Westford USA, April 18, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the Magnetic Flowmeter market will attain a value of USD 12.91 billion by 2030, with a CAGR of 5.7% over the forecast (2022-2030). Mechanical flow measuring equipment has high maintenance costs, low precision and requires frequent calibration for different types of liquids. Magnetic flowmeters aid mechanical measuring systems in overcoming these challenges. Magnetic flowmeters can measure thick sludge and fluid because they have no moving parts. Magnetic flowmeters are also equipped with abrasion- and corrosion-resistant liners, making them extremely efficient in measuring erosive fluids, slurry, and most acid and base types. Furthermore, magnetic flowmeters require little calibration and can assess liquid properties with high precision. The high precision of magnetic flowmeters is increasing their popularity in the process industry and leading to increased adoption, which will benefit the Magnetic Flowmeter industry over the forecast period.
According to the SkyQuest's, Magnetic Flowmeter have made numerous advancements in recent years, including wireless connectivity and compatibility with smart devices. Despite some limitations due to non-conductive fluids, electromagnetic induction technology is an excellent choice for measuring liquid flow. Magnetic Flowmeters are becoming increasingly popular in irrigational applications. Magnetic Flowmeters outperform other flowmeters in terms of accuracy and repeatability over the course of their operation.
Browse in-depth TOC on "Magnetic Flowmeter Market"
- Pages - 242
- Tables - 66
- Figures - 66
Magnetic flowmeters are becoming more popular in irrigation applications. They are free of wear and tear and do not require upstream strainers to filter out sediments because there are no moving parts. For Instance, Ceramic linings are used to provide additional protection against abrasive flows. Magnetic flowmeters help to reduce metre piping, which reduces installation time and cost.
Prominent Players in Magnetic Flowmeter Market
- ABB Ltd.
- Emerson Electric Corporation
- em-tec GmbH
- Endress+Hausar AG
- General Electric
- Hitachi High-Tech Corporation
- Honeywell International Inc.
- HÖNTZSCH GMBH & CO. KG
- Krohne Messtechnik Gmbh
- Siemens
- Yokogawa Electric Corporation
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Battery-powered Segment Is Expected to the Highest Revenue Due to their Portability
The battery-powered segment had the highest revenue share in 2022, accounting for approximately 48% of the overall market share. Battery-powered devices are widely used on the market due to their ease of use and ability to use rechargeable batteries. Solar power systems are especially effective in remote areas where regular power sources are unavailable, and they are also a cheap and clean source of energy. A solar power system's main components are the solar panel, battery, enclosure and charge regulator.
The expansion of shale gas and oil in the North America region is also expected to drive demand during the forecast period. The region's growing population and rising water scarcity issues are driving the development of water management plants, which is expected to increase demand for Magnetic Flowmeter. Furthermore, various regional companies are expanding their product and service portfolios while improving client engagement, which is expected to fuel the Magnetic Flowmeter market.
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Line Magnetic Flowmeter Segment Is Dominating the Market Due to Rising Adoption Of Smart Magnetic Flowmeters
In 2020, the in Line Magnetic Flowmeter segment dominated the segment with a 47.2% share. Many countries are experiencing water scarcity, compelling them to invest in water-sustainable projects. This prompted manufacturer to develop a new monitoring source to manage water management, boosting demand for magnetic flowmeters over the forecast period. McCrometer Inc, an international leader in flowmeter manufacturing, announced the launch of the McMag 2000 Magnetic Flowmeter in February 2020, designed primarily for the water management industries and best suited for applications such as well monitoring and surface water management.
APAC dominated the Magnetic Flowmeter Market with a market share of more than 36% due to increasing water and wastewater management plants. The primary factors that lead to the rise of growing water management plants, thereby increasing the demand for Magnetic Flowmeter are increasing population and water scarcity issues. According to the Water Environment Partnership in Asia, improving the water environment requires providing the necessary information and knowledge for the implementation of water environment governance. Furthermore, according to Israel's Ministry of Strategic Affairs and Public Diplomacy, nearly 90% of Israeli wastewater is recycled, making Israel the world leader in water recycling by 2020.
A comprehensive analysis of the major players in the Magnetic Flowmeter market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Magnetic Flowmeter Market
- In March 2021, Krohne Messtechnik GmbH, a global flowmeter manufacturer, announced the launch of a new AF-E400 Ultra-Compact Magnetic Flowmeter specifically designed for utility industrial automation. It is ideal for conductive fluid applications in confined spaces.
- In January 2021, Badger Meter, Inc. signed an agreement to acquire Analytical Technology, Inc., a privately held provider of water quality monitoring systems. The company, headquartered in Pennsylvania, USA, was founded in 1992 and specializes in the design, manufacture, and distribution of water quality instruments based on electrochemical and optical sensors. This expansion will help Badger Meter, Inc. expand its product portfolio in the water and wastewater industries.
Key Questions Answered in Magnetic Flowmeter Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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