Vancouver, Nov. 14, 2023 (GLOBE NEWSWIRE) -- The global steam flow meters market exhibited a robust growth trajectory in 2022, with a market size reaching USD 517.78 Million. The market is poised to continue its expansion, projecting a steady revenue CAGR of 6.7% during the forecast period.
Market Drivers: The rising demand for flow meters in key industries such as chemicals, water and wastewater treatment, coupled with the imperative need for energy efficiency in power generation, remains a pivotal factor driving the market's revenue growth. Steam flow meters play a crucial role in measuring steam flow rates across various industrial and commercial applications. Notably, the chemical industry witnesses a rapid adoption of magnetic flow meters for measuring corrosive chemicals, contributing significantly to market growth.
Technological Advancements: The market has experienced notable technological developments and product launches, contributing to its growth. Titan Enterprises' recent launch of Oval Gear (OG) flowmeters for measuring petroleum liquids and petrochemical additive injection fluids, and ABB Ltd's production of the largest flowmeter for the Yanbu project in Saudi Arabia, are clear indications of the industry's commitment to innovation. These advancements, particularly in the oil and gas sector, are driving an increased demand for steam flow meters.
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Challenges: Despite the positive growth trajectory, the market faces challenges, primarily stemming from the high manufacturing costs of flow meter materials. Fluctuations in the prices of polymers, metals, and alloys impact manufacturing costs, posing a restraint for market players. Additionally, supply chain issues, driven by rising fuel prices and macroeconomic factors such as export duties, further contribute to the challenges faced by the industry.
Product Insights: In terms of product segmentation, the Differential Pressure (DP) flow meter segment dominated the market in 2022, holding the largest revenue share. DP flow meters are crucial for analyzing flow rates of various fluids, making them invaluable in scenarios where precise flow rate data is essential. The variable area flow meter segment is anticipated to register the highest revenue CAGR, particularly driven by its cost-effectiveness and applications in industries such as chemicals, oil and gas, and pharmaceuticals.
Application Insights: The oil and gas segment emerged as the leader in terms of revenue share in 2022, with the rapid incorporation of steam flow meters during exploration, production, and the measurement of oil and gas flow. Notably, ultrasonic flow meters are widely used in oil and gas industries for calculating fluid volumes and monitoring pumps and valves. The water and wastewater management segment is expected to exhibit the highest revenue CAGR, driven by the increasing need for water treatment plants and the growing global water scarcity issue.
Regional Insights: North America led the market in 2022, with the U.S. witnessing a significant increase in energy consumption. The incorporation of steam flow meters in power generation to meet the rising demand for electricity contributed to the region's market dominance. Asia Pacific is expected to exhibit the fastest revenue growth rate, driven by the increase in wastewater treatment plants and initiatives by organizations like the Asian Development Bank to address water management challenges. Europe, with its prominent position in energy and gas consumption, is expected to maintain a steady growth rate over the forecast period.
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Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 517.78 Million |
| CAGR (2023–2032) | 6.7% |
| Revenue forecast to 2032 | USD 997.75 Million |
| Base year of estimation | 2022 |
| Historical data | 2019–2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Million and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product type, power type, pipe size, application, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Yokogawa Electric Corporation, ABB Ltd, Siemens AG, Bronkhorst, Honeywell International Inc., Emerson Electric Co, SICK AG, Omega Engineering, Inc., Christian Burkert GmbH & Co. KG, TSI, KEYENCE INDIA PVT. LTD, Sensirion AG, Azbil Corporation, Endress+Hauser AG, KROHNE, Titan enterprises |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global steam flow meters market is fragmented, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new products and solutions. Some major players included in the global steam flow meters market report are:
- Yokogawa Electric Corporation
- ABB Ltd
- Siemens AG
- Bronkhorst
- Honeywell International Inc.
- Emerson Electric Co
- SICK AG
- Titan enterprises
- Omega Engineering, Inc.
- Christian Burkert GmbH & Co. KG
- TSI
- KEYENCE INDIA PVT. LTD
- Sensirion AG
- Azbil Corporation
- Endress+Hauser AG
- KROHNE
Strategic Development
- On 21 August 2023, Global technology and engineering company Emerson announced a definitive agreement to acquire its business partner FLEXIM during the 2023 fiscal year, which ends Sept. 30. Emerson’s acquisition of FLEXIM makes sense in light of the alliance the two companies have had for almost seven years. Since Emerson has only inline ultrasonic flowmeters, FLEXIM’s clamp-on meters are complementary to rather than competitive to Emerson’s ultrasonic product line.
- On 7 March 2023, China-based manufacturer ATO Flow Meter, launched two new products as part of the company's lineup a magnetic flow meter and an ultrasonic flow meter. This range extends the company's existing array of devices, offering reliable technology specifically designed for measurement applications in liquids, gasses, or steam environments across several industries worldwide while allowing customers to get tailored solutions depending on the user's particular needs.
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Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global steam flow meters market on the basis of product type, power type, pipe size, application, and region:
- Product Outlook (Revenue, USD Million; 2019-2032)
- Differential pressure (DP) flow meter
- Variable area flow meter
- Turbine flow meter
- Ultrasonic flow meter
- Vortex flow meter
- Coriolis flow meter
- Others
- Power type Outlook (Revenue, USD Million; 2019-2032)
- Electric
- Solar
- Battery Powered
- Pipe Size Outlook (Revenue, USD Million; 2019-2032)
- 2 inches
- 4 inches
- 6 inches
- Above 6 inches
- Application Outlook (Revenue, USD Million; 2019-2032)
- Water and wastewater
- Oil and gas
- Chemicals
- Power generation
- Pulp and paper
- Food and beverages.
- Others
- Regional Outlook (Revenue, USD Million; 2019–2032)
-
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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