Flowmeter is an integral tool or equipment that measures the linear, non-linear, volumetric or mass flow rate of a gas or a liquid or mixture of both. Fluid characteristics, flow range, low profile, and the need for accurate measurements are the crucial factors for determining the right flow meter for a particular application. These tools are used for monitoring & controlling systems. Modern, Internet-of-Things (IoT) generated flow meters are used for remote monitoring of the systems. The overall accuracy of the flow meter depends on the circumstances of the application. The key benefits associated with flow meters include remote calibration & configuration, wireless communication, online diagnosis and troubleshooting, and improved installation management & application effects.
According to study, “Flow Meter Market by Type (Differential Pressure, Positive Displacement, Ultrasonic, Turbine, Magnetic, Coriolis, Vortex, and Others), and End User (Water & Wastewater, Oil & Gas, Chemicals, Power Generation, Pulp & Paper, Food & Beverages, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026”. Some of the key companies operating in the global flow meter market are Honeywell International Inc., Emerson Electric Company, Siemens AG, ABB Ltd, Yokogawa Electric Corporation, Schneider Electric SE, Azbil Corporation, Hitachi, Ltd., Badger Meter Inc., and KROHNE Messtechnik GmbH. Key players are investing in and focusing on research & development (R&D). Thus, a better version of flow meters is introduced in the market that is more effective & versatile than the previous one.
Based on type, flow meter market is segmented into positive displacement (nutating disc, oscillating piston, bi-rotor types (gear, oval gear, and helical gear) and reciprocating piston), differential pressure, turbine, ultrasonic (spool pieces, insertion ultrasonic flow meters, and clamp-on ultrasonic flow meters) vortex, Coriolis, magnetic flow meter (in-line magnetic, low flow magnetic and insertion magnetic) and others (thermal and multiphase flow meters). The ultrasonic flow meter is the fastest-growing segment of the market owing to its low maintenance and reliability. In addition, based on the end-use industry, the market is segmented into water & wastewater, oil & gas, refining & petrochemical, pharmaceutical, chemical, metals & mining, power generation, food & beverage, pulp & paper, and others.
The flowmeter market is driven by a rise in demand for smart & intelligent flow meters in high-end applications, followed by an increase in use in oil & gas and water & wastewater industries. However, the high initial cost of Coriolis and magnetic flow meters may impact the market. Moreover, the rise in demand from the Asia Pacific for process automation is a key opportunity for the market.
Based on geography, the Asian-Pacific region holds a major share in the flowmeter market owing to, rise in urbanization, an increase in industrial output, and the highest automotive sales & production in the region. Whereas, the North-American and European regions are estimated to exhibit substantial growth rate due to an increase in focus on modernizing the processes and operations in industries over the forecast period. In upcoming years, it is estimated that the future of the market will be bright as a result of an increase in the number of initiatives to build safe water management infrastructure, the surge in energy needs, and a rise in industrial output during the forecast period. The global flow meter market was valued at US $7.3 billion in 2018 and is estimated to reach the US $11.9 billion by 2026, growing at a CAGR of 6.3% from 2019-2026.
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