Flow Meter Market
Flow Meter Market Size, Trend Analysis & Competition Tracking By Product (Differential Pressure (DP), Positive Displacement (PD), Magnetic, Wired, Wireless, Ultrasonic), By Application, By Region - Global Market Insights 2019 to 2029
Flowmeter Market to Grow 2.3X on Back of Advancements in Industry 4.0 Technologies
Versatile applications of flow meters in the oil & gas sector are projected to bolster the growth of flow meter market.
The market is poised to grow at a steady clip of 5.5% CAGR during the forecast period (2019-2029). Surge in demand for renewable sources of energy such as gas are further fueling the flow meter market.
Manufacturers of magnetic, ultrasonic, and coriolis flow meters should expect tailwinds from the booming shale gas exploration in developed and developing countries.
Advancements that aid integration of industry 4.0 technologies such as cloud computing, Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) with flowmeter systems will create multiplying demand for smart flowmeters through 2029.
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Power Generation to Capture 29% of Market
Omnipresent wave of digitization across industries creates stupendous demand for electricity. From early adopters such as the US to developing economies of China and India, power generation is a top priority for continued growth.
On the back of this heightening demand for electricity, the power generation segment holds a majority share of 29% of the total market value.
Water & wastewater applications of flowmeter products account for the second largest market value share of over 1/4th of the entire application landscape.
Early adoption of water & wastewater management in developing economies amid stringent industrial pollution regulations positively impact growth during the forecast period.
North America and Europe to Remain Frontrunners in Global Sales
North America and Europe, collectively account for more than 56% of global sales. Continuous exploration of oil and gas in developed regions such as the US, Canada have brought fruitful results in the form of new shale gas and oil reserves.
Flowmeter applications in measuring oil & gas and power generation outputs will therefore impel product demand in these regions.
South Asia & Oceania offer the most remunerative growth prospects owing to increasing penetration of technology and rising standard of living.
As both these factors ultimately lead to multiplying need for electricity and fuel, demand for flowmeters to measure the production of the same is set for an upward growth trajectory.
Water & Wastewater treatment is another fueling factor as developing countries of South Asia and Oceania look for sustainable development practices.
An Adaptive Approach to Modern-day Research Needs
Innovation to Remain Key Market Imperative amid Rising Competition
Innovative materials for meter parts & liners, product portfolio expansion by adding line sizes, enhanced accuracy, and broader flow ranges are a few important production trends.
Gas production applications of flow meters will continue to generate strong demand through 2029.
Market players are aiming capacity expansions to penetrate developing economies such as India, China, Indonesia, and Africa. Prevalence of gas exploration projects around the world present gainful opportunities.
Manufacturers must then invest in research and deployment of precision flow meters custom built for these environments and landscapes.
Innovative flow meters that combine industry 4.0 technologies with gas flow measurement techniques will garner revenues from developed countries.
Major players in the market that shape the competitive landscape are, but not limited to
- Emerson Electric Co.
- em-tec GmbH
- Endress+Hauser Management AG
- General Electric
- Hitachi Ltd.
- Honeywell International Inc.
- Höntzsch GmbH
- KROHNE Messtechnik GmbH
- VSE Volumentechnik GmbH
- Yokogawa Electric Corporation.
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Global Flow Meter Market: In-Depth Assessment on Key Segments
The global flow meter market is segmented on the basis of product, application and region.
By Product :
- Differential Pressure (DP)
- Positive Displacement (PD)
By Application :
- Water & Wastewater
- Oil & Gas
- Power Generation
- Pulp & Paper
- Food & Beverage
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
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Country-specific assessment on demand for flow meter has been provided for each regional market, along with the market size valuation and forecast price point assessment, price index and impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous flow meter manufacturers, experts, and suppliers.
Y-o-Y growth projections have also been offered on all regional markets incorporated in the report. Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.
The report provides company-level market share analysis, which has been derived on the basis of the company’s annual sales and segmental revenue in all the target end-use industries.
The market has been forecasted based on constant currency rates. The report provides detailed competitive and company profiles of key participants operating in the global flow meter market.