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
“The global microfluidic components market is projected to grow at a CAGR of 20.0%.”
The microfluidic components market is expected to reach USD 53.7 billion by 2024 from an estimated USD 21.6 billion in 2019, at a CAGR of 20.0%. 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 valves segment is expected to grow at the highest rate during the forecast period.”
On the basis of 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.
A breakdown of the primary participants referred to for this report is provided below:
By Company Type: Tier 1 (35%), Tier 2 (40%), and Tier 3 (25%)
By Designation: C-level (35%), Director-level (25%), and Others (40%)
By Region: North America (35%), Europe (30%), Asia Pacific (15%), Latin America (10%), and the Middle East & Africa (10%)
The prominent players in the global microfluidic components market include Parker Hannifin Corporation (US), Camozzi Automation Spa Società 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 report analyzes the market for various microfluidic components and their adoption patterns. It aims at estimating the market size and future growth potential of the global microfluidic components market and different segments such as product, industry, and regions. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product & service offerings, and recent developments.
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The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies for strengthening their market presence.
This report provides insights on the following pointers:
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the global microfluidic components market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the global microfluidic components market
Market Development: Comprehensive information on the lucrative emerging regions by product, industry, and region
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the global microfluidic components market
Competitive Assessment: In-depth assessment of market ranking, growth strategies, revenue analysis, and products of leading players in the global microfluidic components market
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