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Global flow sensors market: $5 billion industry by 2018

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PR-Inside.com: 2014-03-14 08:05:02
The global Flow Sensors market is projected to reach US$4.9 billion by 2018, primarily driven by the growing use of the technology in a wide range of industries.

A technology to measure the rate of fluid and/or air flow, flow sensors are vital elements in a wide range of equipment, and machines. Typical end-use application areas range from oil and gas, chemical and petrochemical, water and wastewater, process industries, pharmaceuticals, metals, mining to semiconductors. Growing emphasis on energy efficiency, reduced maintenance costs, enhanced asset utilization, and improved process monitoring in process industries is poised to benefit the flow sensors market. Technology innovations aimed at enhancing the accuracy and reliability of flow meters is also expected to benefit the market. The market is already witnessing a massive shift away from conventional technologies (i.e. positive flow and differential pressure flow) towards newer technologies like mass, ultrasonic, magnetic, and vortex. Developments in engineering know-how will help bring down production costs, and product prices and thereby spur market penetration.

In Europe, industrial flow sensors market is beginning to feel the heat of the regions festering debt crisis, given the fact that opportunities in this space are hugely dependent on the health of the industrial and manufacturing sector. The crisis induced volatility in the Index of Industrial Production (IIP) leaves the domestic market hurting. Indicating the deepening financial crisis in the region is the decline in industrial production, which for the full year 2012, declined by 2.4% approximately in the eurozone area. The decline indicates persistent sluggishness in the economy, poor performance of the manufacturing sector, and decline in production of capital goods. Indicating continuous contraction in growth, PMI index for the month of January 2013 also remained below 50 points at 48.6. The scenario offers very little reasons for optimism and hope for a turnaround thus creating an especially uncomfortable market scenario for flow sensor manufacturers.

Lucrative opportunities exist for flow sensors in the water and wastewater industry, where increased environmental regulations that tighten the screws on water conservation and pollution benefits the market. In addition, growing world population, expansion of water infrastructure in developing countries, will especially benefit magnetic flow sensors, which are widely used in the water distribution system. Europe is especially forecast to generate higher demand for flow sensors in this application area since the region has legislated some of the toughest norms for drinking water quality and waste-water treatment, thus providing regulatory driven impetus to demand. Against a backdrop of a creaking water infrastructure that calls for dire upgradation measures in developed countries, and establishment of new infrastructure in developing countries, flow sensors are poised to gain.

Europe continues to remain the largest regional market worldwide. Asia-Pacific represents the fastest growing regional market with sales poised to grow at a CAGR of about 5.8% over the analysis period.

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