HYDERABAD, India and MINNEAPOLIS, March 3, 2016 /PRNewswire/ --
According to the report "Flow Sensors Market Analysis and Forecast - By Technology (Coriolis, Magnetic, Mass, Ultrasonic, Vortex, Thermal); By Industry (Automotive, Manufacturing, Oil and Gas, Petrochemical, Healthcare) - (2015 -2020)", the flow sensors market is estimated to reach $8.49 Billion by 2020 to grow at CAGR 7.1%.
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Flow Sensors are devices used to directly or inferentially measure the flow rate of the fluid. The Flow Sensor Market can be segmented based on the fluid characteristic that is measured, the end use industry for the flow sensor and technology utilized in flow sensor. The global flow sensors market generated revenue of $5.62 Billion in the 2014 and is forecast to grow at a CAGR of 7.1% through 2020. The rising demand for accurate flow measurements and the growing need to monitor and control the flow are the key drivers for this market.
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The growth in demand is primarily due to changing governmental regulations. The mounting Waste Water Management Practices and environmental regulations, especially APAC and South America, are estimated to lead the increased adoption of flow sensors. Recently, the U.S. government passed regulations to reduce greenhouse gas emissions in power plants and landfill sites. In addition, European Union has also emphasized on reducing carbon dioxide emissions and has set potential target of 20% less greenhouse gases from 1990 to 2020. MCERT regulations (robust monitoring of emissions through air, land and water) have been approved in the U.K in order to curtail emissions.
Flow sensors can be classified based on the principle of working into five major types including: velocity flow, mass flow, and differential pressure sensors. The differential pressure and positive displacement flow sensors are the oldest technologies in the flow sensors market. The velocity, differential pressure and the mass flow sensors are the dominant ones in the market. The improved accuracy of the newer flow sensor types such as velocity and mass flow sensors has resulted in increased demand due to replacement of the older types. The shale gas revolution in North America has led to increased adoption of flow sensors and the increasing need for accurate measurements which maximize the profits.
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Flow sensors are classified based on the type of technology into electromagnetic, ultrasonic, orifice plate, coriolis, open channel and pilot tubes and others. The new technologies such as ultrasonic, coriolis, electromagnetic have already penetrated into the market and are projected to provide tough competition for the existing technologies. The new installations and effective dispatch of flow sensors provides an impetus to the market growth.
Flow sensors are used in various industries including oil and gas, chemical, pharmaceutical, food and beverage as well as consumer applications such as HVAC. The increasing number of applications such as in the paper and pulp industry has propelled the flow sensor market, particularly the ultrasonic flow sensors segment. The growth of the end use industries such as oil and gas, due to the shale oil revolution, is projected to drive the flow sensors market.
The Top Five Companies in the Flow Sensors Market include:
These companies have a combined market share of 60% in the flow sensor market. Though these companies have a dominant position in the market, there are a few Companies such as Krohne, Inc. (Germany), Omron (Japan), Omega (U.S.), Yokogawa Ltd. (Japan), Toshiba (Corporation), Floe line (U.S.) and so on which are providing a strong competition to the top players in the market. Flow sensor companies have concentrated on launching innovative products and augmenting their product portfolio as their core strategy in order to gain competitive edge in this growing market. New flow sensor technologies such as coriolis, laser based and electromagnetic sensors have been launched as they offer additional capabilities and increased accuracy and reliability. The development of innovative products is set to propel the flow sensors market.
Segmentation Based on Geography:
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