New York, Sept. 06, 2023 (GLOBE NEWSWIRE) -- The global flow meters market size is predicted to expand at ~8% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 20 billion by the end of 2035, up from a revenue of ~USD 10 billion in the year 2022.Flow meters are devices used to measure the rate of flow of a liquid or gas through a pipe or conduit. They are widely used in various industries, including water and wastewater management, chemical processing, food and beverage, and many others. The flow meter market has been growing steadily over the years owing to increasing industrialization across the globe.
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Additionally, advancements in sensor technology, wireless communication, and the Internet of Things (IoT) have led to the development of smart flow meters that offer enhanced functionality and connectivity. Wireless communication has had a significant impact on the flow meters market, enabling enhanced functionality, improved data accessibility, and streamlined monitoring and control processes. The integration of wireless communication technology into flow meters has brought several benefits and has driven market growth in recent years.
Flow Meters Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The insertion flow meters segment to garner the highest growth
- Market in North America to grow at the highest rate
Increasing Energy Efficiency across the Globe to Boost Market Growth
Flow meters help in energy management and efficiency by accurately measuring flow rates and optimizing energy consumption in HVAC systems, power generation plants, and other energy-intensive applications. According to the International Energy Agency (IEA), energy efficiency measures could deliver more than 40% of the emissions reductions required to achieve global climate goals.
The chemical industry relies on precise flow measurement for various processes, including dosing, blending, and batching. As the chemical sector continues to expand, the demand for flow meters is expected to rise. Flow meters are extensively used in the oil and gas industry for measuring flow rates in pipelines, refineries, and production facilities. The growing demand for oil and gas worldwide is driving the need for accurate flow measurement devices.
Flow Meters Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding Industrial Automation Surge to Drive the Market Growth in Asia Pacific Region
The flow meters market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The Asia Pacific region is witnessing significant growth in the energy and power sector, including conventional power plants as well as renewable energy installations. The Asia Pacific is the largest consumer of energy globally, accounting for 47% of the world's total primary energy consumption in 2020. The chemical and petrochemical industries in the Asia Pacific region are expanding due to rising demand for chemicals, plastics, and refined petroleum products.
The rapid adoption of industrial automation across Asia Pacific industries is one of the most potent drivers behind the flow meters market growth. Flow meters play a critical role in process optimization, ensuring precise measurement and control of fluid flow rates. As industries automate their operations for efficiency and accuracy, the demand for accurate flow measurement devices like flow meters escalates. The Asia Pacific region, characterized by its varying water resource availability, is witnessing a heightened focus on effective water management. Flow meters are essential tools for measuring water usage, distribution, and wastewater treatment processes. As governments and industries seek sustainable water solutions, the demand for flow meters in water management projects has surged.
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Growing Energy Efficiency Imperatives to Propel Growth in the North American Region
The North American flow meters market is estimated to garner the highest CAGR by the end of 2035. The rapid adoption of industrial automation across North American industries is a leading driver behind the expansion of the market. Flow meters are integral to optimizing processes by providing accurate measurements and control of fluid flow rates. As industries strive for efficiency, accuracy, and cost-effectiveness, the demand for advanced flow measurement solutions like flow meters has surged. The North American region's focus on energy efficiency and sustainability has driven industries to seek ways to optimize energy consumption.
Flow meters play a crucial role in monitoring and controlling energy usage across sectors such as oil and gas, power generation, and utilities. Precise flow measurement enables industries to allocate resources effectively, leading to substantial cost savings and reduced environmental impact. The U.S. Energy Information Administration (EIA) reported that industrial energy consumption in the United States accounted for about 31% of total U.S. primary energy consumption in the year 2020.
Flow Meters, Segmentation by Type
- Insertion Flow Meters
- Inline Flow Meters
Amongst these segments, the insertion flow meters segment is anticipated to hold the largest share over the forecast period. Some insertion flow meters offer multiparameter measurement capabilities, allowing for the simultaneous measurement of parameters such as flow rate, temperature, and pressure. This provides comprehensive data for process monitoring and control. The ability to retrofit insertion flow meters into existing pipelines is a significant driver for their adoption. Industries looking to upgrade their flow measurement capabilities can easily install insertion flow meters without the need for significant infrastructure changes or pipe cutting.
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Flow Meters, Segmentation by End User
- Chemicals
- Pharmaceuticals
- Food & Beverage
Amongst these segments, the pharmaceuticals segment in flow meters market is anticipated to hold a significant share over the forecast period. The rising healthcare expenditure is a primary driver for the pharmaceutical industry's growth. As countries invest in better healthcare infrastructure and services, the demand for pharmaceutical products and therapies increases. The World Health Organization (WHO) estimates that healthcare expenditure reached USD 8.3 trillion in 2020, reinforcing the robust market demand for pharmaceutical solutions. The world's aging population has led to a surge in chronic diseases and health-related challenges. As the prevalence of conditions like cardiovascular diseases, diabetes, and cancer rises, the demand for pharmaceutical interventions grows. Pharmaceutical research and development are propelled by technological innovations such as genomics, artificial intelligence, and precision medicine. These advancements enable the discovery of novel drug targets, personalized treatment plans, and improved drug formulations.
A few of the well-known industry leaders in the flow meters market that are profiled by Research Nester are Emerson Electric Co., Siemens AG, ABB Ltd., Honeywell International Inc., Endress+Hauser Group, Yokogawa Electric Corporation, Krohne Group, Badger Meter, Inc., Schneider Electric SE, IDEX Corporation, and other key market players.
Recent Development in the Market
- Emerson Electric Co.: In 2021, Emerson Electric Co. expanded its flow meter offerings with the release of the Micro Motion 4200 2-wire Coriolis flow meter. This new product is designed to provide accurate and reliable flow measurements in a wide range of applications, including liquids, slurries, and gases.
- Siemens AG: Siemens AG, a global technology and engineering company, has been focusing on digitalization and industrial automation solutions. In the context of flow meters, Siemens has been developing advanced digital flow measurement technologies to improve process control and efficiency across various industries.
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