Flow Meter Market
Flow Meter Market By Product (Differential Pressure (DP), Magnetic, Ultrasonic, Coriolis), By Application (Water & Wastewater, Oil & Gas, Chemicals) & By Region (North America, Europe, Asia Pacific, Latin America) - Global Market Insights 2023 to 2033
Analysis of Flow Meter Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Flow Meter Market Outlook (2023 to 2033)
In 2023, the global flow meter market is valued at US$ 7 billion and is expected to reach a market size of US$ 13 billion by 2033. The market is forecasted to expand at a CAGR of 6.4% from 2023 to 2033.
The expansion of shale gas reserves is anticipated to increase demand for flow meters in the oil and gas industry. Flow meters are useful for measuring the speed of upstream and downstream operations, custody transfers, and liquid hydrocarbons in the oil and gas sector.
Maintaining the standard of industrial operations necessitates accurate monitoring of the flow rate of liquids and gases. To accomplish the control objective, the majority of industrial control loops adjust the flow rates of incoming liquids or gases. Thus, precise flow rate monitoring is essential. An essential instrument for measuring the mass flow rates of a liquid, a gas, or a combination of both is the flow meter. Depending on the level of precision needed and the end-use industry, there are many types of flow meters on the market.
Versatile applications of flow meters in the oil & gas sector are projected to bolster market growth. A surge in demand for renewable sources of energy such as gas is further fueling market expansion.
The use of flow meters is quite advantageous in process industries. Also, because of several benefits connected with them, governments worldwide are requiring the use of flow meters. As smart measurement solutions have been introduced as a result of Internet of Things (IoT) integration, it is anticipated that demand for intelligent systems will rise over the coming years.
Global wastewater creation is increasing as a result of rising textile production, rising municipal demand, and a surge in oil and gas extraction operations. These businesses are using flow meters more often to treat wastewater, which is impacting market growth. Precise flow calibration equipment is required to carry out effective industrial operations, making flow meters the perfect instrument. Thus, it is anticipated that an increase in industrial production will fuel market expansion.
Market participants are actively investing to deliver cutting-edge products and solutions to measure the flow rate of liquids, gases, and vapors. They are mostly focusing on the oil and gas industry. Also, one of the major applications generating fruitful potential for ultrasonic and Coriolis meters is custody transfer in the oil and gas industry.
Flow Meter Market Size (2023)
US$ 7 Billion
Forecasted Market Value (2033)
US$ 13 Billion
Global Market Growth Rate (2023 to 2033)
Market Share of Magnetic Flow Meters (2023)
Key Companies Profiled
Why are Flow Meters Getting Immense Prominence across Several End-use Industries?
“Integration of IoT along with Introduction of Smart Measurement Solutions”
Flow meters are employed in system monitoring and management. The system is remotely monitored using modern, IoT-integrated flow meters. System settings are modified based on a measurement of the important flow parameter.
It is becoming more crucial to be able to connect meters to a computer for an immediate flow readout to remotely regulate flow or enable unattended process operation. To fulfil these needs, new types of flowmeters are being developed, while more traditional models are being updated and enhanced.
Advancements that aid the integration of industry 4.0 technologies such as cloud computing, the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) with flow meter systems will multiply demand for smart flow meters over the coming years.
“Growing Concerns about Efficiency and Safety Issues in Industries”
A high level of protection is necessary for the chemical and petrochemical industries and the oil and gas industry. By working at specific temperature and pressure intervals in line with best practice, flow meters aid in ensuring safety.
- The development of flow meters that guarantee functional safety under a range of circumstances uses standards such as SIL certification, IEC 61058/61511, and others. These kinds of flow meters also help to lower industrial accidents.
Moving equipment is the primary cause of a significant portion of accidents. It is becoming more crucial to use equipment such as flow meters that offer safety in many parts of the operation.
“Increase in Spending on Improving Flow Measuring Equipment & Sensor Devices”
Market participants have significantly raised their spending on research and development (R&D) aimed at improving flow-measuring equipment and sensor devices. This has led to several advancements in the way flow meters operate.
Wireless connectivity, numerous measurement formats, embedded digital signals, remote calibration, enhanced installation management, and remote calibration and setup are some of the new advancements. Due to these new developments, flow meters are now incredibly useful, adaptable, and dependable. As a result, they are used in a variety of end-use sectors.
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What is Hampering Global Demand Growth for Flow Meters?
“Fluctuating Costs of Raw Materials and Lack of Suitable Calibration Facilities”
Market expansion is being hampered by a lack of suitable calibration facilities and the lengthy calibration procedure for the device. The operation of smart systems needs special staff, and the high initial costs of these advanced products are limiting market growth.
