At 3.3% CAGR, the South & Central America Air Flow Sensor Market is Projected to be Worth US$ 143.8 million by 2030, Says Business Market Insights
According to Business Market Insights research, the South & Central America air flow sensor market was valued at US$ 110.7 million in 2022 and is expected to reach US$ 143.8 million by 2030, registering a CAGR of 3.3% from 2022 to 2030. Increasing initiatives & product development using new technologies and growing popularity of digital airflow sensors are among the critical factors attributed to the South & Central America air flow sensor market expansion.
Airflow sensors have applications in a wide range of systems and industries. In automotive vehicles, they are critical for maintaining optimal fuel efficiency and emission levels and help the engine control unit adjust fuel injection to ensure efficient combustion. These sensors are also used in heating, ventilation, and air conditioning (HVAC) systems to monitor and regulate air intake. Also, these sensors are used in other industries such as food & beverages, oil & gas, electricity production, and power & utility. Several companies are taking various initiatives to expand their product portfolio, such as partnerships, collaborations, and product developments. For instance, in April 2021, Posifa Technologies unveiled the latest version of its mass air flow sensors used in respiratory care and other healthcare and instrumentation purposes. The PMF83000 and PMF86000 series sensors are intended for use in tough settings with excessive humidity and low levels of corrosive gases. Thus, due to such increasing initiatives and product development using new technologies, the South & Central America airflow sensors market is anticipated to flourish significantly in the upcoming years.
On the contrary, limited availability of raw materials hampers the growth South & Central America air flow sensor market.
Based on type, the South & Central America air flow sensor market is bifurcated into volume air flow sensors and mass air flow sensors. The mass air flow sensors segment held 67.1% share of the South & Central America air flow sensor market in 2022, amassing US$ 74.31 million. It is projected to garner US$ 98.53 million by 2030 to expand at 3.6% CAGR during 2022-2030.
Based output signal, the South & Central America air flow sensor market is bifurcated into analog and digital. The digital segment held 69.6% share of the South & Central America air flow sensor market in 2022, amassing US$ 77.02 million. It is projected to garner US$ 101.79 million by 2030 to expand at 3.5% CAGR during 2022-2030.
Based on application, the South & Central America air flow sensor market is segmented into automotive, aerospace, manufacturing, power & utility, others. The automotive segment held 40.1% share of South & Central America air flow sensor market in 2022, amassing US$ 44.37 million. It is projected to garner US$ 58.61 million by 2030 to expand at 3.5% CAGR during 2022-2030.
Based on country, the South & Central America air flow sensor market is categorized into Brazil, Argentina, and Rest of South & Central America. Brazil held 54.2% share of South & Central America air flow sensor market in 2022, amassing US$ 59.95 million. It is projected to garner US$ 78.19 million by 2030 to expand at 3.4% CAGR during 2022-2030.
Key players operating in the South & Central America air flow sensor market are Analog Devices Inc, Denso Corp, Honeywell International Inc, Robert Bosch GmbH, Sensirion AG, Siemens AG, and TE Connectivity Ltd, among others.
In 2022; DENSO Corporation, a leading mobility supplier, and United Semiconductor Japan Co., Ltd. (USJC), a subsidiary of global semiconductor foundry United Microelectronics Corporation, have agreed to collaborate.
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