Fluid Sensor Market Analysis, Trends, Opportunities, Forecast, 2024-2033
A flow sensor refers to a device designed to detect and measure the properties of fluids like liquids and gases, including flow, pressure, temperature, and level. Fluid sensors are essential components in many industries, ensuring the safe and efficient operation of processes that require precise fluid management. Fluid sensors provide real-time data on the properties of the fluid, and these sensors utilize a variety of technologies to provide accurate and reliable measurements for industrial and commercial applications.
The expansion of industrial automation is one of the major factors predicted to drive the market growth during the given forecast period. The increasing adoption of automation in the industrial sector drives the demand for flow sensors as they play a vital role in automated systems. Flow sensors enable accurate monitoring and control of fluid parameters and also help in improving productivity and efficiency. Hence, the expansion of industrial automation leads to an increasing adoption of flow sensors, which in turn leads to augmenting the market growth during the given forecast period.
According to the study, the demand for industrial automation is expected to grow from US$165.1 billion in 2023 to US$307.7 billion in 2030, at a growth rate of 9.3% annually. There are several industries generating the demand for industrial automation, with manufacturing accounting for the largest share at over 30%. Oil and gas (over 20% of the industry) and power generation (over 15% of the market) are two more industries that employ engineers in industrial automation. In addition, large-scale research and development initiatives for small and medium-sized enterprises will receive funding of up to $10 million from the NRC IRAP. In some industries, industrial automation is predicted to increase productivity by 30%. More than half of producers believe that industrial automation will improve the quality of goods. The automotive industry sold about one-third of industrial robots. By 2024, it is predicted that 4.5 million industrial robots will be used by companies worldwide. Currently, 5% of all industrial automation endpoints are in the biopharmaceutical sector. By 2024, the machine vision segment of the automation industry is expected to generate $14 billion in revenue. Asia Pacific leads the industrial automation industry with a market share of 41.4% in 2020. Europe is second only to Asia Pacific with a market share of 29.8% in the industrial automation market in 2020. By 2022, 88% of companies say that automation will accelerate human achievement. To achieve productivity goals, 67% of manufacturers plan to increase their use of automation. 60% of manufacturers will adopt the Industrial Internet of Things to track the effectiveness of field assets in 2021. Futek Advance Sensor Technologies, Yokogawa Electric Corporation, Lord Sensing Stellar Technology, Infineon Technologies AG, Honeywell International Inc., and Sensata Technologies Holding NV are some of the key players in the flow sensor market.
The global market for fluid sensors was valued at USD 15.9 billion in 2023. The market is expected to expand at a CAGR of 7% from 2024 to 2033, reaching USD 31.5 billion by the end of 2033.
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https://www.surveyreports.jp/industry-analysis/fluid-sensor-market/1037295Fluid Sensor Market Analysis, Trends, Opportunities, Forecast, 2024-2033
A flow sensor refers to a device designed to detect and measure the properties of fluids like liquids and gases, including flow, pressure, temperature, and level. Fluid sensors are essential components in many industries, ensuring the safe and efficient operation of processes that require precise fluid management. Fluid sensors provide real-time data on the properties of the fluid, and these sensors utilize a variety of technologies to provide accurate and reliable measurements for industrial and commercial applications.
The expansion of industrial automation is one of the major factors predicted to drive the market growth during the given forecast period. The increasing adoption of automation in the industrial sector drives the demand for flow sensors as they play a vital role in automated systems. Flow sensors enable accurate monitoring and control of fluid parameters and also help in improving productivity and efficiency. Hence, the expansion of industrial automation leads to an increasing adoption of flow sensors, which in turn leads to augmenting the market growth during the given forecast period.
According to the study, the demand for industrial automation is expected to grow from US$165.1 billion in 2023 to US$307.7 billion in 2030, at a growth rate of 9.3% annually. There are several industries generating the demand for industrial automation, with manufacturing accounting for the largest share at over 30%. Oil and gas (over 20% of the industry) and power generation (over 15% of the market) are two more industries that employ engineers in industrial automation. In addition, large-scale research and development initiatives for small and medium-sized enterprises will receive funding of up to $10 million from the NRC IRAP. In some industries, industrial automation is predicted to increase productivity by 30%. More than half of producers believe that industrial automation will improve the quality of goods. The automotive industry sold about one-third of industrial robots. By 2024, it is predicted that 4.5 million industrial robots will be used by companies worldwide. Currently, 5% of all industrial automation endpoints are in the biopharmaceutical sector. By 2024, the machine vision segment of the automation industry is expected to generate $14 billion in revenue. Asia Pacific leads the industrial automation industry with a market share of 41.4% in 2020. Europe is second only to Asia Pacific with a market share of 29.8% in the industrial automation market in 2020. By 2022, 88% of companies say that automation will accelerate human achievement. To achieve productivity goals, 67% of manufacturers plan to increase their use of automation. 60% of manufacturers will adopt the Industrial Internet of Things to track the effectiveness of field assets in 2021. Futek Advance Sensor Technologies, Yokogawa Electric Corporation, Lord Sensing Stellar Technology, Infineon Technologies AG, Honeywell International Inc., and Sensata Technologies Holding NV are some of the key players in the flow sensor market.
The global market for fluid sensors was valued at USD 15.9 billion in 2023. The market is expected to expand at a CAGR of 7% from 2024 to 2033, reaching USD 31.5 billion by the end of 2033.
Get More Information Here@ https://www.surveyreports.jp/industry-analysis/fluid-sensor-market/1037295
