The global Flow Meter Market size is estimated to reach USD 12.3 billion by 2027, registering a CAGR of 5.8% over the forecast period, according to a new report by Grand View Research, Inc. 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.
The market has been segmented on the basis of product,
application, and region. Based on product, the market has been classified into
Differential Pressure (DP), Pressure Displacement (PD), magnetic, ultrasonic,
Coriolis, turbine, vortex, and others (variable area, multiphase, thermal, and
others). The magnetic segment accounted for the largest share of the global
flow meters market in 2019. However, the ultrasonic and Coriolis segments are
expected to grow at the highest rate over the forecast period owing to the
advancements in technology that have made ultrasonic and Coriolis flow meters more
reliable and accurate than their counterparts.
Coriolis meters enhance the reliability, accuracy, and
efficiency of liquid flow rate measurement. Furthermore, the integration of IoT
in flow rate measurement solutions has helped transform Coriolis meters into
intelligent flow meters. Hence, the adoption of these meters is expected to
grow significantly over the forecast period. Extensive adoption of Coriolis
flow meters by the oil & gas, chemical, and refinery sectors is projected
to drive the growth of the overall product segment over the forecast period.
Based on application, the flow meters market has been
segmented into oil and gas, power generation, water and wastewater management,
chemical, pulp and paper, food and beverage, and other application sectors. The
water and wastewater segment is expected to witness robust growth over the
forecast period owing to rapid urbanization in various parts of the world,
particularly in Asia Pacific, South America, and Africa. These regions have
aggressively started to adopt efficient solutions for the treatment, control,
monitoring, and regulation of water supplies and management of wastewater,
thereby driving the demand for flow rate measurement solutions and instruments.
On the basis of region, the market has been segmented
into North America, Asia Pacific (APAC), Europe, South America, and Middle East
and Africa (MEA). Europe dominated the global market in 2019 as the region is
home to several manufacturers and product innovators of flow rate measurement
solutions and services, including flow meters. However, APAC is expected to
witness the highest growth rate over the forecast period owing to the rapid
urbanization underway in APAC countries, which would subsequently trigger the
need for adequate power generation and efficient water and wastewater
management. The market in India is likely to witness a significant boost over
the forecast period on account of the growing need for expanding fuel refining
capacity in the country.
With emerging economies in Asia Pacific such as China,
India, and other Southeast Asian nations witnessing rapid industrialization,
regional manufacturers and providers of flow rate measurement solutions are
forming collaborations and partnerships with global players to cash in on
opportunities prevailing in the regional as well as global markets. Regional
players are also improving their customer engagement activities and enhancing
their portfolio of products and services.
General Electric (U.S.), ABB Ltd. (Switzerland), Emerson
Electric Co. (U.S.), Yokogawa Electric Corporation (Japan), and Hitachi Ltd.
(Japan) are some of the major providers and vendors of flow rate measurement
solutions. Market players are constantly emphasizing on product innovation and
enhancing their products and solutions. With the lucrative opportunities the
oil and gas, petroleum, chemicals, and water and wastewater management sectors
offer, manufacturers focus on meeting the various requirements of these sectors
in particular.
Apart from the analysis of the global market for flow
meters, the report analyzes the facts and key industry trends prevailing in
custody transfer application, which is one of the prominent applications of
flow meters in the oil and gas sector. The report also highlights how the
unstable dynamics of the oil and gas sector would affect the adoption of flow
meters worldwide.
Strategic profiling of the prominent industry
participants across the globe highlights various aspects of these players such
as company overview; financial performance; product categorization with their
features, applications, and types; and strategic and recent developments, which
have been covered in the research report. Moreover, the report offers an
extensive list of other industry players operating in the market, value chain
analysis, as well as product mapping of prominent vendors and manufacturers of
flow meters. Overall, the study offers in-depth analysis, insights, and a
holistic view of the entire market.
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Flow Meter Market Report Highlights
- Water and
wastewater is likely to dominate the application segment through the
forecast period owing to the increasing initiatives taken by several
governments for water and wastewater management
- Businesses
in Middle Eastern countries such as Iran, Iraq, and Syria are highly
vulnerable to political instability. Businesses in other Middle Eastern
countries such as UAE, Saudi Arabia, Oman, and Qatar focus on expanding
their presence by establishing friendly relations with eminent manufacturers
in Western countries
- One of the
key factors supporting the product demand over the forecast period is the
integration of IoT in flow meters, which has led to the introduction of
smart flow rate measurement solutions
- Custody
transfer application in the oil and gas sector is one of the key
applications creating lucrative opportunities for ultrasonic and Coriolis
flow meters
- Asia
Pacific is expected to grow at the fastest rate over the forecast period
owing to substantial demand and adoption of flow meters in various
application sectors, particularly in China, India, and Southeast Asian
countries
- Flow meter
market key participants are ABB (Asea Brown Boveri) Ltd., Emerson Electric
Co., General Electric (GE), KROHNE Messtechnik, Höntzsch GmbH, Siemens AG,
Hitachi, Ltd., and Yokogawa Electric Corporation
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