The global flow meters market was valued at USD 10.28 billion in 2023 and is expected to reach USD 21.78 billion by 2032 and is poised to grow at a compound annual growth rate (CAGR) of 8.7% during the forecast period 2024 to 2032.
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The Europe flow meters market size was valued at USD 3.31 billion in 2023 and is estimated to reach around USD 7.19 billion by 2032, growing at a CAGR of 9% from 2024 to 2032.
In 2023, 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 9.1% during the analysis period. This is mainly due to continuous development in the water and waste water management industry.
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.
|Growth Rate from 2024 to 2032
|CAGR of 8.7%
|Market Size in 2023
|USD 10.28 Billion
|Market Size by 2032
|USD 21.78 Billion
|Fastest Growing Market
|2024 to 2032
|Product, Application, Region
|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
The differential pressure segment held the dominating share of the flow meters market in 2023. Differential pressure flow meters are versatile and can be used in a wide range of applications across different industries, including oil and gas, water and wastewater, chemicals, pharmaceuticals, and more. This versatility contributes to their widespread adoption. These flow meters offer a wide measurement range, allowing them to accurately measure flow rates across various flow velocities and fluid viscosities. This makes them suitable for both low-flow and high-flow applications.
Differential pressure flow meters have been used for decades and have a long track record of reliability and accuracy. This proven technology instills confidence in users, making them a preferred choice for critical applications where accuracy is paramount.
The power generation segment led the flow meters market in 2023, the segment is observed to witness significant growth during the forecast period. Power generation facilities, including coal, natural gas, nuclear, and renewable energy plants, require precise monitoring of fluid flow rates to ensure optimal operation and efficiency. Flow meters are essential instruments for measuring the flow of water, steam, fuel, and other fluids within power generation systems. Power generation facilities are subject to stringent regulatory requirements and environmental standards. Flow meters help ensure compliance with regulations by accurately monitoring fluid flow rates, emissions, and pollutant levels, enabling operators to maintain environmental compliance and avoid costly penalties.
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:
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 2021 to 2032. This report contains market breakdown and its revenue estimation by classifying it on the basis of product, application, and region:
By Regional Outlook
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