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The global flow meters market size was USD 8.20 Billion in 2022 and is expected to register a rapid revenue CAGR of 6.2% during the forecast period
VANCOUVER, BRITISH COLUMBIA, CANADA, June 4, 2024 /EINPresswire / -- The global flow meters market , valued at USD 8.20 billion in 2022, is projected to experience a compound annual growth rate (CAGR) of 6.2% through the forecast period. This growth is largely attributed to the increasing use of automation and the Internet of Things (IoT) in flow rate measurement, coupled with industrial efforts towards digital transformation and efficiency improvements.
IoT Flow Meters Transform Water Management
As global water levels decrease, efficient water management becomes critical. IoT-enabled flow meters offer a cost-effective solution for monitoring and measuring water flow in pipes. These devices compute water volume and flow rate, sending data to the cloud for real-time tracking and resource management. IoT flow meters are particularly valued for their long battery life and real-time alerts via SMS or email.
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Security and Efficiency in IoT Flow Meters
IoT flow meters ensure data security through password protections and Transport Layer Security (TLS) during data transfer. They process signals from measurement chambers using advanced algorithms, transmitting data to users via cloud storage or local interfaces.
Key Market Drivers
The adoption of flow meters in the water and wastewater and oil & gas (O&G) sectors significantly contributes to market growth. In the O&G sector, accurate fluid flow measurement is vital for safe and efficient operations, particularly in enhanced oil recovery methods. Similarly, water and wastewater treatment facilities rely on flow meters to ensure the sustainable treatment and quality of water.
Market Challenges
Despite their advantages, the high initial costs of magnetic and Coriolis flow meters can hinder market growth. These meters, while precise and reliable, involve expensive materials and advanced technologies, leading to higher costs. Additionally, fluctuating prices of materials like metals and polymers further impact the overall cost of flow meters.
Emerging Market Trends
Wireless and non-invasive flow sensors are gaining popularity due to their convenience and adaptability. These innovative devices use technologies like ultrasonic vibrations to measure flow rates without direct contact with the liquid, making them ideal for applications where shutting down systems is impractical.
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Market Segment Insights
Type Dynamics: Differential pressure flow meters dominated the market in 2022 due to their affordability and widespread use. Electromagnetic flow meters are also expected to see significant growth due to their advantages in measuring fluid flow with minimal maintenance needs.
Measured Medium: The liquid segment is projected to hold a significant market share owing to the accuracy and efficiency of liquid flow measurements. The gas segment is also expected to grow steadily due to the rising demand for precise gas flow measurement.
End-Use Industry: The water and wastewater segment is anticipated to lead the market, driven by the need for accurate measurements in various applications. The oil & gas sector is expected to register rapid growth due to the demand for precise fluid flow measurement.
Flow Meters Top Companies and Competitive Landscape
The global flow meters market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective flow meters solutions.
Some major players included in the global flow meters market report are:
Honeywell International Inc.
Siemens
Emerson Electric Co.
ABB
Yokogawa Electric Corporation
Endress+Hauser Group Services AG
General Electric
Hitachi High-Tech India Private Limited
HÖNTZSCH GMBH & CO. KG
KROHNE Messtechnik GmbH
Schneider Electric
Badger Meter, Inc.
Seametrics
Thermal Instrument India Pvt. Ltd.
KEYENCE CORPORATION
Litre Meter Ltd.
Baker Hughes Company
PARKER HANNIFIN CORP
Sensirion AG
SICK AG
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Flow Meters Latest Industry Updates
On 11 October 2022, Watson-Marlow Fluid Technology Solutions (WMFTS) announced the introduction of the KROHNE FLEXMAG 4050 C electromagnetic flowmeter to the biopharmaceutical industry. It strengthens the company's position as a supplier of whole-solution packages for clients using fluid path processes, as it is a highly precise and dependable flow measuring device that interfaces effortlessly with other WMFTS products. Customers of WMFTS can confirm the precise flow conditions of Watson-Marlow pumps that are compatible by using KROHNE FLEXMAG 4050 C electromagnetic flowmeter.
On 16 June 2020, ABB announced the development of Sensyflow FMT700-P Compact thermal mass flowmeter, aimed at optimizing the application of hydrogen for powering electric trains in the automotive sector. Test benches may now measure air intake of an engine using the Sensyflow FMT700-P Compact thermal mass flowmeter, adding to their lineup of products. This flowmeter can be used to fine-tune the effectiveness of cells that use air and hydrogen to make electricity, only discharging water as waste. It is accurate to within 0.8% of the reading over a range of extensible and adjustable measurement units.
Flow Meters Market Segment Analysis
For the purpose of this report, Emergen Research has segmented the global flow meters market on the basis of type, product type, end-use industry, application, sales channel, measured medium, power type, pipe size, and region:
Type Outlook (Revenue, USD Billion; 2019-2032)
Differential Pressure (DP)
Positive Displacement (PD)
Electromagnetic
In-line Magnetic Flowmeters
Low Flow Magnetic Flowmeters
Insertion
Ultrasonic
Clamp-on
Spool Pieces
Insertion
In-line
Coriolis
Turbine
Vortex
Others
Product Type Outlook (Revenue, USD Billion; 2019-2032)
Analog
Digital
End-use Industry Outlook (Revenue, USD Billion; 2019-2032)
Water & Wastewater
Oil & Gas (O&G)
Chemicals
Power Generation
Pulp & Paper
Food & Beverage (F&B)
Pharmaceuticals
Metals & Mining
Refinery & Petrochemicals
Others
Application Outlook (Revenue, USD Billion; 2019-2032)
Residential
Industrial
Commercial
Sales Channel Outlook (Revenue, USD Billion; 2019-2032)
Direct Sales
Distributors
Measured Medium Outlook (Revenue, USD Billion; 2019-2032)
Liquid
Gases
Steam
Power Type Outlook (Revenue, USD Billion; 2019-2032)
Electric
Solar
Battery Powered
Pipe Size Outlook (Revenue, USD Billion; 2019-2032)
2 inches
4 inches
6 inches
More than 6 inches
Regional Outlook (Revenue, USD Billion; 2019–2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
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 Middle East & Africa
The global flow meters market is set to expand significantly, driven by technological advancements and increasing industrial demands. The integration of IoT and other advanced technologies in flow meters is revolutionizing water management and various industrial processes, ensuring precise and efficient operations.
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