Flow Sensors are devices used to measure the flow rate of the fluid either directly or indirectly. The Flow Sensor Market has been segmented based on the type of parameter the sensors measure, the technology utilized in the flow sensor and the end use application of the flow sensor along with geographic analysis. Flow Sensors can be classified by the fluid parameter which they measure such as: Differential Pressure, Positive Displacement, and Mass, Open channel and Velocity flow sensors and so on. Flow Sensors are classified based on the type of technology into electromagnetic, ultrasonic, orifice plate, carioles, open channel and pitot tubes and others. Flow Sensors are used in various industries including oil and gas, chemical, pharmaceutical, food and beverage as well as consumer applications such as HVAC. The market revenue of Flow Sensors is estimated to reach $8.49 billion exhibiting a growth of 7.1% through 2020.
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The growth in demand for Flow Sensors is primarily due to development of new technologies and applications. New flow sensor technologies are projected to slowly replace the older technologies in the next few years spurring the flow sensor market. Newer technologies such as: Mass Flow Sensors and Velocity Flow Sensors have resulted in increased adoption of flow sensors due to their high accuracy and reliability. New applications such as monitoring of pulp slurries and flow monitoring in partially filled pipes have been established for flow sensors in the paper and pulp industry. Such new applications have raised the potential market for flow sensors, thereby leading to increased revenue generation as penetration increases. The growth in related industries such as shale oil refining, paper and pulp as well as waste water management are set to propel the flow sensor growth, particularly in APAC region.
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The APAC region is forecast to exhibit high growth due to increase in number of installations and applications of flow sensors in this region. The growing governmental regulations are forecast to propel the flow sensor adoption rate which is driving demand. The high growth rate is accredited to the investments in various process industries such a soil and gas, chemical, pulp and paper and so on. The growing threat of global warming is fuelling the need for monitoring the effluents from industries, which is proving a huge impetus to the flow sensor market. The growth in shale oil refineries in China is also set to drive the market for flow sensors.
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The Flow Sensor Market is dominated by few key players. The top five companies in this market include ABB AG (Switzerland), Honeywell International Ltd. (U.S.), Emerson Electric Ltd. (U.S.), Siemens AG (Germany) and G.E (U.S.) and they account for nearly 60% of the total market share. The dominant companies are finding it difficult to further consolidate their market presence due to strong competition from emerging small companies such as Krohne Inc. (Germany), and Floe line (U.S.)for rapidly penetrating into the market. Hence, the big players are acquiring the smaller companies, to augment their product portfolio and to develop innovative products by leveraging core competencies. Growth in flow sensor market is estimated to lead to increased competition among the competitors.
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