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A flow sensor is an instrument that helps in measuring and regulating the flow rate of liquids and gases within the pipes or tubes. Flow sensors are efficient in detecting leaks, blockages, pipe bursts and changes in liquid concentration due to contamination or pollution. Rapid advancement in the sensing technology of the flow sensor has enabled the use of IoT systems by integrating with the flow sensors.
These IoT systems integrated with the flow sensors will help in monitoring the rate of flow remotely. The flow sensor finds its utility in diverse applications such as in the measurement of natural gas, compressed air, boiler efficiency, burner control, gas mixing & blending, steam flow, and water flow. Honeywell International Inc. and Siemens Group are the major players in the flow sensor market.
The global flow sensor market is segmented on the basis of detection type, product type, technology, industry vertical, and region. Based on detection type, the flow sensor market is bifurcated into liquid and gas. In terms of product type, the market is categorized into differential pressure, positive displacement, open channel flow, velocity flow, and others. On the basis of technology, the market is divided into magnetic flow sensor, mass flow sensor, ultrasonic flow sensor, vortex flow sensor, and others. In terms of industry vertical, the market is segregated into food & beverage, oil & gas, power generation, automotive & transportation, healthcare, paper & pulp, water & wastewater, chemical, and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global flow sensor industry include Honeywell International Inc., Siemens Group, Emerson Electric Co., ABB Ltd., Yokogawa Electric Corporation, Azbil Corporation, Badger Meter Inc., Endress+Hauser Management AG, Krohne Messtechnik GmbH, Hach Company, First Sensor AG, Bopp & Reuther Messtechnik GmbH, Faure Herman, Keyence Corporation, OMEGA Engineering, and Schneider Electric. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global market.
Top Impacting Factors
The flow sensors find their applications in numerous industries such as automotive, water & wastewater, construction, medical, oil & gas, manufacturing and chemical industries. In all these industries there is a constant need for monitoring the flow of liquid and gas in order to protect from any mishaps. Therefore, this factor will tend to increase the demand for flow sensors in the market.
The rapid industrialization across developing countries such as India and China drive the need for adequate water and wastewater management systems. As a result, the demand for flow sensors in the water and wastewater application surges. With the rapid advancement in technologies, IoT systems can be integrated with the flow sensors that will help in remotely monitoring the flow of liquid and gas in the pipes or tubes. All these attributes contribute positively toward the growth of flow sensors in the market. However, the lack of understanding pertaining to operational processes of smart flow sensors, unskilled workforce and high initial cost associated with the installation of flow sensors are some of the restraining factors that negatively affect the growth of the market.
The Rise in Demand For Flow Sensors in the Oil and Gas Industry
There has been an immense rise in demand for fossil fuel-based energy sources to operate automobiles with massive development in the automotive industry. This factor leads to the growth in demand for oil & gas in the market. The flow sensors are extensively used in the oil & gas industry to monitor the flow, detect leaks, a pipe burst and contamination concentration of oil & gas. Therefore, the increase in demand for fossil fuel-based energy sources help drive the growth of flow sensors in the market.
The Rapid Advancement of Technologies in the Flow Sensor Market
The extensive development in technologies such as wireless monitoring and control, advanced sensors, and digital readouts are expected to drive the growth of the flow sensor market during the forecast period. The manufactures of the flow sensors are extensively adopting IoT sensors for smart metering solutions. The approach of integrating the IoT systems with the flow sensors will help in enabling the automatic meter reading that collects data automatically and remotely. Eventually, all these factors lead the way for the growth of flow sensors in the market.
Key Benefits of the Report
COVID-19 Scenario Analysis
The flow sensor market has been drastically affected by the COVID-19 pandemic outbreak. To constraint the spread of the COVID-19 pandemic Governments across the globe have declared nationwide lockdown and also restricted travel. These restrictions have affected almost all industries across the world.
Due to the COVID-19 pandemic, the supply chain systems were disrupted leading to the shortfall of raw materials in the manufacturing plants of the flow sensor industry and this has led to the downfall in the production rate of the flow sensors. In addition, the demand for flow sensors also declined in the industrial sector because of restricted industrial activities. Therefore, all these factors contribute negatively toward the growth of flow sensors in the market. However, once the COVID-19 pandemic ends the industries will resume their operations and the demand for the flow sensors will also surge.
Questions Answered in the Flow Sensor Market Research Report:
Key Market Segments
Key Market Players