by The Flow Meter Market is estimated to be valued at US$ 8.12 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Flow meters are used to measure the volume, mass or flow rate of gases and liquids that are moving through pipes or other channels in various industries such as water & wastewater, oil & gas, chemicals, power generation and pulp & paper. The most common types of flow meters include turbine, electromagnetic, vortex shedding, ultrasonic, coriolis and thermal mass flow meters. Flow meters help end-users optimize processes, improve quality control and reduce costs.
Market Dynamics:
Growth in process and discrete industries is expected to be a major driver for the flow meter market during the forecast period. The oil & gas, chemicals, water & wastewater and power industries are constantly expanding and upgrading infrastructure which involves installation of new flow meters for process monitoring and optimization. Furthermore, increasing stringent regulations regarding wastewater discharge are compelling industries to closely monitor flow rates and adopt advanced flow measurement technologies for quality control. However, high installation and maintenance costs associated with some flow meter types such as coriolis meters can hamper market growth.
Segment Analysis
The global flow meter market is dominated by the differential pressure flow meter segment due to its wide range of applications in industries such as oil & gas, water & wastewater, chemicals, healthcare, power generation, pulp and paper, and food & beverages among others. Differential pressure flow meters provide accurate measurement of volumetric as well as mass flow measurements and can measure fluid flow in both liquids and gases. This makes them highly versatile flow measurement devices.
PEST Analysis
Political: Flow meters market is positively impacted by stringent regulations around the world regarding resource efficiency, emissions monitoring and process optimization in industries. Many countries have imposed regulations regarding the metering and monitoring of utility resources like water, gas and power.
Economic: Growth of process industries like oil & gas, chemical, food & beverages drive the demand for flow meters globally. recovery of global economy and rising GDP has positively impacted capital expenditure of end-use industries on instrumentation.
Social: Rising global population and increasing industrialization/urbanization is increasing demand for efficient resource monitoring and management. This is driving the need for advanced flow meters across industries.
Technological: Advances in sensor technology, communication protocols and integration with industrial automation systems are enhancing functionality of digital flow meters. Introduction of intelligent meters with wireless connectivity is gaining popularity.
Key Takeaways
The global Flow Meter Market Size was valued at US$ 8.12 Bn in 2023 and is expected to reach ~US$ 12.5 Bn by 2030, expanding at a CAGR of 3.7% during the forecast period. Stringent regulations regarding efficiency, emissions and wastage monitoring across industries is a key growth driver.
The Asia Pacific region dominated the market with over 35% share in 2023 owing to presence of large process industries and growing infrastructure in countries like China and India. Government support for development of oil & gas and power industry is further accelerating regional market growth.
Key players operating in the flow meter market include Yokogawa Electric Corporation, ABB Ltd, Siemens AG, Bronkhorst High-Tech BV, Honeywell International Inc., Emerson Electric Co., SICK AG, Azbil Corporation, Christian Bürkert GmbH & Co. KG, KROHNE Messtechnik GmbH, and TSI Incorporated. Leading players are focusing on introducing intelligent and digital flow measurement solutions with integrated industrial communication protocols.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
