The global flow meter market size was valued at USD 8.29 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028. The market shipment size was valued at 53,78,749 units in 2020. The increasing demand for flow rate measurement in O&G management applications across the globe is expected to drive the growth of the market over the forecast period. The adoption of measurement technologies and instruments would also gain traction in other sectors, such as water and wastewater, power generation, and pulp and paper over the forecast period.
Advancements in technologies such as wireless monitoring and control, advanced sensors, and digital readouts are expected to drive the growth of the market over the forecast period. Manufacturers of the product are increasingly adopting the Internet of Things (IoT) sensors for smart metering solutions. The advanced approach of IoT enables automatic meter reading, which collects data automatically and remotely. Owing to such technological developments in products, the market is expected to grow at a significant rate from 2021 to 2028. However, the calibration of the product is a time-consuming process, which is expected to pose a challenge for market growth.
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In the wake of the recent COVID-19 outbreak, there has been a significant disturbance in most industries across the globe. Industries such as oil and gas, chemicals, metals and mining, pulp and paper, and food and beverages globally have been adversely impacted in pandemic due to the disruption of the supply chain, closedown of plants, and a subsequent decline in demand for products offered by these industries.
Key Player Mentioned:
- ABB Ltd.
- Emerson Electric Corporation
- em-tec GmbH
- Endress+Hausar AG
- General Electric
- Hitachi High-Tech Corporation
- Honeywell International Inc.
- HÖNTZSCH GMBH & CO. KG
- Krohne Messtechnik Gmbh
- Siemens
- Yokogawa Electric Corporation
Product Segment Analysis:
- Differential Pressure (DP)
- Positive Displacement (PD)
- Magnetic
- Wired
- Wireless
- Ultrasonic
- Coriolis
- Turbine
- Vortex
- Others
Application Segment Analysis:
- Water & Wastewater
- Oil & Gas
- Chemicals
- Power Generation
- Pulp & Paper
- Food & Beverage
- Others
Rapid urbanization across developing countries in the Asia Pacific drives the need for adequate water and wastewater management and power generation. As a result, the demand for the product in water and wastewater application is expected to be high in the region. However, labor skill issues regarding operational processes of smart systems along with high initial costs associated with these advanced products are a few factors that could hamper the growth of the flow meter market.
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
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The demand for intelligent systems is expected to increase over the foreseeable period as the integration of IoT has led to the introduction of smart measurement solutions. The demand for Coriolis flowmeter is estimated to increase on account of its enhanced smart capabilities to measure the rate more accurately. The players in the market are mainly targeting the O&G sector and investing aggressively to offer innovative products and solutions to measure the flow rate of liquids, gases, and vapors.
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