The Flowmeter Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Flowmeter Global Market Report 2024, The flowmeter market size has grown rapidly in recent years. It will grow from $9.02 billion in 2023 to $10.03 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to growth in emphasis on process optimization and efficiency in industries, increased demand for measurement and monitoring of fluids, expansion of process industries such as oil & gas, chemical, and petrochemical, adoption of automation and instrumentation in industrial processes, focus on water resource management and conservation.
The flowmeter market size is expected to see strong growth in the next few years. It will grow to $14.44 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to demand for non-invasive and clamp-on flow measurement technologies, integration of flowmeters in iot and industry 4.0 applications, adoption of flowmeters in biopharmaceutical and life sciences industries, growth in renewable energy sources and biofuels production, investment in research and development for next-generation flow measurement. Major trends in the forecast period include ultrasonic flowmeters for non-invasive measurement, integration with industrial internet of things (iiot), advanced sensor technologies for improved accuracy, wireless and battery-powered flowmeters, focus on smart diagnostics and predictive maintenance.
An increase in pharmaceutical production is expected to propel the growth of the flowmeter market. A flowmeter is a device that measures a liquid or gas’s linear, nonlinear, mass, or volumetric flow rate. For the manufacturing of pharmaceuticals, flowmeters are used to control extremely sensitive conditions such as pressure and temperature. According to IBEF, the Indian pharmaceutical market grew 17.7% annually in August 2021, which is an increase from 13.7% in July 2020. Furthermore, according to India Ratings & Research, the Indian pharmaceutical market revenue is expected to be over 12% Y-o-Y in FY22. Also, in the USA, according to Pharmaceutical Commerce, it is projected that by the year 2023, Americans would spend between $635 and $655 billion on medicine. This represents a 29.6 – 33.7% increase in expenditure as compared to 2019. Therefore, the rise in pharmaceutical production is driving the growth of the flowmeter market.
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The flowmeter market covered in this report is segmented –
1) By Type: Differential Pressure Flow Meter, Positive displacement Flow Meter, Ultrasonic Flow Meter, Turbine Flow Meter, Magnetic Flow Meter, Coriolis Flow Meter, Vortex Flow Meter, Others Flow Meter
2) By Application: Residential, Industrial, Commercial
3) By End User: Water and Wastewater, Oil and gas, Chemicals, Power Generation, Pulp and Paper, Food and Beverage, Other End Users
Product Advancements are a key trend gaining popularity in the flowmeter market. Technological advancement is a discovery of knowledge that advances technology that may help the usage or production of a device, making it more efficient. For instance, in September 2023, ABB, a Switzerland-based industrial equipment company launched CoriolisMaster and ProcessMaster flowmeters. The ProfiNet and Power Over Ethernet features of CoriolisMaster and ProcessMaster flowmeters boost efficiency, dependability, and data transfer capabilities for process industries, making them important instruments for precise flow measurement.
The flowmeter market report table of contents includes:
- Executive Summary
- Flowmeter Market Characteristics
- Flowmeter Market Trends And Strategies
- Flowmeter Market – Macro Economic Scenario
- Global Flowmeter Market Size and Growth
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- Global Flowmeter Market Competitive Benchmarking
- Global Flowmeter Market Competitive Dashboard
- Key Mergers And Acquisitions In The Flowmeter Market
- Flowmeter Market Future Outlook and Potential Analysis
- Appendix
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