The global flow meters market was valued at USD 7.9 billion in 2019 and expected to reach USD 12.5 billion by 2027 and poised to grow at a compound annual growth rate (CAGR) 5.6% during the forecast period 2020 to 2027.
Increasing demand for flow measurement devices in the oil & gas application expected to propel the overall market growth in the coming years. The adoption of flow measurement technologies in other sectors as well predicted to gain traction such as power generation, water and wastewater, and pulp and paper over the analysis period. Recently, shale gas reserves were detected in North America, Asia Pacific, and Europe that has significantly spurred the demand of flow meters in chemical & petroleum refinery, and oil & gas sectors.
Integration of Internet of Things (IoT), advanced sensors, digital readouts, and wireless monitoring & control in flow meters have enabled smart metering solutions and anticipated to flourish the market growth over the coming years. Adoption of IoT in flow meters has facilitated automatic meter reading that remotely and automatically collects the data required.
On the other hand, calibration of flow meters consumer large amount time that expected to hinder the growth of the market. Presently, market is trending towards the adoption of speedy and automatic solutions that save time and effort both, thus time consuming solutions in flow meters predicted to restrict its growth.
Based on product, magnetic segment captured a value share of approximately 24% in the year 2019. The magnetic flow meters are ideally used for measurement applications in various sectors that include pulp & paper, food & beverage, petrochemicals, and chemicals & petroleum refinement due to accuracy, reliability, and cost-effectiveness. As a conclusion, they are projected to gain prominent value share in the market by 2027. Furthermore, on-going innovation in products such as clamp-up and two-wired flow meters along with wireless flow meters offer alluring opportunities for the adoption of magnetic flow meters during the forecast period.
Besides this, coriolis and ultrasonic segments anticipated to register prominent growth exceeding 7.5% over the analysis period. These flow meters have advanced features that allow the integration of IoT, thereby adding smart flow rate measurement solution in the devices that contribute as a significant factor to propel its demand in the coming years. As many sector such as oil & gas, petrochemicals, water & wastewater, and many others are shifting their focus towards advanced and intelligent flow meters.
Oil & gas expected to witness a prominent growth rate over the analysis period owing to development of shale gas reserves along with other prominent developments in the sector. In addition, increasing number of transportation anticipated to boost the demand for oil & gas resources in the near future, thereby fuelling the growth of flow meters in the oil & gas industry. Flow meter is an effective solution to monitor the flow rate of downstream and upstream processes, liquid hydrocarbons, and custody transfer within chemical and oil & gas industries.
On the other side, industrial development and rapid urbanization has appreciably triggered the need for water supply, power generation, and wastewater treatment. As per the Environmental Protection Agency (EPA), daily around 34 Billion gallons of wastewater are processed in the United States mainly because of increasing population in the region. Further, the governments of European region and North America are significantly investing in the wastewater treatment plants. As a conclusion, the water and wastewater segment considered to capture nearly 23% of total market value share and anticipated to register a CAGR exceeding 6% during the forecast period.
In 2019, Europe dominated the global flow meters market in terms of revenue and followed by the North America. Rising adoption of flow meters in the power generation sector contribute prominently towards the growth of the region. Further, the region is a hub of large number of flow meter manufacturers that include KROHNE Messtechnik, Diehl Metering Germany, Endress+Hausar AG, and ABB. As a result, the region expected to maintain its dominance also during the forecast period.
However, the Asia Pacific encountered as the most lucrative region with a growth rate of around 7% during the analysis period. This is mainly due to continuous development in the water and wastewater management industry.
Key Companies & Market Share Insights
Major industry players in the global flow meters market are significantly focusing on the inorganic growth strategies such as merger & acquisition, geographic expansion, and others. In addition, they also invest notably in the research & development of the new and advanced products & solutions to maintain their competitive edge in the global market. Further, rising adoption of intelligent flow meters in the chemicals, petroleum, oil & gas, and water & wastewater management industries offer manufacturers prominent opportunity to grab significant customers by catering their requirement.
Major market players competing in this sector are as follows:
Report Scope of the Flow Meters Market
|Market Size||USD 12.5 Billion by 2027|
|Growth Rate||CAGR of 5.6% from 2021 to 2027|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2027|
|Segments Covered||Product, Application, Region|
|Companies Mentioned||Emerson Electric Co., ABB Ltd., em-tec GmbH, General Electric, Endress+Hauser Management AG, Hitachi, Ltd., Höntzsch GmbH, Honeywell International, Inc., KROHNE Messtechnik GmbH, VSE Volumentechnik GmbH, Siemens|
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it on the basis of product, application, and region:
By Regional Outlook
No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence Research client