PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1605784
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1605784
The market for Intelligent Flow Meter was projected to reach USD 2,915.2 million in 2023 and expand at a CAGR of 5.00% between 2024 - 2032.
An intelligent flow meter measures the velocity of a fluid using ultrasonography or any other method that computes volume flow. In order to monitor fluidic phenomena, they are usually used in a wide range of commercial and industrial applications, such as the food & beverage, pharmaceutical, oil and gas, and power-generating industries. The market's expansion is expected to be influenced by intelligent flow meters' high levels of precision, dependability, and stability during the projected period. Furthermore, significant investments in industrial infrastructure and growing demand, notably from the chemical, water, and wastewater industries, are anticipated to drive growth in the market for intelligent flow meters.
Intelligent Flow Meter Market- Market Dynamics
Increasing Use of Advanced Flow Meters in Water and Wastewater Management and the Oil and Gas Industry
High safety is necessary for businesses like petrochemicals, oil and gas, and other industries. At least 75 workers have died in 30 industrial incidents in India since May 2020, according to IndustriALL, a global organization of workers. The majority of accidents happened when using machinery, then incidents in general industry. It is, therefore, becoming more and more necessary to use tools, like flowmeters, that offer safety in various areas of operation. Manufacturers serving various end customers experience downtime at their locations, which impacts both overall costs and plant or site efficiency. Compared to traditional sensors with critical failure points, flow meters have a longer lifespan, which helps to lessen damage or downtime caused by wear and strain on mechanical moving parts. Thus, flow meters have been utilized by a variety of end-user sectors to increase plant efficiency and spur market expansion.
Intelligent Flow Meter Market- Key Insights
According to our research analyst's analysis, the global market is predicted to expand at a CAGR of approximately 5.00% during the forecast period of 2024-2032.
In 2023, the Coriolis category was predicted to hold the largest market share based on type.
The hardware category was predicted to hold the largest market share in 2023 based on offering.
In 2023, the PROFIBUS category emerged as the top segment based on communication protocol.
North America held the largest revenue share by region in 2023.
The Global Intelligent Flow Meter Market is segmented into Type, Offering, Communication protocol, Industry, and Region.
By type, the market is segmented into Magnetic, Coriolis, Vortex, Turbine, Variable Area, Multiphase, Thermal, Ultrasonic, and Differential Pressure. In 2023, the Coriolis category will account for the greatest portion of market revenue. A tube that is powered by a fixed vibration makes up a Coriolis flowmeter. This tube vibrates due to the mass flow momentum of a fluid (gas or liquid) passing through it, twisting it, and generating a phase change. A linear output proportional to flow may be computed, and this phase shift can be recognized. Furthermore, only Coriolis meters-which do not require extra sensors to infer mass flow-can measure mass and density directly. The readings provided by Coriolis technology are independent of temperature, density, or viscosity variations in the media.
By industry, the market is categorized into Oil & Gas, Water & Wastewater, Pharmaceuticals, Metal & Mining, Pulp & Paper, Chemicals, Food & Beverages, Power Generation, and Others. Throughout the forecast period, the oil and gas segment maintains a leading position in the global intelligent flow meter market. The industry's explosive expansion explains this. The expansion of shale gas reserves is driving the oil and gas industry's need for intelligent flow meters. For instance, a January 2023 analysis from Statista predicted that the United States production of tight oil and shale gas will rise from 24.91 trillion cubic feet in 2021 to around 34 trillion cubic feet by 2050. In the oil and gas industries, intelligent flow meters are a useful tool for measuring the flow rates of liquid hydrocarbons, custody transfer, and upstream and downstream operations.
Intelligent Flow Meter Market- Geographical Insights
The Intelligent Flow Meter market is widely distributed geographically in North America, Latin America, Europe, Asia Pacific, the Middle East and Africa. These areas are further separated based on the countries that provide business.
The strong presence of major players and large investments in the oil and gas industry have made North America one of the top regions in the market for intelligent flow meters. The significant need for advanced flow measuring technology is partly due to the region's well-established industrial base, especially in the United States. Strict regulations in this area that demand accurate measurement and monitoring of fluid flow in a variety of industrial processes further encourage the use of intelligent flow meters.
Additionally, with a strong emphasis on innovation and sustainability, Europe is another sizable market for intelligent flow meters. There is a strong need for accurate and dependable flow measurement solutions due to the highly developed industrial sector in the region, especially in nations like Germany, the UK, and France. Intelligent flow meters that may assist enterprises in achieving these goals are becoming more and more popular in the European market, which is also distinguished by a strong emphasis on environmental preservation and energy efficiency.
The market for intelligent flow meters is fragmented worldwide, with different vendors offering different types of flowmeters for different sectors. There is intense rivalry between the current rivals. Furthermore, it is anticipated that the strategies of large firms for product innovation and expansion will enhance demand in the intelligent flowmeter market. Major players in the flowmeter industry, including ABB, Emerson Electric Co., Siemens, Baker Hughes, Fuji Electric Co., Ltd., and Honeywell International Inc., among others, are a factor in the fierce competition. These suppliers are well-known and have a significant market share in the flow meter industry.
July 2023: Leading supplier of intelligent water management systems Lookout Lab, Inc. is happy to announce the release of bluebotTM water, a much-awaited new mobile application available on the iOS & Android platforms. The result of a protracted software redevelopment process, this revolutionary app-which integrates with its cloud-based water flow meter-reflects Lookout Lab's steadfast dedication to providing exceptional customer service, utilizing cutting-edge technology, and fulfilling the long-term needs of our esteemed clients.
April 2022: Yokogawa Electric Corporation introduced the VY Series of OpreXVortex Flowmeters. With the exception of Brazil, the new series will be released across Southeast Asia, Oceania, India, the Middle East, and South America. Functions for remote maintenance that enable condition-based maintenance will be supported by the product.
February 2022: The FOCUS-1 prototype, introduced by KROHNE, is a novel device that integrates valve and measurement technology with exclusive diagnostic and control features. The business claims that FOCUS-1, the world's first intelligent process node designed exclusively for the process industries, is available as a standard product.