur the regional market
growth over the next six years.
- Key industry players include Emerson Electric Company, First Sensor
AG, Gems Sensors & Controls, Keyence Corporation, Omron Corporation
etc. Manufacturers focus on investing in R&D activities as accuracy and
reliability are major product selection criteria. Further, industry
participants emphasize on product differentiation in order to avoid price
competition.
Access
full research report on global flow sensors market:
www.grandviewresearch.com/industry-analysis/flow-sensor-market
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Created on Mar 4th 2020 04:12. Viewed 228 times.