The global flow meter market was valued at USD 10.02 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2030. In 2020, the market's shipment size reached 53,78,749 units. The growth of the market is expected to be driven by the increasing demand for flow rate measurement technologies, particularly in industries such as oil & gas (O&G) management, where precise flow measurement is critical for optimizing operations. Additionally, the adoption of advanced measurement technologies is anticipated to extend to other sectors, such as water and wastewater management, power generation, and the pulp and paper industry.

A significant factor contributing to this market growth is the expanding need for flow meters in O&G and chemical and petroleum refinery sectors, particularly following the recent discovery of shale gas reserves in North America, Europe, and the Asia Pacific region. The growth of these reserves has spurred demand for accurate flow measurement systems to manage and monitor the flow of gas and other liquids effectively.

Furthermore, rapid urbanization in developing countries, particularly across the Asia Pacific, is driving the need for adequate water and wastewater management and power generation. As cities and populations grow, the need for more sophisticated infrastructure, including effective monitoring of fluid systems, is increasing. Consequently, the demand for flow meters in water and wastewater applications is expected to remain strong in this region.

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Product Insights

The magnetic flowmeter segment accounted for the largest revenue share of approximately 26.17% of the total flow meter market in 2023. Magnetic flow meters are favored in many industries for their ability to measure flow accurately and reliably without having any moving parts, which makes them suitable for measuring conductive liquids, including water, chemicals, and slurries. Magnetic flow meters have been further categorized into wired and wireless versions, with the wireless options gaining traction due to their ease of installation and flexibility in remote monitoring applications.

The ultrasonic flowmeter segment is expected to witness a high growth rate, with a CAGR exceeding 7.3% from 2024 to 2030. Ultrasonic flow meters are particularly valuable in applications where non-invasive measurements are needed, and they are increasingly being integrated with Internet of Things (IoT) technology to provide smart flow rate measurement solutions. This integration of IoT allows for real-time data collection, remote monitoring, and more precise control, all of which contribute to the growth of ultrasonic flowmeters in industries such as water treatment, oil and gas, and power generation.

While differential pressure (DP) and positive displacement (PD) flowmeters remain conventional choices for flow rate measurement in certain applications, the magnetic flowmeter is gaining prominence, particularly in industries like pulp and paper, petrochemicals, food and beverage, and chemicals and petroleum refining. This is due to the magnetic flowmeter's reliability, high accuracy, and cost-effectiveness. In these sectors, where flow measurement of liquids is often required under harsh or challenging conditions, magnetic flow meters provide a robust solution.

The magnetic flowmeter segment is expected to capture an even larger share of the market through 2030, thanks in part to the continued product innovations in this category. Notable innovations include two-wire magnetic flow meters and clamp-on magnetic meters, as well as wireless magmeters, which offer further flexibility and convenience in applications like power generation, oil and gas, and water and wastewater management. These innovations are expected to drive the adoption of magnetic flow meters across various sectors, enhancing their market dominance and contributing to the overall growth of the flow meter market.

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