Flow Meter Market (By Product: Differential Pressure (DP), Positive Displacement (PD), Magnetic, Ultrasonic, Coriolis, Turbine, Vortex, Others; By Application: Water & Wastewater, Oil & Gas, Chemicals, Power Generation, Pulp & Paper, Food & Beverage, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast 2020 - 2027
The global flow meter market is expected to grow at a CAGR of around 6.5% from 2020 to 2027 and expected to reach the market value of around US$ 15.6 Bn by 2027.
Flow meters are essential tools for measuring the flow of liquid, gas, or a combination of the two in applications such as the food and beverage industry, oil and gas plants, and chemical/pharmaceutical plants. Flow meters are available in a variety of configurations on the market. Fluid properties (single or double phase, viscosity, turbidity, etc.), flow profile (laminar, transitional, or turbulent, etc.), flow range, and the need for accurate measurements are all important factors in selecting the right flow meter for a specific application. Mechanical constraints and output-connectivity options, for example, have an impact on this decision. The overall accuracy of a flow meter is affected by the application's circumstances. Pressure, temperature, fluid, and dynamic influences all have the potential to change the measurement being taken.
Market Dynamics
Technological advancements in flow meters used across industries bolster the market growth
The flow meter industry is a diverse and multi-faceted enterprise with applications in a wide range of businesses and fields of work. The role of computer processing is one of the major areas of development in flow meter technology as a whole. The interfaces provided to operate the equipment are another area of flow meter development that has been enhanced with software technology. There are now a plethora of applications that require flow rates to be calculated, and this often complicated area of physics can generate reams of data. Modern equipment allows non-technical users to instantly understand what is happening within the process due to improved design, and this has resulted in significant improvements in both control and safety within work environments. Several trends in flow meter technology emerged in 2018. These include advancements in flow meter diagnostics and the use of Smartphone-like technology to improve access, communications, and, in the not-too-distant future, flow meter displays. According to the AIP Publishing LLC study, the utility of developing flow meters based on a field programmable gate array (FPGA) provides highly stable driving signals to probe the sensors and accuracy in flow estimations. High-speed, highly reliable, and high-precision measurements of an ultrasonic flow meter are developed by Qi et al. FPGAs can also be configured as transit-time flow meter time measurement circuits. They are also used to collect the signal and process the acquired data at high speed. Ultrasonic gas transducers, transmitting/receiving signal channel switch circuits, driving signal generation circuits, sensor components, and amplification circuits are all essential components of a complete ultrasonic gas flow meter.
Flow meters accuracy and application on installation have gained huge prominence in the global market
The installation of market-available flow meter technology provides a high level of accuracy and applications in most environments, including high pressure, high temperature, and even environments affected by sound pollution and vibrations. This is because, unlike ultrasonic flow meters, measurements are made on a specific pulse wave, which effectively has its own fingerprint that the equipment can detect and recognize. Despite the fact that the technology lends itself perfectly to hygienic applications, current market designs are not yet suitable for such purposes. Because of the technology's wide range of applications, it has only been possible to launch it onto the market in stages, the next of which will be aimed at the food industry and will be a feature of some of the models due for release very soon. As a result, there are plans to continue developing this flow metre technology in order to broaden the range of applications and refine the designs that are currently available. By adding sensors that can measure the density and content of the liquid, the equipment becomes more versatile, and it can also calculate mass flow measurements in addition to flow rate.
Market Segmentation
The global flow meter market is segmented based on product and application. By product, the market is segmented as differential pressure (DP), positive displacement (PD), magnetic, ultrasonic, carioles, turbine, vortex, and others. Based on application, the market is segmented as water & wastewater, oil & gas, chemicals, power generation, pulp & paper, food & beverage, and others
Magnetic flow meters are expected to have a dominant market share during the forecast period. These flow meters incorporate IoT, resulting in smart flow rate measurement solutions. This is one of the major factors driving the growth of the global flow meter market. By application, the oil and gas segment is expected to be the fastest growing segment during the forecast period, with a reasonable CAGR. The development of shale gas reserves is also expected to increase demand for flow meters in the oil and gas, chemical, and petroleum refining industries. Flow meters are an effective solution for measuring the flow rate of upstream and downstream processes, custody transfer, and liquid hydrocarbons in the oil and gas and chemical industries that also contribute to the global flow meter market's growth.
Regional Overview
By region, Asia Pacific is the largest market for flow meters and is expected to maintain its lead by maintaining a reasonable market share. Emerging economies such as China and India are investing in water and wastewater, energy and power, refining, chemicals, and industrial infrastructure that have contributed significantly to the growth of the Asia Pacific flow meter market. Furthermore, the majority of the key players in the flow meter market have their production capacity in this region because the production cost in this region is lower than in other regions. Furthermore, Asia Pacific is a densely populated region, resulting in a steady demand for food and energy at a rapid pace. As a result, existing power and food processing plants are increasing their operating capacity, driving demand for flow meters throughout the region.
Competitive Landscape
The prominent players of the global flow meters market involve Honeywell International Inc., Siemens Healthineers, Emerson Electric Co., ABB Ltd., Yokogawa Electric Corporation, em-tec GmbH, Endress+Hauser, Hitachi High-Tech, HÖNTZSCH GMBH & CO. KG, Krohne Messtechnik Gmbh, and among others
Market Segmentation
Market By Product
Differential Pressure (DP)
Positive Displacement (PD)
Magnetic
Ultrasonic
Coriolis
Turbine
Vortex
Others
Market By Application
Water & Wastewater
Oil & Gas
Chemicals
Power Generation
Pulp & Paper
Food & Beverage
Others
Market By Geography
North America
• U.S.
• Canada
Europe
• U.K.
• Germany
• France
• Spain
• Rest of Europe
Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific
Latin America
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa
• GCC
• South Africa
• Rest of Middle East & Africa
Frequently Asked Questions
What will be the market value of the flow meter market?
Flow meter market is expected to reach a market value of around US$ 15.6 Bn by 2027.
At what CAGR, the flow meter market is expected to grow during the forecast period (2020-2027)?
The flow meter market is expected to grow at a CAGR of around 6.5% from 2020 to 2027.
Which is the leading segment in the flow meter market?
Based on product, magnetic segment is the leading segment in the overall market.
What are the key drivers of the flow meter market?
Technological advancement is one of the prominent factors that drive the demand for flow meter market.
Which are the prominent players in the flow meter market?
Honeywell International Inc., Siemens Healthineers, Emerson Electric Co., ABB Ltd., Yokogawa Electric Corporation, em-tec GmbH, Endress+Hauser, Hitachi High-Tech, HÖNTZSCH GMBH & CO. KG, Krohne Messtechnik Gmbh, and among others.
Which region held the highest market share in the flow meter market?
Asia Pacific is anticipated to grab the highest market share in the regional market
Which region is expected to be the fastest growing market over the forecast period?
North America is expected to be the fastest growing market in the forthcoming years
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