New study added on microfluidic components market which dominated by valves, micro pumps, nozzles, pressure controllers, micro needles, connectors, tubing and components. Valves segment is projected to witness highest growth in microfluidic components market during forecast period.
Microfluidic components market expected to reach USD 53.7 billion by 2024 from an estimated USD 21.6 billion in 2019, at 20% CAGR. Growing demand for smart and intelligent flow meters, sensors, and advanced pumps in high-end industries; technological advancements; increasing focus on data precision and accuracy; & growing demand for miniature portable devices are primary growth factors for this market.
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The microfluidic components market is segmented into valves, micro pumps, nozzles, pressure controllers, micro needles, connectors, tubing, and other components. Valves segment projected to witness highest growth in microfluidic components market during forecast period. Growth in this segment is largely driven by diverse functionality of valves in various industrial sectors & increasing automation across all industries.
“The global microfluidic components market is projected to grow at a CAGR of 20%.”
North America expected to account for largest share of microfluidic components market in 2018, Asia Pacific expected to witness highest CAGR during forecast period. Increasing industrialization, investments in water infrastructure, growth in various industries (like chemicals, power & energy, & aerospace), increasing number of infrastructural development projects (especially in China and India), rising standard of living.
The oil & gas industry segment accounted for the largest share of the market in 2019. Factors like the growing demand for maintenance of refineries and the increasing number of oil explorations across the world are responsible for the large share of this market. Growing urbanization are factors driving growth of this regional segment.
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Microfluidic components market in Asia Pacific is estimated to grow at highest CAGR during forecast period. 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 factors driving adoption of microfluidic components in Asia Pacific.
Prominent players in 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).
- In 2018, Parker launched P33, a safety exhaust 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 2018, Parker launched a Low-Lead Brass body (LLB) series of solenoid valves.
- In 2017, Metal Work started operations in its new subsidiary in Indonesia, Romania, and South Africa.
More Information on 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 at http://www.rnrmarketresearch.com/contacts/inquire-before-buying?rname=2282856 .
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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