New York, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The global prominent flow meters market size is expected to expand at ~ 8 % CAGR from 2023 to 2035. The market is anticipated 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. The increasing emphasis on industrial automation and process control across industries necessitates the use of flow meters to monitor and regulate fluid flow, ensuring operational efficiency. According to a study, implementing automation in industries can enhance productivity by as much as 50%.
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This impact is particularly significant in tasks that require skill but involve high volumes thus leading to an increased demand, for such automation. This is supported by the rising adoption of advanced flow meters such as Coriolis, ultrasonic, and thermal in the process industry, and the increasing demand for energy-efficient solutions.
Flow Meters Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- Pharmaceuticals segment to garner the highest growth
- Market in North America to grow at a significant rate
Rising Infrastructure Projects Across World to Boost Market Growth
Governments are investing heavily in infrastructure projects to build and upgrade roads, water distribution networks, sewage treatment plants, and HVAC systems that require flow meters for monitoring and control. As of May 2022, India had the number of infrastructure projects in progress or underway valued at, over USD 23 million. In comparison, the United States had 1,814 construction projects and China had 1,155. Flow meters provide a way to measure and monitor the flow of water, air, gas, and other fluids in a system. In infrastructure projects, flow meters can be used to measure the flow of water, air, and other fluids through pipes and other components. This helps to ensure the safety and efficiency of the system by providing a way to monitor and regulate the flow of the fluids.
Flow Meters Market: Regional Overview
The global flow meters market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Government Initiatives for Smart Cities to Drive the Growth in the Asia Pacific Region
The flow meters market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035 backed by the development of smart flow meters and rising government initiatives for smart cities in region. For instance, India has set forth a plan to create 100 Smart Cities. In order to achieve this goal they have implemented initiatives, including the Data Smart Cities Strategy (DSC) the Smart Cities Open Data Portal, the Data Maturity Assessment Framework (DMAF) the City Data Policy (CDP), and the City Data Officer (CDO). Smart cities use flow meters to monitor and manage water usage and detect leaks and other issues. By deploying smart cities, cities can reduce water usage and save money on water bills.
Environmental Regulations Necessitating the Monitoring of Emissions to Drive the Growth in the North America Region
The North America flow meters market is estimated to garner the largest revenue by the end of 2035 owing to the stringent environmental regulations that necessitate the monitoring of emissions, wastewater, and other fluid flows, driving the adoption of flow meters for compliance. For instance, under the Clean Air Act (CAA) the Environmental Protection Agency (EPA) is responsible, for overseeing the control of air pollutants emitted by specific industrial sectors listed as "source categories." The high concentration of industrial and manufacturing activities, coupled with water scarcity in North America, has further resulted in an increased demand for water meters and flow meters, as these enable the measurement of water usage for effective monitoring and control.
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Flow Meters Segmentation by Type
- Insertion Flow Meters
- Inline Flow Meters
The insertion flow meters segment is anticipated to hold the largest revenue by the end of 2035. Insertion flow meters offer many advantages, such as remote monitoring, low-pressure loss, and accurate measurements, that make them attractive to many industries. For instance, The CON TIR P L Insertion Paddle Flow Meter, designed for pipe sizes ranging from 6 to 24 inches is a plastic flow meter that doesn't require any output. It comes with a built-in mini LED screen that allows users to conveniently adjust their desired 4 and 20mA set points using push buttons. Furthermore, the cost of retrofitting existing pipelines is much lower than that of replacing or installing new pipelines, making insertion flow meters an economical solution for industries looking to upgrade their flow measurement capabilities.
Flow Meters Segmentation by End User
- Chemicals
- Pharmaceuticals
- Food & Beverage
The pharmaceuticals segment is anticipated to hold the largest revenue by the end of 2035 due to the increased need for accurate and reliable measurements in the production of pharmaceuticals.
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Flow meters are used to measure the flow of liquids, gases, and solids, and are essential for the accurate measurement of dosage and concentration in pharmaceuticals. As the global population increases, so does the need for pharmaceutical products, which in turn drives the demand for flow meters. In the year 2021, pharmaceutical sales in North America constituted 50% of the total sales, while Europe accounted for 24%.
A few of the well-known market leaders in the global 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. recently introduced the Micro Motion 4200 2 wire Coriolis flow meter expanding their range of flow meter options. This innovative product is specifically engineered to deliver dependable flow measurement across various applications encompassing liquids, slurries and gases.
- Siemens AG: Siemens AG, a technology and engineering corporation has placed its emphasis, on digitalization and industrial automation solutions. In relation to flow meters, Siemens has been making strides in the development of cutting edge digital flow measurement technologies with the aim of enhancing process control and efficiency in industries.
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