Northbrook, IL 60062 -- (SBWIRE) -- 02/27/2023 -- The mass flow controller market is projected to grow from USD 1.7 billion in 2023 to USD 3.3 billion in 2028; it is expected to grow at a CAGR of 14.0% from 2023 to 2028 according to a new report by MarketsandMarkets™. Growing need for mass flow controller in fuel cells for renewable energy applications and Increasing use of mass flow controllers by semiconductor industries are the driving factor for growth in mass flow controller market.
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Exotic alloy to hold largest market share in year 2022.
Mass flow controllers made of exotic alloys accounted for the largest market share of in 2022 owing to the increasing use of these mass flow controllers by several end-user industries, such as semiconductor, pharmaceutical, food & beverage, and chemical. This growth can be attributed to the increasing demand for flow controllers to handle typical temperature, pressure, and flow of different media and materials that find applications in oil & gas, chemical, water & wastewater treatment, and semiconductor industries, among others.
Low flow rate mass flow controller to grow at higher CAGR during the forecast period.
Low flow rate mass flow controller to grow at highest CAGR in the forecast period 2023-2028. In the chemical, semiconductor, and food and beverage sectors, low flow rate mass flow controllers are utilized for sensitive applications where great precision and stability are crucial. For instance, many sub-processes, such as testing and heat treatment, require low flow rate mass flow controllers in laboratory research procedures of the chemical industry.
Semiconductor industry to hold largest market share in year 2022
The semiconductor industry accounted highest market share of the overall mass flow controller market in 2022. Increasing demand for semiconductor equipment from developing countries is boosting the production of semiconductor equipment; this trend indirectly drives the demand for mass flow controllers in the semiconductor equipment market. In addition, the rise in innovations and developments in the semiconductor industry significantly drives the growth of the mass flow controller market at present, and a similar trend is likely to continue in the near future.
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Asia Pacific to be the fastest-growing market for mass flow controllers during forecast period.
The mass flow controller market in Asia Pacific is expected to grow at the highest CAGR from 2023 to 2028. Asia Pacific is expected to dominate the market due to factors such as increasing population, emerging economies, and rising adoption of mass flow controllers across different end-user industries, such as semiconductor, medical devices, pharmaceutical, and chemical. Increasing demand for mass flow controllers in semiconductor equipment manufacturing processes would drive the growth of the mass flow controller market in Asia Pacific during the forecast period.
Key players operating in the market include Brooks Instrument (US), Bronkhorst (Netherland), Christian Bürkert GmbH & Co. KG (Germany), MKS Instruments (US), Sierra Instruments (US), HORIBA, Ltd. (Japan), Sensirion AG (Switzerland), Teledyne Hastings Instruments (US), Alicat Scientific (US), Parker Hannifin Corp (US).