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Valve Position Sensor Market Segmented By contact type such as Contact Valve Position Sensor and Non-Contact Valve Position Sensor with mount type such as Flush Mountable and Non-Flush Mountable
Owing to an increase in the number of accidents associated with the functioning of various equipment across various industries, especially in hazardous locations, increasing demand for the monitoring of such devices/equipment is being witnessed. This demand has led to the introduction of various types of sensors, such as proximity sensors, valve position sensors, light curtain sensors, etc., for monitoring the functioning of a device or an equipment as well as identifying faults effectively.
Valve Position Sensors are a type of position sensors used to monitor valves and actuators, identify stuck valve conditions, etc. of various equipment installed across various industries, especially in hazardous locations. Valve position sensors are primarily to detect the position of rising stem and quarter-turn valves i.e. open or closed. Valve position sensors find ideal application across areas susceptible/having exposure to shocks, vibrations, in robotics or at locations prone to fire or explosions. Introduction of advanced valve position sensors enabling remote valve position monitoring has been made possible by the advancements in technology, such as wireless technology. The adoption of advanced valve position sensors has eliminated risks associated with manually monitoring valves, especially in risky industrial areas.
The Valve Position Sensor market has witnessed considerable traction in the past four years and, is furthermore, expected to witness considerable growth during the forecast period, owing to the increasing adoption of industrial IoT across various industries.
The primary application of a valve position sensor lies across industry equipment. Thus, industrialization, globally, especially in developing countries, such as Mexico, India, China, Brazil, etc., is expected to impel the adoption of valve position sensors.
This, as a result, is expected to drive the global valve position sensor market during the forecast period. In addition to this, increasing demand for advanced wireless valve position sensors is further expected to positively impact the growth of the product in the market.
Increasing demand for valve position sensors from industries, prone to risks and accidents, such as oil and gas, packaging and chemicals, is, however, expected to be the primary driver for the valve position sensors market. Additionally, factors, such as enhanced safety and efficiency, reduced environmental risks and easy installation (especially of wireless valve position sensors), are expected to drive the adoption of valve position sensors in the market.
However, issues, such as high initial installation and maintenance cost (sensors in conjunction with the mandatorily required control unit) associated with the whole processing unit of these sensors will act as a major restraining factor for the valve position sensor market.
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Of the above mentioned industry verticals, major adoption of valve position sensors was witnessed in the oil & gas and food and packaging industries in 2017. The same segments are further expected to witness considerable growth rate in the future as well.
Some of the key players in the valve position sensor market are Pepperl+Fuchs, Honeywell International Inc., Hans Turck GmbH, Dwyer Instruments, Inc., ifm, Curtiss-Wright, Metso Corporation, HydrForce, ASCO Valve, Inc., StoneL and various others.
Many players (manufacturers and vendors offering valve position sensors) are focusing on expanding the sales of valve position sensors by partnering with various manufacturers of valves and actuators with an intention of integrating the sensors with the latter’s valves/actuators/any other equipment.
For instance, Pepperl+Fuchs partnered with Eriks to integrate its valve position sensors with Eriks’s Econ labelled valves, actuators and other accessories.
By geography, the Valve Position Sensor market can be segmented into North America, Latin America, Western Europe, Eastern Europe, China, Japan, SEA and others in Asia Pacific and Middle East & Africa. Among these regions, Asia Pacific is expected to dominate the global valve position sensor market during the forecast period owing to high adoption of sensors in the region and presence of various local valve position sensor vendors in the region.
Europe and North America are expected to follow Asia Pacific in the global valve position sensor market. China is, however, expected to exhibit highest growth rate during the forecast period owing to increasing industrialization in the region. Besides this, Latin America is also expected to witness considerable growth rate during the forecast period.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.