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 Microfluidic Components 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.
The major factors driving the growth of this market are the rising demand for point-of-care testing, technological advancements, increasing focus on data precision and accuracy, fast return on investments, growing demand for miniature portable devices, and growing demand for consumer electronics and wearable devices.
According to the new market research – The report “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”, is expected to reach USD 6.1 billion by 2024 from an estimated USD 3.3 billion in 2019, at a CAGR of 12.7%.
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Based on valve type;
The microfluidic components market is segmented into solenoid valves, flow control valves, check valves, shuttle valves, pressure relief valves, proportional valves, and other valves. Solenoid valves are expected to grow at the highest CAGR during the forecast period due to factors like increased application scope 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.
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.
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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).
Parker Hannifin (US) is a leading manufacturer of motion & control technologies and systems that provides precision-engineered solutions for the commercial, mobile, industrial, and aerospace markets. The company has engineering expertise in a broad range of core technologies, which helps it to solve various engineering challenges. The company has a strong geographical presence and sells its products in North America and Europe. Furthermore, to expand its territorial reach, the company sells its products in Asia and the Middle East through its strong distribution network. Its diverse range of products makes Parker the leading supplier of microfluidic components that meet and exceed market demands.