Flow sensors are used to measure the flow rate of a liquid or gas, and are used in equipment such as flow meters. Flow meters are instruments used for measuring the volumetric, linear, or non-linear flow rate of a liquid or gas. Oil and gas exploration activities, coupled with growing focus on renewable energy development are expected to be the key market driver over the forecast period. Energy efficiency has been witnessing growing emphasis since the past few years. Numerous initiatives have been undertaken to promote and ensure energy efficiency across the globe. This is expected to result in favorable market outlook and aid industry growth.
Flow meters are an essential component in HVAC applications. Cooling related costs form a sizable component of the overall operational cost of a building. By installing flow meters, the flow of water in the cooling system can be measured, which helps in significant reduction of energy costs. Since flow sensors are an integral part of these instruments, focus on controlling overall system costs is expected to drive the market. Using flow sensors also aids in detecting energy losses. Plant operators can read compressed air consumption, along with recording leakage limit values and programming limit values.
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Although there exist a variety of product segments, vortex, coriolis and ultrasonic flow sensors are expected to gain market share over the next few years, which can be primarily attributed to growth in end-use industries. Technological enhancements have resulted in development of smart sensors. These provide capabilities including remote two way communication as well as self diagnosis. Furthermore, the output received from the installation of digital flow sensors in applications such as water conservation can be connected to microcontrollers. This helps in monitoring water usage as well as determining the amount of water remaining.
Product differentiation is the key growth strategy employed by major industry participants in order to avoid competing on the basis of price. This presents a challenge to market players, due to lack of technical innovation in technologies. Substantial investment in research and development activities is crucial for achieving reliability and accuracy. Emerging economies have witnessed steady demand for automation and automated products, which is expected to aid in regional market growth.
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