Global Mass Flow Controller Market size was valued at USD 0.95 billion in 2021 and is poised to grow from USD 1 billion in 2022 to USD 1.55 billion by 2030, growing at a CAGR of 5% in the forecast period (2023-2030).
A Mass Flow Controller is a device that regulates the flow rate of fluids, gases, and liquids in order to achieve accurate measurement. The controllers are designed differently depending on the type of gas or liquid and the flow rate range. The flow rate is automatically controlled by the controller, which is unaffected by changes in gas pressure. The mass flow sensor, inlet and outlet ports, and proportional control valve are all included. It is used extensively in the chemical, electronics, metal, and mining industries.
Due to rising demand in the semiconductor industry, the Global Mass Flow Controller Market is booming. Additionally, the growing demand for mass flow controllers in renewable energy applications is propelling the Mass Flow Controller Market forward. Technological advancements sparked a surge in demand for intelligent smart flow meters, boosting the Mass Flow Controller Market growth. Mass flow controllers are critical in the quality control of a variety of medical devices, and several key industry players have jumped at the chance to use them to combat the deadly coronavirus pandemic.
The outbreak of COVID-19 in 2020 has pushed governments throughout the world to take urgent steps to protect public health, going from a single case in China to a global pandemic in less than three months. The worldwide health crisis has harmed economic development forecasts and thrown the energy Mass Flow Controller Market into disarray. Additional production adjustments agreed to by OPEC and non-OPEC countries in the Declaration of Cooperation for the first quarter of 2020 have bolstered oil markets. In terms of the economy, stocks, equities, financial instruments, metals, commodities, and oil, all indices have declined in the last week of March and throughout April. Crude oil prices have been steadily declining since the beginning of 2020. Consumer demand has fallen as a result of the virus’s continuous spread, which has harmed the economy and led to tensions between two of the world’s top oil producers, Russia and Saudi Arabia, in early March. All of these reasons are predicted to have a negative impact on the oil and gas industry’s mass flow controller market.
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