The global flow sensors market size is expected to reach USD 7.48 billion by 2020, according to a new study by Grand View Research, Inc. Increasing quest for new energy sources along with renewable energy development is expected to drive the market over the forecast period. Regulations governing the industry have been favorable in stimulating market growth for different types of sensor. For example, standards laid by the EPA for power plants have increased the demand for gas flow sensor which are effective in monitoring gas leakage. Various initiatives are taken into consideration for energy conservation and efficiency over the years worldwide. For instance, Omron Corporation offers high performance MEMS flow sensor to optimize air conditioning energy efficiency.
Further, the industry has witnessed high demand from numerous end-use industries. For example, in the automotive sector, active and passive safety sensor have witness tremendous growth due to the growing need for accident mitigation systems. Emission of hazardous gases has led to the framing of legislations for emission control and resulted in the need for monitoring the concentration of exhaust gases.
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Further key findings from the study suggest:
- The flow sensor market is expected to witness considerable growth over the forecast period. The need for new energy sources, including oil and gas exploration, and the growing significance of developing of renewable energy sources are expected to be key market drivers.
- The process industries segment is poised for significant growth over the next few years, and accounted for over 25% of the overall market in 2013. Growing number projects and the establishment of new process plants along with reinvestments in plant modernization, renovation and capacity expansion are expected to fuel the market demand.
- North America emerged as the dominant regional market in 2013 accounting for more than 30% of the overall market in the same year. Surging demand owing to rebound in automotive and machinery production along with regulatory mandates are expected to spur the regional market growth over the next six years.
- Key industry players include Emerson Electric Company, First Sensor AG, Gems Sensors & Controls, Keyence Corporation, Omron Corporation etc. Manufacturers focus on investing in R&D activities as accuracy and reliability are major product selection criteria. Further, industry participants emphasize on product differentiation in order to avoid price competition.