Flow Meters Hold Huge Potential To Make Liquid And Gas Flow Measurements Easier And More Accurate. North America To Witness The Highest Growth
Flow Meters Market is expected to exceed the market valuation of more than US$ 11.9 billion by 2027 expanding at a reasonable CAGR of around 5.9% during the forecast period (2021-2027). The need for monitoring flow rates with higher accuracy and speed is increasing. Flow rate can easily be measured using flow meters. Residential Wastewater management is an important industry with the need to measure flow rates. With the increase in environmental protection practices, waste disposal monitoring is becoming essential for creating a cleaner and less polluted world. Flow meters are necessary in both monitoring residential effluent waste as well as maintaining the waste processing control systems. This is an important application as 1.5% and 6.6% of the global irrigation area is irrigated using wastewater and 10% of food in the world is produced using wastewater. Other processes using flow meters include food and beverage, chemical/pharma, and pulp and paper.
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The key factors for the flow meter market growth are its increased use in oil & gas and water and wastewater industries. Additionally, expansions and acquisitions activities of major companies is also driving market growth. Other applications of flow meters include automotive, construction, chemical, medical, manufacturing, oil & gas and water and wastewater industries. Growth of these key industries is driving the growth of flowmeters. Also, emerging markets like India and China are also influencing market growth. Lately due to the pandemic, all industries have taken a hit and have suspended many factory operations which is expected to cause a temporary decline in flowmeter market. For example, the Oil & gas industry is experiencing its 3rd collapse in 12 years due to the Covid-19 crisis.
The pandemic brought the world to a standstill. All industries have suffered some form of loss due to the pandemic. In addition to this the pandemic has also cost many lives. Till date there have been 177,470,620 covid-19 cases in the world and 3,839,931 deaths. In severe cases patients need to be given oxygen. Due to this the use and production of oxygen flowmeters has increased many folds. Industrial and medical gas suppliers have reported a 3-5-fold rise in medical oxygen, both in liquid and cylinder form. According to gas world, there was a 73% total oxygen consumption increase in Europe and 105% oxygen consumption increase in the United States. Oxygen Flowmeters can be of two types, oxygen flowmeter regulator and wall pipe oxygen supply. One works with a pressure reducer and a humidifier bottle while the other just needs a humidifier bottle. The oxygen source is regulated using the pressure reducer. Once the flow is regulated, the output nozzle can deliver oxygen at a constant flow rate.
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Based on product, the flow meters market is fragmented into differential pressure (DP), positive displacement (PD), magnetic, ultrasonic, coriolis, turbine, vortex, and others. The magnetic segment is further bifurcated into wired and wireless. The magnetic segment of the flow meters market was valued at US$ XX million in 2020 and is likely to reach US$ XX million by 2027 growing at a CAGR of XX% from 2021-2027. Magnetic flow meters or mag meters are cost effective, bi-directional, obstruction less and provide a highly accurate volumetric flow. All these qualities make magnetic flow meters the most popular choice. The typical accuracy of electromagnetic flow meters ranges from ± 0.5-1 % of rate whereas that of coriolis from ± 0.05-0.5 %, making magnetic flow meters more popular.
Based on application, the flow meter market is segmented into water & wastewater, oil & gas, chemicals, power generation, pulp & paper, food & beverage, and others. Water & wastewater accounted for a market valuation of US$ XX million in 2020 and is expected to reach US$ XX million by the year 2027, at a CAGR of XX% over the analyzed period. Flow meters are important for the availability of high-quality, clean water in commercial, industrial, and residential areas. Flow meters help in the leak detection and pump flow management. Currently, 90% of the wastewater globally is collected and treated i.e., 31,000 m3/d.
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Additionally, the report provides detailed initiatives that are being taken in the field of Flow Meters, globally. The report provide a detailed analysis of regions including North America (the U.S, Canada, and Rest of North America), Europe (Germany, France, Spain, Italy, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and the Rest of the World. North America dominated the market in 2020, with XX% share. Emerson Electric Corporation, General Electric, Krohne Messtechnik GmbH, Hitachi High-Tech Corporation, ABB Ltd., Honeywell International Inc., Siemens Group, Yokogawa Electric Corporation, Azbil Corporation, and Badger Meter, Inc. are some of the prominent players operating in the global Flow Meters market. Several M&As along with partnerships have been undertaken by these players to make Flow Meterss as cost-effective and as widely available as possible.
Flow Meters Market Segmentation
Market Insight, by Product
- Differential Pressure (DP)
- Positive Displacement (PD)
Market Insight, by Application
- Water & Wastewater
- Oil & Gas
- Power Generation
- Pulp & Paper
- Food & Beverage
Market Insight, by Region
- North America Flow Meters Market
- United States
- Rest of North America
- Europe Flow Meters Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Flow Meters Market
- Rest of Asia-Pacific
- Rest of World Flow Meters Market
Top Company Profiles
- Emerson Electric Corporation
- General Electric
- Krohne Messtechnik GmbH
- Hitachi High-Tech Corporation
- ABB Ltd.
- Honeywell International Inc.
- Siemens Group
- Yokogawa Electric Corporation
- Azbil Corporation
- Badger Meter, Inc.