IndustryARC updated the market research study on “Flow Sensors Market”- Forecast (2024 - 2030)

The flow sensors market generated a revenue of $10.1 Billion in the year 2023 and is projected to grow at a CAGR of 6.3% throughout the forecast period 2024 -2030. The Velocity Flow sensors segment holds major share of 46.4% in 2023.The increasing number of applications and development of new and improved technologies like ultrasonic, electromagnetic and coriolos have resulted in increased adoption of flow sensors. The rising demand for accurate flow measurements and the growing need to monitor and control the flow are the key drivers for this market.

The integration of smart technologies within flow sensors is set to grow substantially. Advancements in IoT (Internet of Things) and Industry 4.0 are driving demand for flow sensors equipped with smart capabilities. These sensors offer real-time monitoring, data analysis, and remote accessibility, enabling enhanced process control and predictive maintenance. By 2023, it's estimated that over 50% of new flow sensors will incorporate smart features, revolutionizing how industries manage fluid flow processes.

Another trend is the ongoing drive towards miniaturization and improved efficiency in flow sensor design. With demands for compact and high-performance sensors rising across various sectors such as healthcare, automotive, and industrial automation, manufacturers are focusing on developing smaller yet more accurate sensors. By 2023, it's expected that these advancements will lead to a 15-20% increase in the efficiency of flow sensors, offering greater precision while reducing energy consumption and overall operational costs.

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Report Coverage

The report “Flow Sensors Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the recycled polyethylene terephthalate market.

By Type: Differential Pressure Flow Sensors, Positive Displacement Flow Sensors, Mass Flow Sensors, Open Channel Flow Sensors, Velocity Flow Sensors, Others.

By Technology: Variable Area, Orifice Plate, Venturi Flow Sensors, Pitot Tubes, Oval Gear, Rotary Vane, Turbine Flow Sensors, Vortex Flow Sensors, Electromagnetic Flow Sensors, Ultrasonic Flow Sensors, Coriolis Flow Sensors, Thermal Flow Sensors, Mechanical Flow Sensors, Others.

By End-Use Industry: Oil and Gas, Food and Beverage, Water Management, Chemical & Pharmaceutical, Pulp and Paper, Aerospace, HVAC and Energy.

By Geography: North America(The U.S., Canada, Mexico), South America(Brazil, Argentina, Colombia, Chile, Rest of South America), Europe(UK, Germany, Netherlands, France, Italy, Spain, Belgium, Rest of Europe), APAC(China, India, Japan, South Korea, Hong Kong, Indonesia, Thailand, Australia & New Zealand, Taiwan, Malaysia, Rest of Asia-Pacific), Middle East(Israel, Saudi Arabia, UAE, Rest of Middle East) and Africa(South Africa, Rest of South Africa).

Key Takeaways

Asia Pacific dominates the Flow Sensors market owing to increasing demand from applications such as packaging.

ABB introduced world’s first electromagnetic flowmeter with bidirectional connectivity to power intelligent water loss management.

The oil and gas industry has been undergoing a digital transformation, leading to the integration of Internet of Things (IoT) technologies.

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Drivers – Flow Sensors Market

The rise in demand for flow sensors in the oil and gas industry is driving the growth of the market

Flow sensors play a critical role in measuring the flow rates of liquids and gases in various processes within the oil andgas sector. The oil and gas industry is constantly looking for ways to optimize its operations to improve efficiency and reduce costs. Flow sensors provide real-time data on fluid flow rates, enabling operators to fine-tune processes, monitor equipment performance, and minimize waste. There is growing pressure on the oil and gas industry to reduce its environmental footprint. Accurate flow measurements are essential for compliance with environmental regulations, as they help in monitoring emissions, preventing leaks, and minimizing environmental impacts

Increasing use of IoT-based technologies for the smooth implementation of smart flow sensor-based solutions

One of the primary growth factors driving the adoption of IoT-based technologies in smart flow sensors which has the ability to gather and analyze vast amounts of data. These sensors can provide real-time data on everything from fluid levels in manufacturing processes to water consumption in smart cities. This data can be used to gain valuable insights into operational efficiency, enabling businesses to make informed decisions, reduce waste, and optimize resource allocation. As per latest IoT Analytics “State of IoT—Spring 2023” report, the Internet of Things market increased by 18% with 14.4 billion active connections in 2022. It is anticipated that there will be about 27 billion connected IoT devices by 2025 as supply constraints loosen and growth continues to pick up speed

Growing demand for chemical and petrochemical products is propelling the market growth

Flow sensors aid in optimizing various processes within the chemical and petrochemical industry. These sensors provide real-time data on flow rates, enabling companies to fine-tune their production processes. With precise control over flow, companies can reduce waste, increase efficiency, and ultimately lower production costs. This optimization is crucial in an industry where profit margins can be slim. According to the CISA 2022, the U.S. chemical industry is the world’s second-largest chemical producer and 13% of the world’s chemicals come from the U.S. The global demand for chemicals and petrochemical products continues to rise, driven by various industries, including automotive, construction, and electronics. This sustained demand translates to an increased need for efficient and precise flow measurement and control. Flow sensors are instrumental in ensuring that production can meet this growing demand without compromising quality or safety

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Challenges – Flow Sensors Market

Increasing price competition among vendors to provide high-quality products in the flow sensors market

The Flow Sensors Market plays a pivotal role in various industries, including automotive, healthcare, oil and gas, and industrial automation. Flow sensors are essential components used to measure the rate of flow of liquids and gases, making them indispensable for precise control and monitoring processes. As industries continue to evolve and demand more sophisticated applications for flow sensors, the need for high-quality products has intensified. Customers now seek not just cost-effective solutions but also reliability and accuracy,

especially in critical processes

High adoption of slow sensing technology to Hamper the Market Growth

Slow sensing technology refers to flow measurement systems that prioritize accuracy and precision over speed. These systems often utilize complex algorithms and sophisticated components to provide highly detailed and reliable flow data. While they excel in applications where accuracy is foremost, they tend to operate at a slower pace compared to traditional flow sensors. The adoption of slow sensing technology has led to market fragmentation, with specialized companies catering to the unique requirements of accuracy-driven industries. This could make it more challenging for traditional flow sensor manufacturers to compete effectively