Global Flow Meter Market size is predicted to reach a market value of around USD 19,416 Billion by 2030, rising at a CAGR of more than 6.5% during the projected timeframe, according to Ameco Research
The significant trend of shale gas discoveries, associated with a renaissance in the oil and gas industry, is driving up demand for the flow meters market across the board. Flow meters of various types are employed in a range of industries, depending on the precision required and the application. Flow meters used in a variety of markets, depending on their requirements, include turbine, differential pressure, magnetic, positive displacement, Coriolis, ultrasonic, and vortex. The flow meter's accuracy rate is also affected by the application's surroundings. Flow meter demand from end-use industries such as oil and gas, pulp and paper, water and wastewater, chemicals, power generation, and food and beverage is expected to drive the market over the projection period.
A flow meter is a device used to calculate the nonlinear, mass, linear, and volumetric flow rate of air or water. Because of the device's many applications, it is designed to fulfill the particular engineering needs of end-users. Currently, flow meters are classed as mass, velocity, or positive displacement meters. Mass meters include linear acceleration meters and thermal mass flow meters. Examples of velocity flow meters include ultrasonic, orifice plate, target, variable area, paddle wheel, turbine, vortex, and venturi tube flow meters. On the other hand, positive displacement meters are often oval-gear, reciprocating piston, gear flow, and oscillating piston meters. Furthermore, rapid urbanization and the growing need for improved water and wastewater management systems have fuelled demand for enhanced flow meters in the global market.
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Global Flow Meter Market Growth Aspects
The development of novel products and the broadening of application scenarios have been the primary drivers of the flow meter industry's tremendous growth over the past few decades. The amount of money that market participants are investing in research and development (R&D) aimed at modernizing flow measurement tools and sensor devices has significantly increased. As a result, there have been significant technological advancements in the operation of flow meters. Some of these advancements include digital troubleshooting and diagnostics, remote configuration and customization, Bluetooth networks, improved installation administration and deployment impacts, various measurement formats, and incorporated digital signals. Flow meters have become more adaptable, helpful, and dependable as a result of these improvements, allowing them to be employed in a range of end-use sectors such as medicine, heating, and cooling systems, automotive, and manufacturing.
Flow meters are also in high demand for measuring and assessing the flow of various fluids such as water, steam, gas, chemicals, and lubricating oils. These meters give much-needed accuracy in terms of optimal and economical quantity during flow measurement. They offer benefits in terms of processing control. Because of the Covid-19 outbreak, industrial sectors like oil and natural gas, pulp and paper, chemicals, metallurgy, and mining were among the hardest hit, resulting in a decline in demand for their products. However, demand for various industrial sectors that serve energy, pharmaceutical, and industrial applications has skyrocketed. Furthermore, the epidemic has hastened the use of automated production, leading to more product debuts and development in 2020.
Market Segmentation
The global flow meter market segmentation by Ameco Research based on product, and application. Based on the product, the market is divided into positive displacement (PD), ultrasonic, differential pressure (DP), turbine, magnetic, vortex, coriolis, and others. Based on application, the market is categorized into power generation, water & wastewater, chemicals, food & beverage, oil & gas, pulp & paper, and others.
Global Flow Meter Regional Outlook
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global flow meter market. According to the flow meter market forecast, the Asia-Pacific region is predicted to rise significantly in the global market over the next few years. The increasing use of flow meters in the pharmaceutical and healthcare industries has spurred this growth. The frequent occurrence of parasite infections and respiratory difficulties, increased awareness of geriatric care, rapid population growth and diseases associated with old age, technological advancements, and other factors are helping the region's industry players. Furthermore, the region's high population creates a consistent demand for rapid food production. As a result, established energy and industrial food industries are expanding their working capacity, resulting in increased demand for flow meters throughout the region.
Major Players
Some of the prominent global flow meter market companies are Honeywell International Inc., Emerson Electric Co., Yokogawa Electric Corporation, Endress+Hauser, HÖNTZSCH GMBH & CO. KG, Siemens Healthineers, ABB Ltd., em-tec GmbH, Hitachi High-Tech, and Krohne Messtechnik Gmbh.
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