By 2033, the flow meter market is expected to have grown from its present size of US$ 7 billion to US$ 13 billion. The market is anticipated to expand at a CAGR of 6.4% from 2023 to 2033.
As shale gas reserves grow, there will likely be an increase in the demand for flow metres in the oil and gas industry. Flow metres are crucial in the oil and gas sector for monitoring the speed of upstream and downstream operations, custody transfers, and liquid hydrocarbons. Using flow metres is very useful in process industries. Additionally, because of the many benefits connected with flow metres, governments all over the world now enforce the usage of them.
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Major Stakeholders
- Emerson Electric Co.
- General Electric
- Hitachi Ltd.
- Honeywell International Inc.
- Siemens
- VSE Volumentechnik GmbH
- Yokogawa Electric Corporation
Key Market Trends:
Some of the key market trends in the flow meter market include:
- Wireless and smart flow meters are gaining popularity due to their ease of installation, real-time data monitoring, and remote accessibility. This trend is expected to continue as the Industrial Internet of Things (IIoT) and Industry 4.0 gain more traction.
- End-users are increasingly looking for flow meters with advanced features such as high accuracy, multi-parameter measurement, and self-diagnostics. This is driving the demand for flow meters with more advanced technology and functionalities
- Non-intrusive flow metering techniques such as ultrasonic and laser Doppler velocimetry are gaining popularity due to their non-invasive nature and ability to measure flow in pipes without disrupting the flow
- Emerging economies such as China, India, and Brazil are witnessing rapid industrialization and urbanization, which is driving the demand for flow meters in these countries.
- The growing focus on energy efficiency and sustainability is driving the demand for flow meters that can accurately measure and monitor fluid flow in various processes and applications to optimize energy consumption and reduce waste.
- Flow meters are finding new applications in various industries such as pharmaceuticals, biotechnology, and renewable energy. This is expanding the market for flow meters beyond traditional applications such as oil and gas, water and wastewater, and chemicals.
Regional Landscape:
- The market in the United States is expected to experience robust growth due to ongoing advancements in the water and wastewater management sector.
- Moreover, other factors such as the rise in the adoption of flow meters in the chemical sector are driving expansion in Germany.
Competitive Landscape:
The flow meter market is fragmented, with numerous players operating in the market. While there are a few large players such as Emerson Electric Co., Siemens AG, and ABB Ltd., the market is also home to many small and medium-sized enterprises (SMEs) that specialize in specific product types or applications.
Leading businesses are emphasising quality assurance, alliances, product standards, synergies, acquisitions, and deliberate geographical expansion. Market participants want to expand their capacities in order to enter developing economies.
Following safety rules, reputable flow metre manufacturers are offering precision flow metres. New flow metres that integrate industry 4.0 technologies with methods for measuring gas flow will be profitable in industrialised nations.
For instance,
- In 2022, Yokogawa introduced the flowmeter OpreX CA Series. The novel tool can monitor the flow of conductive fluid (without getting in touch with the fluid).
Industry Research
- By Product:
- Differential Pressure (DP)
- Positive Displacement (PD)
- Magnetic
- Wired
- Wireless
- Ultrasonic
- Coriolis
- Turbine
- Vortex
- Others
- By Application:
- Water & Wastewater
- Oil & Gas
- Chemicals
- Power Generation
- Pulp & Paper
- Food & Beverages
- Others
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
The flow meter market is driven by several factors, including:
- The oil and gas industry is one of the major end-users of flow meters, and the growing demand for oil and gas is driving the market for flow meters.
- Flow meters provide accurate measurement and monitoring of fluid flow, which is essential in various industries such as water and wastewater management, pharmaceuticals, and food and beverage.
- Governments across the world are introducing regulations and compliance requirements for various industries to ensure safety and environmental protection, and flow meters are required to comply with these regulations.
- The increasing adoption of automation and control systems in various industries is driving the demand for flow meters as they are an integral part of these systems.
- Technological advancements in flow meter technology, such as the development of ultrasonic and Coriolis flow meters, are also driving the market for flow meters.
- Emerging economies such as China and India are witnessing rapid industrialization and urbanization, which is driving the demand for flow meters in these countries.
Key Questions Covered in the Flow Meter Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Flow Meter sales grow until 2033?
- Which are the factors hampering the Flow Meter demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Flow Meter Market during the forecast period?
