Flow Sensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

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.

Scope of the Report

Flow sensors are the devices that are used to measure the flow rate, often for fluid. These sensors are usually a part of a flow meter, which can record the flow rate. Global flow sensors are segmented by type: liquid and gas. IT is differentiated by technology: Coriolis, differential flow, ultrasonic, vortex, and other technologies. Different industries, like oil and gas, water and wastewater, paper and pulp, chemical, power generation, food and beverage, are using flow sensors to strengthen their growth rate in respective fields. 

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Key Market Trends

Oil and Gas Vertical is Expected to Hold a Major Share

• 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.
   

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