DUBLIN, June 20, 2019 /PRNewswire/ -- The "Microfluidic Components Market by Product (Valve, Solenoid Valve, Check Valve, Nozzle, Tubing, Micropump, Microneedle, Shuttle Valve), Industry (Automotive, Aerospace & Defense, Healthcare, Consumer Electronics, Oil & Gas) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The microfluidic components market is projected to reach USD 53.75 billion by 2024 from USD 21.6 billion in 2019, at a CAGR of 20% during the forecast period.
The growing demand for smart and intelligent flowmeters, sensors, and advanced pumps in high-end industries; technological advancements; increasing focus on data precision and accuracy; and the growing demand for miniature portable devices are the primary growth factors for this market. The need for the constant replacement of valves, rising number of refineries and petrochemical plants, and the increasing application areas of the microfluidics technology are expected to offer significant growth opportunities for players in this market. However, standardization and commercialization of components are the major market challenges.
The prominent players in the global microfluidic components market include Parker Hannifin Corporation (US), Camozzi Automation Spa Societ Unipersonale (Italy), Staiger GmbH & Co. KG (Germany), Vesta Automation Srl (Italy), Metal Work S.p.A. (Italy), Fortive Corporation (US), Aignep s.p.a. (Italy), FIM Valvole Srl (Italy), International Polymer Solutions (US), The Lee Company (US), Humphrey Products Corporation (US), and Dolomite Microfluidics (UK).
The valves segment is expected to grow at the highest rate during the forecast period
On the basis of the product, the microfluidic components market is segmented into valves, micropumps, nozzles, pressure controllers, microneedles, connectors, tubing, and other components. The valves segment is projected to witness the highest growth in the microfluidic components market during the forecast period. Growth in this segment is largely driven by the diverse functionality of valves in various industrial sectors and the increasing automation across all industries.
The oil & gas industry is expected to account for the largest market share in 2019
The oil & gas industry segment is expected to hold the largest share of the microfluidic components market. The growing demand for maintenance of refineries and the increasing number of oil exploration projects across the world are factors contributing to the larger share of this segment.
The Asia Pacific region is likely to be the fastest-growing market for players operating in the microfluidic components market
Although North America is expected to account for the largest share of the global microfluidic components market in 2018, the Asia Pacific is expected to witness the highest CAGR during the forecast period. Increasing industrialization, investments in water infrastructure, growth in various industries (such as chemicals, power & energy, and aerospace), the increasing number of infrastructural development projects (especially in China and India), rising standard of living, and growing urbanization are factors driving the growth of this regional segment.
- Growing Demand for Smart and Intelligent Flowmeters, Sensors, and Advanced Pumps in High-End Industries
- Technological Advancements
- Increasing Focus on Data Precision and Accuracy
- Growing Demand for Miniature Portable Devices
- Technical Problems Associated with Solenoid Valves
- Lack of Standardized Certifications and Government Policies
- Adoption of Smaller Engines by OEMs in the Automotive Industry
- Need for Constant Replacement of Valves
- Rising Number of Refineries and Petrochemical Plants
- Increasing Application Areas of Microfluidics Technology
- Standardization and Commercialization of Components
- Parker Hannifin Corporation
- Vesta Automation SRL
- Staiger GmbH & Co. KG
- Metal Work S.p.A.
- Camozzi Automation Spa Societ Unipersonale
- Fortive Corporation
- Aignep S.p.A.
- International Polymer Solutions
- FIM Valvole SRL
- Humphrey Products Corporation
- The Lee Company
- Dolomite Microfluidics
- Cellix Ltd.
- Christian Burkert GmbH & Co. KG
For more information about this report visit https://www.researchandmarkets.com/r/swb6c0
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SOURCE Research and Markets