Market Research Report
Flow Meters Market Forecasts to 2028 - Global Analysis By Type (Electromagnetic Flowmeters, Orifice Meter), Product (Analog Flow Meter, Smart Flow Meter), Transmission Method (Wireless, Wired ) and By Geography
|Flow Meters Market Forecasts to 2028 - Global Analysis By Type (Electromagnetic Flowmeters, Orifice Meter), Product (Analog Flow Meter, Smart Flow Meter), Transmission Method (Wireless, Wired ) and By Geography|
Published: May 1, 2022
Stratistics Market Research Consulting
Content info: 200+ Pages
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According to Stratistics MRC, the Global Flow Meters Market is accounted for $9.22 billion in 2021 and is expected to reach $17.30 billion by 2028 growing at a CAGR of 9.4% during the forecast period. A device or an instrument used to measure the flow rate of liquids and gases is known as a flow meter. It is also known as a flow indicator, flow gauge, and liquid meter depending on the industry which uses it. A variety of flow meters are available for different applications.
Worldwide Emphasis on Growing Process Automation
Flow meters have a large number of applications in the automotive, construction, oil & gas, manufacturing, chemical, medical, and water & wastewater industries. The market is predicted to be partly driven by an improvement in these key industries and their rising need for high-performance flow meters. Rising demand from emerging markets such as India and China have already driven overall demand for flow meters. Furthermore, increasing industrialization has increased the focus on automation and customization. This has also led to increased demand for intelligent monitoring and controlling tools & technologies, including flow meters. Governments of several countries have passed laws and regulations for industries to treat the water before discharging it into water bodies. Flow meters are being used in wastewater treatment by quantifying the water that flows through the system.
Economic Slowdown and Decreasing Oil Prices
Most countries, especially the US, Italy, Spain, the UK, France, and Germany, are severely impacted by the COVID-19 pandemic. The suspension of operations in several manufacturing sectors has resulted in a decline in the GDP of these countries. Owing to the COVID-19 pandemic, the demand from the industrial sector had declined sharply. This impact was further intensified with the declining oil & gas prices and the massive gap between supply and demand.
Advancements in technologies such as wireless monitoring and control, advanced sensors, and digital readouts are expected to create opportunities for the market over the forecast period. Manufacturers of the product are increasingly adopting the Internet of Things (IoT). The advanced approach of IoT enables automatic meter reading, which collects data automatically and remotely. Owing to such technological developments in products, the market is expected to grow at a significant rate.
Raw Material Price Fluctuations
The prices of raw materials used in flow meters are fluctuating at unprecedented levels. High cost associated with coriolis and magnetic flow meters is one of the factors that threaten the market growth. And also, fluctuating prices of these materials makes it challenging for OEMs to procure high-quality raw materials and manage delivery schedules imposed by suppliers, which further increases the cost of the market.
Oil and gas segment is expected to be the largest during the forecast period
Owing to the rapid growth of the industry, the development of shale gas reserves is also expected to boost the demand for the product in the oil and gas (O&G) and chemical and petroleum refinement sectors. Flow meters are an operative solution to measure the rate of upstream and downstream processes, custody transfer, and liquid hydrocarbons within the O&G and chemical industries.
The magnetic flow meters segment is expected to have the highest CAGR during the forecast period
Magnetic flow meters are also called mag meters. These flow meters follow the principle of electromagnetic induction to determine the flow of liquid in a pipe. These flow meters produce signals that are linear with the flow of the fluid. Thus, the turndown rate is low for this flow meter, and it offers greater accuracy than other types of flow meters. It is also unaffected by any change in temperature, density, viscosity, concentration, and electrical conductivity. Magnetic flow meters are feasible for an application that includes rapidly changing media, pH jumps, and large amounts of solids or pulsating flow. Magnetic flow meters are preferably used for sanitary applications in water & wastewater and food & beverages industries. These flow meters are largely used in water & wastewater, metals & mining, chemical, and pulp & paper end-use industries.
Region with highest share:
The Asia Pacific is projected to hold the highest market share, owing to the rising investments in developing countries and manufacturing capacity additions across end-use industries, particularly water treatment and chemical processing. Investment in water & wastewater, energy and power, refining, chemicals, pulp & paper, and industrial infrastructure activities is increasing in developing economies such as China and India. This drives demand for measuring instruments, which has contributed significantly to the growth of the market in the Asia Pacific. China is the key market for flow meters in the Asia Pacific owing to its increasing industrialization and low-cost manufacturing technology. Most key players operating in the flow meters market have their production capacities in the Asia Pacific since the province's production cost is lower than that in other provinces.
Region with highest CAGR:
Europe is projected to have the highest CAGR. The European market is in a mature stage and growing at a slower to moderate rate. Stringent regulations, growing investment in renewable energy, increasing support for sustainable development, and rising demand for bio-chemicals are a few factors owing to which the European countries are minimizing their dependency on the oil & gas industry. This, in turn, has resulted in a decline in refinery throughput. In Europe, the adoption of systems is high in the power generation segment, contributing to the regional market growth. The demand for magnetic, ultrasonic, and Coriolis flowmeters for O&G management is expected to upsurge in the province. Europe is home to several manufacturers and providers of flow rate measurement products and solutions, such as Endress+Hausar AG, Krohne Messtechnik GmbH, and ABB Ltd.
Key players in the market:
Some of the key players profiled in the Flow Meters Market include ABB Limited, Azbil Corporation, Badger Meter Inc, Emerson Electric Company, Endress + Hauser , General Electric, Honeywell International Inc, Krohne Messtechnik GmbH, Schneider Electric Se, Siemens AG, Yokogawa Electric Corporation, Tasi Group, Hitachi High-Tech Corporation.
In May 2019: Tasi Group has announced that it is buying Sierra Instruments, a global specialist in flow measurement instrumentation and testing. This is the second acquisition finalized by Tasi in just two months; Tasi Group has also bought Onicon, which designs and manufactures flowmeters and energy management systems.
In July 2019: REMSTAETTEN, announced plans to extend their China Water Utilities' Platform, an industrial alliance founded to promote the benefits of ultrasonic water metering and NB-IoT technologies based on Ali Cloud. With the launch of the new Jiangxi Water Utility's Technical Lab in Nanchang, Jiangxi Province, the partners will support Chinese utilities companies with leading-edge demonstrations of the "big data dividend" of ultrasonic water metering.
In March 2021: KROHNE launched the AF-E 400 ultra-compact electromagnetic flowmeter for utility and industrial automation applications to fit in applications with constrained installation space, such as welding equipment cooling lines, bending machines, and robots.
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Table17 Global Flow Meters Market Outlook, By Spool Pieces (2020-2028) (US $MN)
Note- Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.