The Flow Meter Market – Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The global flow meters market size was estimated to be US$ 7.4 billion in 2019 and is expected to reach US$ 13 billion by 2030 at a CAGR of 5.2% during 2020 and 2030. Flow meters are employed to calibrate discharge of liquids or gases for distribution of substance in accurate capacity and at coveted speed. Flow meters are universally used across industrial, residential, and commercial applications. Broadening populace and breakneck urbanisation has assisted towards the advancement of architecture and construction industry, thereby spurring the confines of energy and service infrastructure. The flow meters are largely used for water control. Wastewater management and power generation, consequently, are witnessing prominent demand. Development of Internet of Things (IoT) has prompted to the acceptance of cutting-edge technology in flow meters. The flow meters are being endowed with sensors for smart metering to simplify automated meter reading, wireless monitoring and control and digital readouts for ordered management.
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Amplification of industrialized framework and acceptance of industrial automation has advanced the expansion of the flow meter market. The manufacturers of flow meters are engaged in improvement of off-the-shelf and custom-built devices to cater the growing appeal from multiple end user industries. The onset of Industry 4.0 is predicted to incite the technology alliance into the flow meters in subsequent years. However, due to a break in manufacturing process across discrete industries amidst the COVID-19 pandemic, the call for flow meters is predicted to be low in anticipated years. The development and discrete industries are foreseen to recapture their strength with government initiatives to support the economy, thereby committing towards the improvement of the global flow meter market during the estimated period.
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Immense certainty, soundness and affordability granted by magnetic flow meters to drive market growth
The global flow meter market is divided based on type, end use industry, and geography. Based on type, the global flow meter market is segmented into differential pressure (DP), positive displacement (PD), magnetic, ultrasonic, Coriolis, turbine, vortex, and others. The magnetic flow meters subsidized a spectacular contribution to the global flow meter market owing to applications across numerous industries guided by high accuracy, reliability, and affordability. The ultrasonic flow meters is supposed to be the quickest growing product type during the forecast period owing to increasing acceptance across water & wastewater management and energy & service industries.
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Water & Wastewater Management and Food & Beverages to dominate market growth
Based on end use industry, the global flow meter market is segmented into aerospace & defence, chemical, pharmaceuticals, food & beverages, energy & utility, oil & gas, paper & pulp, water & wastewater management, and others.The water & wastewater management industry contributed a dominating share to the global flow meter market owing to government initiatives to reduce impact of industrial waste of waterbodies and expanding wastewater management infrastructure across residential and commercial sectors. The oil & gas segment is expected to witness prominent growth during forecast period owing to the discovery of shale gas reserves across North America and Asia Pacific. The application of flow meters in food & beverages industry is anticipated to grow significantly during the forecast period owing to expanding food processing industry across emerging economies fuelled by rising demand for processed food products.
Based on geography, the global flow meter market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.North America contributed a dominating share to the global market in 2019 owing to strong presence of leading players. Asia Pacific contributed a prominent share to the global flow meter market in 2019 and is estimated to be the fastest growing region during the forecast period. Rapidly expanding population and expansion of multiple industry vertical are the key attributes driving the growth of Asia Pacific flow meter market.
Major players active in the global flow meter market include ABB, Azbil Corporation, Badger Meter, Inc., Emerson Electric Co., Hitachi High-Tech Corporation, Honeywell International Inc., HÖNTZSCH GMBH & CO. KG, KROHNE Messtechnik GmbH, Schneider Electric, Siemens, Tianjin Yihuan Automatic Instrument Technology Co., Ltd., TOKYO KEISO CO., LTD., Toshiba, Xi’an Gavin Electronic Technology Co., Ltd, and Yokogawa Electric Corporation.
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