PUBLISHER: The Business Research Company | PRODUCT CODE: 1414226
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414226
“Flow Meter Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on flow meter market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for flow meter? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The flow meter market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A flow meter is a device designed for measuring the flow rate or volume of a liquid, gas, or vapor passing through it. These instruments play a crucial role in industrial and commercial applications, enabling operators to control and monitor fluid flow. By facilitating adjustments to flow rates, flow meters contribute to optimizing performance, minimizing waste, and ensuring safety in various processes.
Flow meters come in several types, including differential pressure, positive displacement, ultrasonic (spool pieces, clamp-on, insertion), turbine, magnetic (in-line, insertion, low flow), coriolis, vortex, and other variations. Differential pressure (DP) flow meters gauge fluid flow rates by inducing a pressure drop across a constriction in the flow path. Widely used in industrial processes and HVAC systems, DP flow meters are essential for monitoring flow rates. These meters are powered by electricity, solar energy, or batteries, and are available in various pipe sizes, including 2 inches, 4 inches, 6 inches, and larger than 6 inches. They find application across diverse industries, such as water and wastewater, refining and petrochemicals, oil and gas, chemicals, power generation, pulp and paper, food and beverage, pharmaceuticals, metals and mining, and other sectors.
The flow meter market research report is one of a series of new reports from The Business Research Company that provides flow meter market statistics, including global market size, regional shares, competitors with a flow meter market share, detailed flow meter market segments, market trends and opportunities, and any further data you may need to thrive in the flow meter industry. This flow meter market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The flow meter market size has grown strongly in recent years. It will grow from $8.69 billion in 2023 to $9.21 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The historical period's expansion can be ascribed to industrial automation, the management of water and wastewater, the exploration of oil and gas, the globalization of trade, and infrastructure development.
The flow meter market size is expected to see strong growth in the next few years. It will grow to $11.95 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The expansion anticipated in the forecast period can be linked to the integration of Industry 4.0, the rise of renewable energy, initiatives for water conservation, increasing demand in the healthcare sector, and environmental monitoring. Prominent trends expected in the forecast period encompass digital transformation, wireless connectivity, the adoption of ultrasonic flow meters, the growing need for coriolis flow meters, and compliance with environmental regulations.
The growth of the flow meter market is expected to be propelled by the expanding oil and gas as well as wastewater industries. The oil and gas sector involves the extraction, refinement, and distribution of oil and natural gas, while the wastewater industry focuses on treating and managing wastewater before releasing it back into the environment to eliminate pollutants. Flow meters play a crucial role in both these industries, widely used to measure and monitor fluid flow rates in facilities handling crude oil, natural gas, and various wastewater fluids during treatment processes. Notably, in 2022, the US Energy Information Administration (EIA) reported an increase in US gross withdrawals of oil and natural gas, with oil production reaching 11.6 million barrels per day and natural gas production reaching 118.7 billion cubic feet per day in December 2021. As a result, the growing oil and gas and wastewater industries are anticipated to drive the flow meter market's growth.
The rise in the adoption of clean energy is expected to contribute to the flow meter market's growth. Clean energy involves utilizing renewable, sustainable, and environmentally friendly sources with minimal or no adverse impact on the environment. Flow meters play a crucial role in accurately measuring and monitoring fluid flow, supporting the efficient use of clean energy sources such as wind, solar, and hydropower. In December 2021, the International Energy Agency reported that nearly 95% of the anticipated growth in global power capacity until 2026 is expected to come from renewables, with solar photovoltaic (PV) contributing over half of this expansion. The projected increase in renewable capacity from 2021 to 2026 is forecasted to be 50% greater than the growth observed from 2015 to 2020. Thus, the increasing adoption of clean energy is a significant driver for the growth of the flow meter market.
Technological advancement stands out as a prominent trend gaining traction in the flow meter market. Leading companies within this market are strategically concentrating on the development of innovative solutions to solidify their market position. For instance, in May 2022, SONOTEC, a Germany-based technology company specializing in ultrasonic testing solutions, including flow meters, introduced SONOFLOW CO.55. This high-precision clamp-on flow meter utilizes ultrasonic technology to measure flow rates, featuring a clamp-on design that facilitates easy installation and maintenance without interrupting the flow system, thereby eliminating contamination risks. These reusable, non-invasive sensors find application in both single-use and hybrid environments within the bioprocessing industry.
Major players in the flow meter market are actively creating inventive products such as AI-based cumulative flow measurement devices to expand their customer base, boost sales, and increase revenue. A cumulative flow measurement device is designed to quantify the total fluid passing through a specific point in a pipeline or process over a specified period. In August 2021, Guangzhou Aosong Electronics Co. Ltd., a China-based provider of micro-electro-mechanical system (MEMS) sensors, launched the AMS2106 intelligent digital display gas mass flowmeter. This flow meter distinguishes itself by offering flexibility in use, cumulative flow measurement, and mixed gas flow detection, meeting the demand for high-cost performance. With features such as high sensitivity, versatile output modes, and stability across its full range, the AMS2106 employs thermal mass flow measurement without requiring additional customer interventions for temperature and pressure compensation. This ensures precision in flow calculations, heightened sensitivity, and the ability to discern minimal starting flow rates for accurate calculations.
In December 2021, Dwyer Instruments, a US-based manufacturing company specializing in sensors and instrumentation solutions, acquired Universal Flow Monitors, Inc. for an undisclosed amount. This strategic move bolstered Dwyer Instruments' market share in a specialized industrial sector by expanding its product line to include a range of UFM products crucial for industrial operations, catering to the diverse needs of customers across various markets. Universal Flow Monitors, Inc., a US-based manufacturer of flow meters and controllers for fluids and gases in automation, robotics, and other process automation applications, thus became an integral part of Dwyer Instruments' portfolio.
Major companies operating in the flow meter market report are Endress+Hausar AG, Honeywell International Inc., Krohne Messtechnik GmbH, Siemens AG, Yokogawa Electric Corporation, ABB Ltd., Emerson Electric Co., Azbil Corporation, em-tec GmbH, General Electric Company, Hitachi High-Tech Corporation, HONTZSCH GMBH & CO. KG, Bronkhorst High-Tech BV, Sick AG, Omega Engineering Inc., Christian Burkert GmbH & Co. KG, TSI Inc., Keyence Corporation, Sensirion AG, Badger Meter Inc., Schneider Electric SE, Thermal Instrument Co., Katronic Technologies Ltd., Flow Meter Group, Omni Flow Computers Inc., Henan Dafang Dingsheng Flow Instrument Co. Ltd., Flow-Tronic S.A., McCrometer Inc., Blue-White Industries Ltd., Dakota Instruments Inc., FTI Flow Technology Inc., KEM KUPPERS ELEKTROMECHANIK GMBH, Max Machinery Inc., Parker Hannifin Corp., Seametrics Inc.
North America was the largest region in the flow meter market in 2023. Europe and Asia-Pacific are expected to be the fastest-growing regions in the global flow meter market report during the forecast period. The regions covered in the flow meter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the flow meter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The flow meter market consists of sales of flow sensors, transmitters, controllers and indicators. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.