Flow Sensors Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

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The flow sensors market is expected to register a CAGR of 6.14%, over the forecast period (2021 - 2026). While modern technologies, such as Coriolis, ultrasonic, magnetic, and vortex flow sensors, are a major competition to traditional measurement technologies, they have also witnessed competition within themselves. Each of the flow technologies has unique merits that make it well-suited for certain applications.

- The revival of the oil and gas industry and the expanding infrastructure in the water and wastewater industry are likely to drive growth in the medium- to long-term. There are growth opportunities in developing economies, such as China and India, which have developed their oil and gas, and chemical industries.
- Emerging technologies, such as IIoT, asset management, and advanced diagnostics, are helping in forming new collaborations among users and suppliers. Moreover, strategies for both end-users and suppliers have leveraged advancements in networking and cloud platforms as well as service offerings, including data and analytics.
- Flow sensors offer a range of advantages, due to which, they are ...
... increasingly used in coal-fired, fuel oil and natural gas, geothermal, hydroelectric, and nuclear power plants. Increasing stringency in regulations related to the control of emission of toxic gases gas from power plants has increased the adoption of flow sensors.
- However, unskilled labor, lack of understanding pertaining to operational processes of smart flow sensors, and high initial costs associated with these advanced products are factors likely to threaten market growth. Similarly, lack of adequate calibration facilities in Middle East & Africa (MEA), coupled with political instability in the region, will adversely impact the region's growth.

Key Market Trends

Oil and Gas Vertical is Expected to Hold a Major Share

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- The demand for oil and gas equipment is increasing consistently and as a result, it is expected that the adoption of flow sensors will also proportionally increase.
- Flow measurement is critical in the upstream oil and gas sector. It is required in upstream operations that span offshore to onshore activities, which include well testing, enhanced oil recovery, fractionation, completion, and separation, to recovery and preparation of crude oil and natural gas.
- During the exploration and drilling stages at oil and gas fields, there is a need for accurate and dependable flow instrumentation to ensure production is optimized.
- When a shale gas reserve is found, the first stage of the extraction process is to pump water-based solutions into the well to release the trapped gas. Here monitoring the flow is necessary to verify the outputs of hydraulic-driven equipment, such as power units on drilling rigs, and to monitor test machinery and tools for proper fluid flow rates.
- The choice of the suitable flow sensor for fuel gas to flare and acid gas measurements as well as monitoring liquefied natural gas (LNG) during the processing, transportation, and storage is critical. Further, the adoption of automation across the oil and gas value chain also had a major impact on the adoption of flow sensors, due to the greater need for efficiency and accuracy in the operation of the equipment.

North America to Account for the Largest Share

- North America holds the largest market share of the flow sensors market, due to the thoroughly developed oil and gas, chemicals, and power generation industries.
- The North American renewable power generation sector was expected to continue to invest significantly in new projects, in 2017. According to the US Department of Energy, the hydropower sector is expected to grow from the current capacity of 101 GW, to almost 150 GW by 2050.
- An improving US economy (the United States is expected to hold its strong position as an exporter of chemicals) and a rebounding manufacturing sector are further expected to contribute to the growth of this market.
- North America has been a frontrunner in the deployment of smarter manufacturing infrastructure based on IoT techniques. Companies establish and maintain an operational process across control methods, manufacturing, and business processes.

Competitive Landscape

The flow sensors market is fragmented. The flow sensor market has witnessed an increase in demand for intelligent meters, due to the integration of IoT, which requires the implementation of smart flow rate measurement solutions. The competitive rivalry among existing competitors is high. Moreover, the product innovation and expansion strategies of large companies expected to boost the demand of the flow sensors market. Some of the key developments in the area are:

- February 2018: At the Electronica and COMPAMED 2018 trade fairs, Sensirion presented its liquid flow sensor, the SLF3S-1300F. Combining Sensirion's excellent 20-year track record in low and lowest flow rate sensing with a radically optimized mechanical design, the SLF3S-1300F took the well-established functionality to the next level in price-performance ratio.

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