Yahoo Finance Global Fluid Sensors Market Is Expected to Reach $25.4 Billion by 2030: Allied Market Research
High demand in the oil & gas industry for various applications such as tank-level monitoring and oil quality testing and need for multi-level sensors for oil separation in oil drilling operations drive the growth of the global fluid sensors market. The outbreak of the COVID-19 pandemic led to have a negative impact on the growth of the global fluid sensors market, owing to closure of manufacturing facilities across every end use industry.
Portland, OR, July 04, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global fluid sensors market generated $13.2 billion in 2021, and is projected to reach $25.4 billion by 2030, witnessing a CAGR of 7.4% from 2022 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
High demand in the oil & gas industry for various applications such as tank-level monitoring and oil quality testing and need for multi-level sensors for oil separation in oil drilling operations drive the growth of the global fluid sensors market. However, the production of molded plastics releases various toxic chemicals, which is anticipated to hamper the market growth. On the other hand, factors such as availability of feedstock at reduced prices and arrival of local players are expected to generate potential opportunities for the market during the forecast period.
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COVID-19 scenario:
The outbreak of the COVID-19 pandemic led to have a negative impact on the growth of the global fluid sensors market, owing to closure of manufacturing facilities across every end-use industry.
Due to supply chain disruptions and unavailability of workforce, the production and manufacturing activities were hampered. This resulted in decline in the fluid sensors market during the forecast period.
The report offers detailed segmentation of the global fluid sensors market based product, technology, application, and region.
Based on type, the flow sensor segment held the highest market share in 2021, holding more than three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the level sensor segment is estimated to register the highest CAGR of 7.7% from 2022 to 2030.
Based on end user, the power and utilities segment held the largest market share in 2021, holding around one-fourth of the total market share, and is expected to continue its leadership status during the forecast period. However, the water and wastewater segment is projected to register the highest CAGR of 9.2% from 2022 to 2030.
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Based on region, Asia-Pacific is contributed to the highest share in terms of revenue in 2021, holding more than one-third of the total market share, and is estimated to continue its dominant share by 2031. Moreover, the same region is projected to manifest the fastest CAGR of 8.4% during the forecast period.
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Leading players of the global fluid sensors market analyzed in the research include Schneider Electric, Siemens, ABB, Honeywell, Robert Bosch GmbH, Emersion Electric Company, SICK AG, NXP semiconductors, Texas Instruments, and Rockwell Automation.
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