Dublin, June 13, 2019 (GLOBE NEWSWIRE) -- 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 21.60 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.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Microfluidic Components: Market Overview
4.2 Microfluidic Components Market: Geographic Growth Opportunities
4.3 Regional Mix: Microfluidic Components Market
4.4 Microfluidic Components Market: Developed vs Developing Markets, 2019 vs 2024
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Demand for Smart and Intelligent Flowmeters, Sensors, and Advanced Pumps in High-End Industries
5.2.1.2 Technological Advancements
5.2.1.3 Increasing Focus on Data Precision and Accuracy
5.2.1.4 Growing Demand for Miniature Portable Devices
5.2.2 Restraints
5.2.2.1 Technical Problems Associated with Solenoid Valves
5.2.2.2 Lack of Standardized Certifications and Government Policies
5.2.2.3 Adoption of Smaller Engines by OEMs in the Automotive Industry
5.2.3 Opportunities
5.2.3.1 Need for Constant Replacement of Valves
5.2.3.2 Rising Number of Refineries and Petrochemical Plants
5.2.3.3 Increasing Application Areas of Microfluidics Technology
5.2.4 Challenges
5.2.4.1 Standardization and Commercialization of Components
6 Industry Trends
6.1 Introduction
6.2 Process Automation in End-Use Industries
6.3 Emergence of Piezo-Actuated Technology
6.4 Increasing Popularity of Smart Valves
7 Microfluidic Components Market, By Product
7.1 Introduction
7.2 Valves
7.2.1 Solenoid Valves
7.2.1.1 Shift Towards Renewable Sources for Power Generation and Increased Application Areas in the Automotive Industry
7.2.2 Flow Control Valves
7.2.2.1 Demand for Flow Control Valves is High in the Oil & Gas and Sub-Sea Applications
7.2.3 Check Valves
7.2.3.1 Broad Application Areas of Check Valves to Drive Market Growth
7.2.4 Shuttle Valves
7.2.4.1 Growing Oil & Gas Industry is Likely to Propel Market Growth
7.2.5 Pressure Relief Valves
7.2.5.1 Rising Demand for Smart Valves and Growing Digitalization have Supported Market Demand
7.2.6 Proportional Valves
7.2.6.1 Low Weight and Energy Consumption are Some Advantages of Proportional Valves
7.2.7 Other Valves
7.3 Micropumps
7.3.1 Growing Demand in the Healthcare Vertical and Advantages Over Traditional Pumps Will Drive the Market
7.4 Nozzles
7.4.1 Increasing Automobile Industry Growth and Need for Better Fuel Efficiency are Boosting the Nozzles Market
7.5 Pressure Controllers
7.5.1 High Accuracy and Control Stability Make Pressure Controllers Suitable References for Production Lines and Labs
7.6 Microneedles
7.6.1 Growing Demand for Safer Alternative to Conventional Hypodermic Injections has Driven Market Growth
7.7 Connectors
7.7.1 Industrial and Agricultural Sectors to Show the Highest Demand for Connectors
7.8 Tubing
7.8.1 High Demand in End-User Industries and Will Drive Market Growth
7.9 Other Components
8 Microfluidic Components Market, By Industry
8.1 Introduction
8.2 Oil & Gas Industry
8.2.1 Increasing Demand for the Maintenance of Refineries is Expected to Support Market Growth of Smart Valves
8.3 Healthcare Industry
8.3.1 The Healthcare Industry is Estimated to Grow at the Highest CAGR of 24.9% During the Forecast Period
8.4 Aerospace & Defense Industry
8.4.1 The Increasing Requirement for Commercial, Passenger, and Military Aircrafts is Expected to Drive Market Growth
8.5 Consumer Electronics Industry
8.5.1 Growing Trends Towards Miniaturization and High Demand for Consumer Electronics is Expected to Boost Market Growth
8.6 Automotive Industry
8.6.1 Growing Demand for Electric Vehicles to Drive Market Growth
8.7 Other Industries
9 Microfluidic Components Market, By Region
9.1 Introduction
9.2 North America
9.2.1 US
9.2.1.1 Upgrading of Existing Facilities and High Investments in Industry Verticals to Support Market Growth
9.2.2 Canada
9.2.2.1 Growing Healthcare and Oil & Gas Industries in the Country to Drive Market Growth
9.3 Asia Pacific
9.3.1 China
9.3.1.1 Growing Industrialization and Increasing Demand for Infrastructural Development to Support Market Growth
9.3.2 Japan
9.3.2.1 Growth of the Manufacturing Sector and the Increasing Demand for Automobiles to Drive Market Growth
9.3.3 India
9.3.3.1 Prominent Growth in Water Treatment Plants to Drive the Demand for Microfluidic Components
9.3.4 Rest of Asia Pacific
9.4 Europe
9.4.1 Germany
9.4.1.1 Advanced Manufacturing Capabilities to Support Market Growth
9.4.2 France
9.4.2.1 Government Initiatives to Promote the Adoption of Fluidic Components to Drive Market Growth in France
9.4.3 UK
9.4.3.1 Growing Adoption of Automation Technologies to Drive the Demand for Valves and Actuators
9.4.4 Italy
9.4.4.1 High Demand for Valves From the Wastewater Treatment Industry to Propel the Growth of the Microfluidic Components Market in Italy
9.4.5 Spain
9.4.5.1 Rising Demand From the Oil & Gas Sector to Boost Market Growth
9.4.6 Rest of Europe
9.5 Latin America
9.5.1 High Growth Opportunities in the Water Treatment Sector to Drive Market Growth
9.6 Middle East & Africa
9.6.1 Growing Oil & Gas Industry to Offer Growth Opportunities for Players in the Microfluidic Components Market
10 Competitive Landscape
10.1 Overview
10.2 Market Ranking
10.2.1 Microfluidic Components Market, By Key Player, 2018
10.3 Competitive Leadership Mapping
10.3.1 Visionary Leaders
10.3.2 Innovators
10.3.3 Dynamic Differentiators
10.3.4 Emerging Companies
10.4 Competitive Situation and Trends
10.4.1 Product Launches
10.4.2 Expansions
10.4.3 Acquisitions
11 Company Profiles
11.1 Parker Hannifin Corporation
11.2 Vesta Automation SRL
11.3 Staiger GmbH & Co. KG
11.4 Metal Work S.P.A.
11.5 Camozzi Automation Spa Societ Unipersonale
11.6 Fortive Corporation
11.7 Aignep S.P.A.
11.8 International Polymer Solutions
11.9 FIM Valvole SRL
11.10 Humphrey Products Corporation
11.11 The Lee Company
11.12 Dolomite Microfluidics
11.13 Cellix Ltd.
11.14 Elveflow
11.15 Christian Burkert GmbH & Co. KG
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