Flow Sensors Market Size Is Set To Witness Increasing Demand...| MENAFN.COM

Monday, 30 January 2023 10:32 GMT

Flow Sensors Market Size Is Set To Witness Increasing Demand Over 2023-2033


(MENAFN- America News Hour)

Market Overview
The flow sensors market is expected to register a CAGR of 6.14%, over the forecast period. While modern technologies such as Coriolis, ultrasonic, magnetic, and vortex flow sensors are a major competition to traditional measurement technologies, these modern technologies have also witnessed competition among themselves. Each flow technology has the unique merits that make it well suited for certain applications.
– The revival of the oil & gas and the expanding infrastructure in the water & wastewater industry are likely to drive growth in the medium to long term. Growth opportunities are opening in developing economies, such as China and India that have developed their oil and gas and chemical industries.
– Emerging technologies such as IIoT, asset management, and advanced diagnostics are forming new collaboration among users and suppliers. Moreover, strategies for both end users and suppliers have leveraged advancements in networking and cloud platforms as well as service offerings including data and analytics.
– Flow sensors offer a range of advantages, due to which, they are increasingly used in coal-fired, fuel oil and natural gas, geothermal, hydroelectric, and nuclear power plants. Increasing stringency in regulations related to the control of emission of toxic gases gas from power plants has increased the adoption of flow sensors.
– However, unskilled labor, lack of understanding pertaining to operational processes of smart flow sensors, and high initial costs associated with these advanced products are factors likely to threaten market growth. Similarly, lack of adequate calibration facilities in MEA, coupled with political instability in the region, will adversely impact the region's growth.

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Scope of the Report
Flow sensors are the devices that are used to measure the flow rate, often for fluid. These sensors are usually a part of a flow meter, which will be able to record the flow rate. The global flow sensors are by types: Liquid, Gas. IT is being differentiated by technology: coriolis, differential flow, ultrasonic, vortex, & other technologies. There are different industries such as oil & gas, water, and wastewater, paper & pulp, chemical, power generation, food & beverage use flow sensors to penetrate their growth rate in respective fields.
Key Market Trends
Oil and Gas Vertical is Expected to Hold Major Share

– As the demand for oil and gas equipment is increasing in an effective manner, it is expected that the adoption of flow sensors will also proportionally increase with the par.
– Flow measurement is critical throughout the upstream oil and gas sector from upstream operations that span offshore to onshore activities, including well testing, enhanced oil recovery, fractionation, completion, and separation to recover and prepare crude oil and natural gas.
– During the exploration and drilling stages at oil and gas fields, there is a need for accurate and dependable flow instrumentation to ensure production is optimized.
– Further, when a shale gas reserve has been found, the first stage of the extraction process is to pump water-based solutions into the well to release the trapped gas, where again monitoring the flow is necessary to verify the outputs of hydraulic-driven equipment such as power units on drilling rigs, and to monitor test machinery and tools for proper fluid flow rates.
– The choice of the suitable flow sensor for fuel gas to flare and acid gas measurements, as well as monitoring liquefied natural gas (LNG) during the processing, transportation, and storage is critical. Further, the adoption of automation across the oil and gas value chain has also had a major impact on the adoption of flow sensors owing to the greater need for efficiency and accuracy in the operation of these equipment.
North America to Account for the Largest Share
– North America holds the largest market share for the flow sensors market owing to the thoroughly developed oil & gas, chemicals and power generation industries.
– The North American renewable power generation sector is expected to continue to invest significantly in new projects in 2017. According to the US Department of Energy, the hydropower sector is expected to grow from the current capacity of 101 GW to almost 150 GW by 2050.
– An improving United States economy (the United States is expected to hold its strong position as an exporter of chemicals) and a rebounding manufacturing sector are further expected to contribute to the growth of this market.
– North America has been a forerunner in the deployment of smarter manufacturing infrastructure, based on IoT techniques, companies establish and maintain an operational process across control methods, manufacturing, and business processes.

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Competitive Landscape
The flow sensors market is fragmented. The flow sensor market has witnessed an increase in demand for intelligent meters, due to the integration of IoT, which requires the implementation of smart flow rate measurement solutions. The competitive rivalry among existing competitors is high. Moreover, the product innovation and expansion strategies of large companies expected to boost the demand of flow sensors market. Some of the key developments in the area are:
– February 2018 – At the Electronica and COMPAMED 2018 trade fairs, Sensirion presented its liquid flow sensor, the SLF3S-1300F. Combining Sensirion's excellent 20-year track record in low and lowest flow rate sensing with a radically optimized mechanical design, the SLF3S-1300F took the well-established functionality to the next level in price-performance ratio.

1 INTRODUCTION
1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Scope of the Study
1.4 Market Definition
1.5 Key Findings of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Growing Demand of Advanced Flow Meters Across the Oil & Gas Sector and Water & Wastewater Sectors
4.3.2 Penetration of IoT in Flow Rate Measurement Solutions
4.4 Market Restraints
4.4.1 High Initial Costs of Advanced Flow Sensor Products
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness – Porter's Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
5 TECHNOLOGY SNAPSHOT
6 MARKET SEGMENTATION

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About SDKI:

The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count ( SDKI ) provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.

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