Rockville, April 12, 2023 (GLOBE NEWSWIRE) -- The market for flow metres is predicted to grow from its current value of US$ 7 billion in 2023 to US$ 13 billion by 2033. From 2023 to 2033, the market is expected to grow at a CAGR of 6.4%.
The demand for flow metres in the oil and gas sector is expected to rise as shale gas reserves develop. In the oil and gas industry, flow metres are important for measuring the pace of upstream and downstream processes, custody transfers, and liquid hydrocarbons.
In process industries, the usage of flow metres is quite helpful. Additionally, governments all over the world now mandate the use of flow metres due to the numerous advantages associated with them.
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| Flow Meter Market Scope | |
| Report Coverage | Details |
| Base year | 2022 |
| Historic period | 2017-2021 |
| Forecast period | 2023-2033 |
| Growth momentum & CAGR | Accelerate at a CAGR of 6.4% |
| Market growth 2023-2033 | US$ 13 Billion |
| Market structure | Fragmented |
| Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
| Key countries | US, Canada, UK, France, and Germany |
| Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
| Key companies profiled | Emerson Electric Co., General Electric, Hitachi Ltd., Honeywell International Inc., Siemens, VSE Volumentechnik GmbH, Yokogawa Electric Corporation |
| Market dynamics | Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
The flow meter market is driven by several factors, including:
- The oil and gas industry is one of the major end-users of flow meters, and the growing demand for oil and gas is driving the market for flow meters.
- Flow meters provide accurate measurement and monitoring of fluid flow, which is essential in various industries such as water and wastewater management, pharmaceuticals, and food and beverage.
- Governments across the world are introducing regulations and compliance requirements for various industries to ensure safety and environmental protection, and flow meters are required to comply with these regulations.
- The increasing adoption of automation and control systems in various industries is driving the demand for flow meters as they are an integral part of these systems.
- Technological advancements in flow meter technology, such as the development of ultrasonic and Coriolis flow meters, are also driving the market for flow meters.
- Emerging economies such as China and India are witnessing rapid industrialization and urbanization, which is driving the demand for flow meters in these countries.
Key Market Trends:
Some of the key market trends in the flow meter market include:
- Wireless and smart flow meters are gaining popularity due to their ease of installation, real-time data monitoring, and remote accessibility. This trend is expected to continue as the Industrial Internet of Things (IIoT) and Industry 4.0 gain more traction.
- End-users are increasingly looking for flow meters with advanced features such as high accuracy, multi-parameter measurement, and self-diagnostics. This is driving the demand for flow meters with more advanced technology and functionalities
- Non-intrusive flow metering techniques such as ultrasonic and laser Doppler velocimetry are gaining popularity due to their non-invasive nature and ability to measure flow in pipes without disrupting the flow
- Emerging economies such as China, India, and Brazil are witnessing rapid industrialization and urbanization, which is driving the demand for flow meters in these countries.
- The growing focus on energy efficiency and sustainability is driving the demand for flow meters that can accurately measure and monitor fluid flow in various processes and applications to optimize energy consumption and reduce waste.
- Flow meters are finding new applications in various industries such as pharmaceuticals, biotechnology, and renewable energy. This is expanding the market for flow meters beyond traditional applications such as oil and gas, water and wastewater, and chemicals.
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Restraints:
The flow meter market is also restrained by several factors, including:
- Flow meters can be expensive, especially for high-end models with advanced features. This can be a barrier to adoption for some end-users, particularly small and medium-sized enterprises.
- There is a lack of standardization in the flow meter market, which can lead to confusion and inconsistency in product specifications and performance. This can make it difficult for end-users to compare and select the right flow meter for their application.
- Flow meters require periodic maintenance and calibration to ensure accurate and reliable performance. This can add to the total cost of ownership and may require specialized knowledge and equipment.
Regional Landscape:
- The market in the United States is expected to experience robust growth due to ongoing advancements in the water and wastewater management sector.
- Moreover, other factors such as the rise in the adoption of flow meters in the chemical sector are driving expansion in Germany.
Competitive Landscape:
The flow meter market is fragmented, with numerous players operating in the market. While there are a few large players such as Emerson Electric Co., Siemens AG, and ABB Ltd., the market is also home to many small and medium-sized enterprises (SMEs) that specialize in specific product types or applications.
Leading businesses are emphasising quality assurance, alliances, product standards, synergies, acquisitions, and deliberate geographical expansion. Market participants want to expand their capacities in order to enter developing economies.
Following safety rules, reputable flow metre manufacturers are offering precision flow metres. New flow metres that integrate industry 4.0 technologies with methods for measuring gas flow will be profitable in industrialised nations.
For instance,
- In 2022, Yokogawa introduced the flowmeter OpreX CA Series. The novel tool can monitor the flow of conductive fluid (without getting in touch with the fluid).
Key Segments Covered in Flow Meter Industry Research
- By Product:
- Differential Pressure (DP)
- Positive Displacement (PD)
- Magnetic
- Wired
- Wireless
- Ultrasonic
- Coriolis
- Turbine
- Vortex
- Others
- By Application:
- Water & Wastewater
- Oil & Gas
- Chemicals
- Power Generation
- Pulp & Paper
- Food & Beverages
- Others
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Questions Covered in the Flow Meter Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Flow Meter sales grow until 2033?
- Which are the factors hampering the Flow Meter demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Flow Meter Market during the forecast period?
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Mobile Metering System Market Growth: Mobile metering system market growth is very strong in the future as the world is headed towards technological advancements. People will use mobile metering system as they are focused towards reducing manual labor and maintaining accuracy.
Air Velocity Meter Market Size: The global air velocity meter market size appears to be a bit concentrated as most of the manufactures are from Europe, East Asia and North America. On the other hand, Europe, East Asia, and North America are anticipated to grow at a steady rate owing to the early adoption of air velocity meters.
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