Metal, polymers, and alloys are used to create flow meters, among other materials. It is difficult for OEMs to get high-quality raw materials and manage the supply chain management due to fluctuating costs of raw materials, which drive up the price of flow meters, according to pricing trends.
Current flowmeters are rarely compatible with modern machinery and infrastructure. As a result, it is necessary to replace outdated instruments with more modern ones that are also compatible. It might be expensive to replace outdated instruments with newer technology. This will undoubtedly reduce the demand for flow meters.
Which Region Should Flow Meter Providers Invest In?
“Increase in Flow Meter Applications in Measuring Power Generation Outputs in North America”
- North America is the most lucrative regional market for flow meter suppliers with 50% share.
An increase in flow meter applications in measuring power generation outputs and rising technology penetration are supporting market expansion. The increasing need for volumetric flow meters in the manufacturing industry is stimulating market revenue.
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Which Country is the Most Profitable Market in North America?
“Ongoing Advancements in Water and Wastewater Management Sector in the United States”
The market in the United States is anticipated to experience significant expansion over the projection period due to ongoing advancements in the water and wastewater management sector. The main element influencing the use of industrial flow meters in the country is the high industrial base of the chemical and textile sectors.
How is Germany Aiding Market Growth in Europe?
“Rise in Local Supply of Magnetic Flow Meters”
The rising adoption of flow meters in the chemical sector is driving market expansion in Germany. The presence of top flow rate measurement product manufacturers is booting market value in the country. Market expansion is attributed to the growing industrialization and a rise in the local supply of magnetic flow meters.
What is the Demand Outlook for Flow Meters in Japan?
“Continued Intrusion of Strict Rules Regarding Waste Management and Climate Control”
The market in Japan is expanding due to a rise in industrial output, increased urbanization, and higher automotive sales & production. Market growth is driven by the continued intrusion of strict rules regarding waste management and climate control.
A massive population contributes to a consistently high need for food and energy. As a result, existing power and food processing facilities are increasing their operational capacity, which is increasing the demand for flow meters.
Which Product Will Emerge as Key Market Contributor?
“Magnetic Flow Meters Preferred Due to Their Precision and Affordability”
By product, the market is segmented into, vortex, positive displacement (PD), magnetic, ultrasonic, Coriolis, differential pressure (DP), turbine, and others
- Magnetic flow meters account for 60% share of the global market.
Magnetic flow meters are perfect for measuring applications in several industries due to their dependability, precision, and affordability.
Magnetic flow meters now have better adoption prospects thanks to product advancements such as two-wired and clamp-up devices as well as wireless magnetic flow meters. These systems are extensively employed in fields, including water and wastewater management, oil and gas, and power generation.
Which Application is Expected to Generate Huge Revenue for Market Players?
“Flow Meters Widely Used in Oil & Gas Industry Due to Their Ability to Detect Fluid Flow Rates at High Pressures and Temperatures”
The market is classified into chemicals, oil & gas, power generation, pulp & paper, food & beverages, water & wastewater, and others based on application.
The use of flow meters in the oil and gas industry is increasing due to their ability to detect fluid flow rates at high pressures and temperatures without the risk of contamination. The usage of flow meters in the oil and gas sector is also predicted to increase as a result of rising regulatory approvals and the introduction of novel technologies.
Rapid digitalization across businesses generates enormous power consumption. Power generation is a top priority for continuous expansion, from early adopters to developing countries. On the back of this heightening demand for electricity, the use of flow meters in the power generation sector is expected to rise over the coming years.
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Leading companies are focusing on quality control, partnerships, product standards, collaborations, mergers and acquisitions, and strategic regional expansions. Market players are aiming for capacity expansions to penetrate developing economies.
Top flow meter manufacturers are introducing precision flow meters following safety regulations. Innovative flow meters that combine industry 4.0 technologies with gas flow measurement techniques will garner revenues from developed countries.
- In 2022, the Flowmeter OpreX CA Series was introduced by Yokogawa. Without getting into contact with the fluid, the novel tool can monitor the flow of conductive fluid. Operational effectiveness and maintainability are both enhanced by the new product.
Key Segments Covered in Flow Meter Industry Research
By Product :
- Differential Pressure (DP)
- Positive Displacement (PD)
By Application :
- Water & Wastewater
- Oil & Gas
- Power Generation
- Pulp & Paper
- Food & Beverages
By Region :
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- FAQs -
The global flow meter market is valued at US$ 7 billion in 2023.
Sales of flow meters are set to reach US$ 13 billion by 2033.
Demand for flow meters is forecasted to increase at a CAGR of 6.4% through 2033.
The United States, Germany, and Japan are key countries in the flow meter market.
Emerson Electric Co., General Electric, and Hitachi Ltd. are leading flow meter suppliers.