Global Fluid Sensors Market Predicted to Generate a Revenue of $17,354.9 Million by 2028, Growing at a CAGR of 8.1% from 2021-2028 - Exclusive Report [306 Pages] By Research Dive

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Research Dive

20 Sep, 2021, 13:00 GMT

The global fluid sensors market is expected to witness a remarkable growth by 2028, owing to its modern measurement technologies. The flow sensor sub-segment is expected to be most beneficial. The Asia Pacific region is expected to dominate in the global market.

NEW YORK, Sept. 20, 2021 /PRNewswire/ -- Research Dive has added a new report to its offering stating that the Global Fluid Sensor Market is expected to garner a revenue of $17,354.9 million by 2028, growing exponentially at a CAGR of 8.1% during the forecast period (2021-2028).

Dynamics of the Market

Availability of modern measurement technologies like optical sensing, capacitance sensing, tuning fork, ultrasonic sensors, and many more are expected to drive the growth of the market during the forecast period. In addition, rising emphasis on industrial automation among people is further expected to bolster the growth of the market by 2028. However, extortionate expenses associated with the deployment of fluid sensor technology is expected to restrain the growth of the market in the coming future. Moreover, the increasing significance and adoption of industrial internet of things (IIoT) is anticipated to create remarkable opportunities for the growth of the market during the forecast period.

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COVID-19 Impact on the Market

The outbreak of COVID-19 has affected the global fluid sensors market in a negative way, owing to the prevalence of lockdowns in various countries across the globe. The lockdowns led to the stoppage and closure of all industrial activities, in order to curb the spread of the virus. This closure significantly disrupted the manufacturing and distributional channels, resulting in the decreased demand for fluid sensors. Thus, the pandemic has had a negative impact on the growth of the market.

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Segments of the Market

The report has divided the market into different segments based on type, technology, end-user, and region.

  • By type, the flow sensor sub-segment is expected to be most profitable, and generate a revenue of $10,615.8 million over the forecast period. Flow sensors remarkably reduces the work done on manual measurement methods and are extensively used in industries like automotive, chemical, oil & gas, and many more. These factors are expected to accelerate the growth of the sub-segment during the forecast period.
  • By technology, the non-contact sensor segment is expected to have the largest market share, and generate a revenue of $10,216.5 million by 2028. Non-contact sensors are widely used for the measurement of fluid temperature, volume and velocity. This factor is expected to bolster the growth of the sub-segment during the forecast period.
  • By end-user, the power generation sub-segment is anticipated to be most lucrative, and generate a revenue of $4,149.2 million over the forecast period. Increasing demand for electricity in industries is predicted to drive the growth of the sub-segment during the forecast period.
  • By region, the Asia-Pacific region is anticipated to dominate the market, and generate a revenue of $6,126.3 million by 2028. Rising rate of industrial production and surging economic development in the region are expected to accelerate the growth of the market during the forecast period.

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Top 10 Key Players of the Fluid Sensors Market

  1. Emersion Electric Company
  2. Siemens
  3. Schneider Electric
  4. Rockwell Automation
  5. ABB
  6. Honeywell
  7. NXP semiconductors
  8. Robert Bosch GmbH
  9. SICK AG
  10. Texas Instruments

Inquire and Get Quick Access to Top Companies Development Strategies Summary Report

These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.

For instance, in July 2019, CEVA, the leading licensor of signal processing platforms and artificial intelligence processors, acquired Hillcrest Laboratories, Inc., a dominant global supplier of software and components for sensor processing in consumer and IoT devices, so as to expand and strengthen CEVA's smart and connected technology portfolio with highly complementary sensor processing technologies.

The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.

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