Report Shows Flow Meters Market to Reach USD 10.31 Billion by 2025
Global Flow Meter Market is valued at USD 6.95 Billion in 2018 and expected to reach USD 10.31 Billion by 2025 with the CAGR of 5.79% over the forecast period.
Rapidly growing oil & gas industry, surge in number of industrial and wastewater treatment plants and rise in biogas applications driving the growth of the flow meter market.
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Scope of the Global Flow Meter Market Report:
A flow meter refers to measure linear, nonlinear, mass or volumetric flow rate of a liquid or a gas. Flow meter sensors provide the most precise flow measurements for a process control or semiconductor processing applications. Flow meters contain transducer and transmitter in which transducer senses the fluid that passes through the primary device. The transmitter creates a usable flow signal from the raw transducer signal. There numerous types of flow meters are available depending upon the specific applications such as differential pressure flow meters measure the differential pressure across an orifice; velocity meters measure velocity of the stream to calculate the volumetric flowrater. Flow metering is the most important part of any technological process flow chart to be required for achieving maximum efficiency in automatization.
Key players of the flow meter market are,
Honeywell International Inc., Siemens AG, Emerson Electric Company, ABB Ltd, General Electric Company, Yokogawa Electric Corporation, Azbil Corporation, Badger Meter Inc., Schneider Electric Se, Krohne Messtechnik GmbH, Others.
Global flow meter market is segmented on the basis of type, end use and region. By type the market is classified into magnetic, coriolis, ultrasonic, differential pressure, positive displacement, turbine, vortex and others. Based on end use industry the market is classified into water & waste water, refining & petrochemicals, oil & gas, chemicals, power generation, pulp & paper and metals & mining.
The regions covered in this flow meter market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Flow Meter market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Global Flow Meter Market Dynamics:
Rapidly growing oil & gas industry, surge in number of industrial and wastewater treatment plants and rise in biogas applications are some key factors contributing to the increased demand of the flow meter market. For example; thermal mass flow meters have been increasingly used to measure tank vent in oil & gas industry as well as accurate monitoring of leaks have resulted in increased demand of thermal mass flow meters. Energy demand in Developing countries is expected to grow at a rate of 1.9% p.a. during the period 2015–2040. On a global basis, oil demand has been revised upwards by 2.24 mb/d in 2022 compared to the 2016. Furthermore, increasing need for accuracy in many industries for the measurement of actual flow and water injection test is another key factors leading to the growth of this market. However, flow meter provides errors and might problematic for liquid or gas measurements hamper the growth of this market. In the coming years, flow meter manufacturers will provide innovation in developing turbine flow meter technology for beverage metering.
Global Flow Meter Market Segmentation –
By Type: Magnetic, Coriolis, Ultrasonic, Differential Pressure, Positive Displacement, Turbine, Vortex, Others
By End-Use Industry: Water & Waste Water, Refining & Petrochemicals, Oil & Gas, Chemicals, Power Generation, Pulp & Paper, Metals & Mining, Others
Asia pacific is expected To Dominate the Flow Meter Market
Asia pacific holds the largest market share in flow meter due to the increasing advances in measurement technology and devices, growing need for accurate flow measurements in multiple industries and expansion of industrial plants. Different industries from Asia pacific region are often used flow meters to measure flow rate in oil and gas applications. Furthermore, North America is the second leading region for flow meter market. Increasing development of oil and gas industry in the United States, growing industrialization and rising energy demand is growing the demand for flow meter in this region. In December 2018, U.S. oil production reached 12.04 million b/d and U.S. natural gas gross withdrawals reached around 97.59 billion cubic feet per day (Bcf/d) in December 2017.
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