Mass Flow Controller Market to Demonstrate Spectacular Growth by 2027
The mass flow controller market is expected to witness substantial growth in the coming years, owing to the increasing government initiatives to encourage the adoption of smart manufacturing systems in industries, especially across developed regions. The development of smart factories in countries like South Korea, China, Taiwan, and the U.S. is likely to create significant demand for mass flow controllers.
For instance, the Government of South Korea in January 2020, announced an investment to the tune of US$414.4 million towards the establishment of smart factories in the country. This funding is aimed to support the deployment of smart automated systems in regional manufacturing industries.
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Moreover, the establishment of numerous manufacturing innovation institutes by the U.S. federal government under its ‘Manufacturing USA’ initiatives should further augment regional industry progression in the coming years. According to GMI, Inc., global mass flow controller market size is predicted to exceed US$1.5 billion by 2027.
Demand for high flow rate controllers
The high flow rate controller segment registered a market share of about 20% in 2020 and is slated to grow at a steady pace in the coming years. The component demand is attributed to the constant need for the high flow rate controllers in the oil & gas as well as water & wastewater treatment applications. The high accuracy and large measuring range of up to 500 SLPM of the high flow rate controllers makes them widely suitable in these sectors.
Industrial applications of Coriolis mass flow meter
The Coriolis mass flow meter segment held over 10% of global mass flow controller market share in 2020 and is all set to grow at 3.5% CAGR up to 2027. Coriolis mass flow meters offer numerous sophisticated features such as low leakage rate, high reliability, and accurate flow monitoring of various liquids and gases. Along with such exceptional properties, the ability of these flow meters to offer high performance even in extreme temperature, viscosity, pressure, and fluid density increases their adoption in rugged industrial applications.
Increasing requirement in chemical sector
The chemical applications accounted for around 10% of mass flow controller market share in 2020 and is estimated to grow at a CAGR of 5% over the coming years. Growing demand for mass flow controllers for their numerous applications in the chemical sector such as mass spectroscopy systems, gas chromatography, catalyst research, and chemical reactors is expected to drive industry share from this segment.
The increase in government efforts to uplift the manufacturing and process industries in developing countries is likely to create lucrative growth opportunities for mass flow controller manufacturers in Asia Pacific. For instance, the Indian Union Ministry of Chemicals & Fertilizers, in March 2021, announced to invest around US$110 billion by 2025 under the 12 PLI scheme for numerous upstream and downstream sectors. Such financial support will significantly boost the chemical manufacturing sector in the region.
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Pharmaceutical manufacturing in Europe amid COVID-19 pandemic
Europe mass flow controller industry is predicted to witness a CAGR of 5% through 2027. The strong presence of prominent pharmaceutical firms in the region such as Novo Nordisk, AstraZeneca, Pfizer Inc., and others emphasizing on the largescale manufacturing of novel drugs and vaccines should primarily drive the component use. In a view to boosting pharmaceutical production, the regional firms are increasingly investing in R&D activities.
As per the EFPI Association, nearly US$45,363 billion was invested in R&D activities by European pharmaceutical companies in 2019. Moreover, the growing demand for COVID-19 vaccines and drugs across the globe is creating exponential growth opportunities for the manufacturers in the region.
Leading companies offering mass flow controller market are eyeing on new product development and R&D activities to consolidate their position in the global market. For example, Alicat Scientific in September 2020, introduced a new CODA series of Coriolis mass flow meters and controllers that render highly precise measurements in severe temperature and pressure environments.
Table of Contents (ToC) of the report:
Chapter 1 Methodology and Scope
1.1 Scope & definition
1.2 Methodology & forecast
1.3 Data Sources
1.3.1 Primary
1.3.2 Secondary
Chapter 2 Executive Summary
2.1 Mass flow controller market 3600 synopsis, 2016 - 2027
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Material type trends
2.1.4 Flow rate trends
2.1.5 Product type
2.1.6 Connectivity technology trends
2.1.7 Industry vertical trends
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