Market Research Report
Flow Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
|Flow Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027|
Published: January 10, 2022
IMARC Services Private Limited
Content info: 106 Pages
Delivery time: 2-3 business days
The global flow meter market size reached US$7.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$11.2 Billion by 2027, exhibiting a CAGR of 6.5% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
A flow meter is defined as an instrument used for measuring the linear, nonlinear, mass and volumetric flow rate of a gas or liquid. The applications of this device are varied, owing to which it is designed according to the specific engineering requirements of end users. Presently, flow meters are majorly categorized as mass, velocity and positive displacement meters. Mass meters include Coriolis and thermal mass flow meters. Velocity flow meters consist of ultrasonic, paddle wheel, target, orifice plate, turbine, vortex, variable area, and venturi tube flow meters. Whereas, positive displacement meters mainly include oscillating piston, gear flow, piston, reciprocating piston, and oval-gear meters. The demand for improved flow meters has been escalating across the globe on account of rapid urbanization and the rising need for better water and wastewater management systems.
Over the last few years, the flow meter industry has been witnessing significant growth, primarily on account of innovative product developments and expansion in application areas. Market players have substantially increased their spending on research and development (R&D) focused on the modernization of flow measurement instruments and sensor devices. Owing to this, there have been several technical improvements in the functioning of flow meters. Some of these advancements include online diagnosis and troubleshooting, remote calibration and configuration, wireless communication, improved installation management and application effects, multiple measurement formats, and embedded digital signals. These developments have made flow meters highly versatile, functional and reliable, owing to which they find applications across various end use sectors including the medical, automotive, HVAC, and process industries.