In this report, the global market size for microfluidic components was arrived at after the assessment of major product segments and their share in the overall market. For this purpose, the share of major product segments was determined through various insights gathered during the primary and secondary research. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
How the Market Growth looks like and Industry Segmentation?
The Global Microfluidic Components Market is projected to reach USD 6.1 billion by 2024 from USD 3.3 billion in 2019, at a CAGR of 12.7%
The flow & pressure sensors segment is estimated to account for the largest market share in 2019. The large share of this segment is attributed to their diverse application in pressure sensing, pH measurement, microfluidics conductivity measurement, and microfluidic biosensors.
The solenoid valves segment is expected to grow at the highest CAGR during the forecast period. The growth in this segment can be attributed to factors such as the increasing application areas in the automotive industry, the shift towards renewable sources for power generation, growing investments in various industries, and increasing government regulations on end-use industries across developing economies.
Browse 91 market data Tables and 24 Figures spread through 163 Pages and in-depth TOC – Request Research Sample Pages:
Recent developments in Industry:
- In December 2017, Parker launched VSO LowPro GC, a microfluidic valve.
- In 2018 Parker Aerospace, a business segment of Parker Hannifin Corporation, opened its second global Customer Response Center (CRC) in Singapore, with the aim to provide more local insights and potentially faster resolution of issues.
- In December 2017, IDEX Health and Science acquired thinXXS, a manufacturer of disposable microfluidic components for the point of care, veterinary and life science markets.
Critical questions the report answers:
- Where will all these developments take the industry in the medium to long-term?
- What are the application areas of the microfluidic components market?
- Which are the major microfluidic components?
- Which geographies are likely to grow at the highest CAGR?
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Geographical Regions Mapped in Report:
The APAC market is projected to register the highest growth during the forecast period. Factors such as increasing industrialization, investments in water infrastructure, growth in various industries (such as chemicals, power & energy, and aerospace), increasing number of infrastructural development projects (especially in China and India), rising standard of living, and growing urbanization are some of the key factors driving the growth of the microfluidic components market in the APAC region.
Major Key Players Mapped in Research Report:
The prominent players in the microfluidic components market are Parker Hannifin Corporation (US), IDEX Corporation (US), Fluigent SA (France), Staiger GmbH & Co. KG (Germany), SMC Corporation (Japan), Camozzi Automation Spa Società Unipersonale (Italy), Aignep s.p.a. (Italy), FIM Valvole Srl (Italy), Humphrey Products Corporation (US), The Lee Company (US), Dolomite Microfluidics (UK), Cellix Ltd. (Ireland), Elveflow (France), and Christian Bürkert GmbH & Co. KG (Germany).