The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global flow meter market size is estimated to reach USD 12.3 billion by 2027, registering a CAGR of 5.8% over the forecast period, according to a new report by Grand View Research, Inc. The penetration of IoT has helped the evolution of smart flow rate measurement solutions, leading to an increased demand for intelligent flow meters. The adoption of flow meters is expected to increase as rapid urbanization triggers the need for better water and wastewater management.
The market has been segmented on the basis of product, application, and region. Based on product, the market has been classified into Differential Pressure (DP), Pressure Displacement (PD), magnetic, ultrasonic, Coriolis, turbine, vortex, and others (variable area, multiphase, thermal, and others). The magnetic segment accounted for the largest share of the global flow meters market in 2019. However, the ultrasonic and Coriolis segments are expected to grow at the highest rate over the forecast period owing to the advancements in technology that have made ultrasonic and Coriolis flow meters more reliable and accurate than their counterparts.
Coriolis meters enhance the reliability, accuracy, and efficiency of liquid flow rate measurement. Furthermore, the integration of IoT in flow rate measurement solutions has helped transform Coriolis meters into intelligent flow meters. Hence, the adoption of these meters is expected to grow significantly over the forecast period. Extensive adoption of Coriolis flow meters by the oil & gas, chemical, and refinery sectors is projected to drive the growth of the overall product segment over the forecast period.
Based on application, the flow meters market has been segmented into oil and gas, power generation, water and wastewater management, chemical, pulp and paper, food and beverage, and other application sectors. The water and wastewater segment is expected to witness robust growth over the forecast period owing to rapid urbanization in various parts of the world, particularly in Asia Pacific, South America, and Africa. These regions have aggressively started to adopt efficient solutions for the treatment, control, monitoring, and regulation of water supplies and management of wastewater, thereby driving the demand for flow rate measurement solutions and instruments.
On the basis of region, the market has been segmented into North America, Asia Pacific (APAC), Europe, South America, and Middle East and Africa (MEA). Europe dominated the global market in 2019 as the region is home to several manufacturers and product innovators of flow rate measurement solutions and services, including flow meters. However, APAC is expected to witness the highest growth rate over the forecast period owing to the rapid urbanization underway in APAC countries, which would subsequently trigger the need for adequate power generation and efficient water and wastewater management. The market in India is likely to witness a significant boost over the forecast period on account of the growing need for expanding fuel refining capacity in the country.
With emerging economies in Asia Pacific such as China, India, and other Southeast Asian nations witnessing rapid industrialization, regional manufacturers and providers of flow rate measurement solutions are forming collaborations and partnerships with global players to cash in on opportunities prevailing in the regional as well as global markets. Regional players are also improving their customer engagement activities and enhancing their portfolio of products and services.
General Electric (U.S.), ABB Ltd. (Switzerland), Emerson Electric Co. (U.S.), Yokogawa Electric Corporation (Japan), and Hitachi Ltd. (Japan) are some of the major providers and vendors of flow rate measurement solutions. Market players are constantly emphasizing on product innovation and enhancing their products and solutions. With the lucrative opportunities the oil and gas, petroleum, chemicals, and water and wastewater management sectors offer, manufacturers focus on meeting the various requirements of these sectors in particular.
Apart from the analysis of the global market for flow meters, the report analyzes the facts and key industry trends prevailing in custody transfer application, which is one of the prominent applications of flow meters in the oil and gas sector. The report also highlights how the unstable dynamics of the oil and gas sector would affect the adoption of flow meters worldwide.
Strategic profiling of the prominent industry participants across the globe highlights various aspects of these players such as company overview; financial performance; product categorization with their features, applications, and types; and strategic and recent developments, which have been covered in the research report. Moreover, the report offers an extensive list of other industry players operating in the market, value chain analysis, as well as product mapping of prominent vendors and manufacturers of flow meters. Overall, the study offers in-depth analysis, insights, and a holistic view of the entire market.
Further key findings from the report suggest:
- Water and wastewater is likely to dominate the application segment through the forecast period owing to the increasing initiatives taken by several governments for water and wastewater management
- Businesses in Middle Eastern countries such as Iran, Iraq, and Syria are highly vulnerable to political instability. Businesses in other Middle Eastern countries such as UAE, Saudi Arabia, Oman, and Qatar focus on expanding their presence by establishing friendly relations with eminent manufacturers in Western countries
- One of the key factors supporting the product demand over the forecast period is the integration of IoT in flow meters, which has led to the introduction of smart flow rate measurement solutions
- Custody transfer application in the oil and gas sector is one of the key applications creating lucrative opportunities for ultrasonic and Coriolis flow meters
- Asia Pacific is expected to grow at the fastest rate over the forecast period owing to substantial demand and adoption of flow meters in various application sectors, particularly in China, India, and Southeast Asian countries
- Flow meter market key participants are ABB (Asea Brown Boveri) Ltd., Emerson Electric Co., General Electric (GE), KROHNE Messtechnik, H?ntzsch GmbH, Siemens AG, Hitachi, Ltd., and Yokogawa Electric Corporation