CHICAGO, May 27, 2019 /PRNewswire/ -- According to the new market research report "Microfluidic Components Market by Product (Valve, Solenoid Valve, Check Valve, Nozzle, Tubing, Micropump, Microneedle, Shuttle Valve), Industry (Automotive, Aerospace & Defense, Healthcare, Consumer Electronics, Oil & Gas) - Global Forecast to 2024", published by MarketsandMarkets™, is expected to reach USD 53.7 billion by 2024 from an estimated USD 21.6 billion in 2019, at a CAGR of 20.0%.
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The major factors driving the growth of this market are the growing demand for smart and intelligent flowmeters, sensors, and advanced pumps in high-end industries; technological advancements; increasing focus on data precision and accuracy; and the growing demand for miniature portable devices.
By product, the valves segment is expected to account for the largest share of the Microfluidic Components Market
The valves segment is estimated to account for the largest market share in 2019. The large share of this segment can be attributed to the diverse functionality of valves in various industrial sectors and the increasing automation across all industries. This segment includes solenoid valves, flow control valves, check valves, shuttle valves, pressure relief valves, proportional valves, and other valves.
Browse and in-depth TOC on "Microfluidic Components Market"
98 - Tables
25 - Figures
172 - Pages
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By valve type, the solenoid valves segment is expected to grow at the highest CAGR during the forecast period
The solenoid valves segment is expected to grow at the highest CAGR during the forecast period. The growth in this segment can be attributed to factors such as the increasing application areas in the automotive industry, the shift towards renewable sources for power generation, growing investments in various industries, and increasing government regulations on end-use industries across developing economies.
The Asia Pacific is estimated to be the fastest-growing market for microfluidic components during the forecast period
The APAC market is projected to register the highest growth during the forecast period. Factors such as increasing industrialization, investments in water infrastructure, growth in various industries (such as chemicals, power & energy, and aerospace), increasing number of infrastructural development projects (especially in China and India), rising standard of living, and growing urbanization are some of the key factors driving the growth of the Microfluidic Components Market in the APAC region.
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The prominent players in the Microfluidic Components Market are Parker Hannifin Corporation (US), Vesta Automation Srl (Italy), Staiger GmbH & Co. KG (Germany), Metal Work S.p.A. (Italy), Camozzi Automation Spa Società Unipersonale (Italy), Fortive Corporation (US), Aignep s.p.a. (Italy), International Polymer Solutions (US), FIM Valvole Srl (Italy), Humphrey Products Corporation (US), The Lee Company (US), Dolomite Microfluidics (UK), Cellix Ltd. (Ireland), Elveflow (France), and Christian Bürkert GmbH & Co. KG (Germany).
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