The global flow meter market size is estimated to reach USD 11.05 billion by 2025, according to the new report conducted by Grand View Research, Inc., expanding at a CAGR of 5.98% during the forecast period. Rising penetration of IoT is escalating the demand for smart flow rate measurement solutions, which is turn is stoking the demand for intelligent flow meters. Rapid urbanization is augmenting the need for better water & wastewater management. This, along with technological advancements that are enhancing the accuracy and reliability of flow meters, is working in favor of the market.
The flow meter market has been reviewed on the basis of product, application, and geography. Based on products, the market is segmented into differential pressure (DP), pressure displacement (PD), magnetic, ultrasonic, Coriolis, turbine, vortex, and others (variable area, multiphase, thermal, and others). The magnetic segment holds the largest share in the market. However, ultrasonic and Coriolis are expected to register the highest CAGR during the forecast period owing to advancements in technology that make ultrasonic and Coriolis flow meters highly reliable and accurate.
Coriolis flow meters enhance the reliability, accuracy, and efficiency of liquid flow ratemeasurement. Furthermore, integration of IoT in flow rate measurement solutions has helped transform the flow meters into intelligent flow meters. Hence, the adoption of Coriolis flow meters is projected to rise significantly over the forecast period. Widespread adoption of Coriolis flow meters in the oil & gas, chemicals, and refinery sectors is anticipated to influence the market positively.
Based on applications, the flow meter market is divided into oil & gas, power generation, water & wastewater management, chemical, pulp & paper, food & beverage, and others. The water & wastewater segment is likely 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 would aggressively adopt efficient solutions for the treatment, control, monitoring, and regulation of water supplies and management of wastewater, thereby triggering the demand for flow rate measurement solutions and instruments.
From a geographical standpoint, the market has been fragmented into North America, Asia Pacific (APAC), Europe, South America, and the Middle East & Africa (MEA). Europe held the largest market share in 2016. Europe is home to several manufacturers and product innovators of flow rate measurement solutions and services. However, APAC is poised to experience the highest growth over the forecast period owing to rapid urbanization in emerging countries, which is stimulating the need for adequate power generation and efficient water & wastewater management.
While emerging economies in Asia Pacific such as China, India, and other South East Asian nations are industrializing rapidly, regional manufacturers and providers of flow rate measurement solution are entering into partnerships and collaborations with global players as a part of their efforts to capitalize on opportunities prevailing in the regional as well as the global market. Regional players are also improving their customer engagement activities and enhancing their portfolio of products and services.
The flow meter market size in India is anticipated to witness significant expansion over the forecast years on account of rapid urbanization and growing industrialization. As the need for water & wastewater management is expected to increase notably in India and other South East Asian countries, the demand for flow meters is projected to tread along a healthy growth track in the coming years.
General Electric, ABB Ltd., Emerson Electric Co., Yokogawa Electric Corporation, and Hitachi Ltd. are some of the eminent providers and vendors of flow rate measurement solutions. These market incumbents along with other peers are constantly emphasizing on product innovation and enhancing product & solution portfolio. They have realized lucrative opportunities in the oil & gas, petroleum, chemicals, and water & wastewater management sectors and are, therefore, targeting these sectors.
Full Research Report On Flow Meter Market Analysis: www.grandviewresearch.com/industry-analysis/flow-meters-market
Further key findings from the report suggest:
- The water & wastewater segment is estimated to be the leading revenue contributor over the forecast period
- Businesses, including the flow rate measurement industry, in countries of the Middle East such as the UAE, Saudi Arabia, Oman, and Qatar are focusing on expansion by establishing friendly relations with eminent manufacturers in western countries
- Demand for flow meters is likely to grow over the forecast period on account of integration of IoT in flow meters, which is leading to introduction of smart flow rate measurement solutions
- Custody-transfer in the oil & gas sector is one of the key applications creating high demand for ultrasonic and Coriolis flow meters and leading to adoption of smart flow meters
- Asia Pacific is poised to post the highest CAGR over the forecast period owing to substantial demand and adoption of flow meters in various application sectors, particularly in China, India, and South East Asian countries.
- Key industry participants are ABB (Asea Brown Boveri) Ltd., Emerson Electric Co., General Electric (GE), KROHNE Messtechnik, Höntzsch GmbH, Siemens AG, and Hitachi, Ltd., Yokogawa Electric Corporation.
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Grand View Research has segmented the global flow meter market based on printer product, application, and region:
Flow Meter Product Outlook (Revenue, USD Million, 2014 – 2025)
- Differential Pressure (DP)
- Positive Displacement (PD)
Flow Meter Application Outlook (Revenue, USD Million, 2014 – 2025)
- Water & Wastewater
- Oil & Gas
- Power Generation
- Pulp & Paper
- Food & Beverage
Flow Meter Regional Outlook (Revenue, USD Million, 2014 – 2025)
- North America
- Asia Pacific
- South America
- The Middle East & Africa
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