Flow Meter Industry Overview
The global flow meter market size is estimated to reach USD 12.99 billion by 2028, according to the new report conducted by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.7% from 2021 to 2028. The penetration of IoT has helped the evolution of smart flow rate measurement solutions, leading to an increased demand for intelligent flow meters. The adoption of flow meters is expected to increase as rapid urbanization triggers the need for better water and wastewater management.
Flow Meter Market Segmentation
Grand View Research has segmented the global flow meter market based on product, application, power type, pipe size, and region:
Based on the Product Insights, the market is segmented into Differential Pressure (DP), Positive Displacement (PD), Magnetic, Ultrasonic, Coriolis, Turbine, Vortex, Others.
- The magnetic flowmeters segment held the largest revenue share of approximately 25% of the total market share in 2020. The product has further been classified into wired and wireless magnetic flowmeters. Ultrasonic and Coriolis segments are anticipated to witness a high growth rate exceeding 7.5% from 2021 to 2028. These flowmeters feature the integration of Internet of Things (IoT), leading to smart flow rate measurement solutions.
- Differential pressure (DP) and positive displacement (PD) flowmeters are conventional products for measuring rates. On the other hand, a magnetic flowmeter is ideal for measurement applications in sectors such as pulp and paper, petrochemicals, food and beverage, and chemicals and petroleum refinement owing to the reliability, accuracy, and cost-effectiveness of these meters.
- The magnetic segment is expected to gain a significant market share through 2028. Product innovations such as two-wired and clamp-up products and wireless magnetic meters (also known as magmeters) have created additional opportunities for the adoption of magnetic flow meters.
Based on the Power Type Insights, the market is segmented into Electric, Solar, Battery Powered.
- The battery-powered segment held the largest revenue share of approximately 45% of the total market share in 2020. The solar power type segment is anticipated to witness a high growth rate exceeding 7.5% from 2021 to 2028.
- Solar power systems are very effective in remote locations where regular power supply is unavailable; similarly, they are a clean source with fewer expenses. A solar power system primarily comprises the solar panel, battery, enclosure, and charge regulator.
- Battery-powered systems are primarily used across the global market due to ease of use, portability, and rechargeable batteries. These rechargeable products are economical and are preferred for applications entailing high power.
Based on the Pipe Size Insights, the market is segmented into 2 inches, 4 inches, 6 inches, More than 6 inches.
- The 2 inches pipe size segment held the largest revenue share of approximately 44% of the total market share in 2020 and is anticipated to witness a high CAGR exceeding 6% from 2021 to 2028.
- The precise pipe size is most important for any product because a distorted fluid velocity profile (swirl) is one of the common reasons for product inaccuracy. Swirls or other distortions in the flow are caused by various connecting instruments such as elbows, tees, and valves.
- To maintain accuracy and reduce flow distortions there are a few piping requirements regarding the profile of the fluids/materials passing through the system. If the length of the pipe is not precise, the materials (solid/liquid/gas) flowing through it may lose their characteristics (temperature, pressure, moisture, among others); and results in an inaccurate reading.
Based on the Application Insights, the market is segmented into Water & Wastewater, Oil & Gas, Chemicals, Power Generation, Pulp & Paper, Food & Beverage, Others.
- The oil and gas segment is expected to emerge as the fastest-growing segment, registering a CAGR of 6.6% from 2021 to 2028 owing to the rapid growth of the industry. The development of shale gas reserves is also expected to boost the demand for the product in the oil and gas (O&G) and chemical and petroleum refinement sectors.
- Countries in the Asia Pacific region, such as China, India, and Southeast Asian countries, are witnessing rapid urbanization and industrial development. This has triggered the need for adequate power generation, water supply, and wastewater treatment.
- The water and wastewater segment accounted for a share of around 24% of the total market and is anticipated to register a CAGR exceeding 6.0% from 2021 to 2028.
Flow Meter Regional Outlook
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
This collaboration helped the former provide cost-efficient solutions to customers. Additionally, industry players are continually investing in R&D to develop differentiated products and stay ahead of the competition. The report also includes a competitive landscape for a holistic understanding of the rivalry among the industry players.
Some prominent players in the global flow meter market include
- ABB Ltd.
- Emerson Electric Corporation
- em-tec GmbH
- Endress+Hausar AG
- General Electric
- Hitachi High-Tech Corporation
- Honeywell International Inc.
- HÖNTZSCH GMBH & CO. KG
- Krohne Messtechnik Gmbh
- Siemens
- Yokogawa Electric Corporation
Order a free sample PDF of the Flow Meter Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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