Flow Meters Market Size Worth USD 14.98 Billion in 2032 | Emergen Research

Vancouver, Jan. 16, 2024 (GLOBE NEWSWIRE) -- The global flow meters market size was USD 8.20 Billion in 2022 and is expected to register a rapid revenue CAGR of 6.2% during the forecast period. Increasing use of automation and Internet of Things (IoT) in flow rate measurement applications and efforts for digital transformation and rising industrial demand regarding efficiency and safety issues are key factors driving market revenue growth.

Optimizing oil recovery requires close observation of injected fluids and their effects on reservoirs. Moreover, water and wastewater treatment facilities must treat wastewater in a sustainable way and recover resources whenever possible to produce and supply safe, high-quality drinking water. There are numerous ways to enhance operations with flow meters despite the complexity and breadth of duties involved in these operational. Furthermore, flow meters can be installed at each stage of the process to guarantee quality and condition of the water before it leaves a facility, whether the water is being purified for reuse or released back into the environment for reuse.

Smart flow meter IoT is now a tried-and-true, modern method that sends resource providers preprocessed raw data. In addition, all IoT smart flow meters react in real time to various predefined events and send out SMS or email notifications to clients as needed. Businesses can construct standalone smart meters with LTE NB-IoT smart metering technologies without having to replace the battery for several years. Passwords in access settings and Transport Layer Security (TLS) protection during the data transfer provide additional security levels.

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However, high initial cost of magnetic and coriolis flow meters, which could restrain market revenue growth. Both types are notorious for their expensive upfront costs, with coriolis flow meters requiring a larger initial investment compared to turbine and differential pressure flow meters. Magnetic flow meters are expensive initially, but require little maintenance as these do not include any moving parts. These flow meters are produced using expensive materials and advanced technology, which is in turn, is rising the total cost. For instance, an ultrasonic flow meter measures fluid velocity through a pipe using high-frequency sound waves.

Segment Insights

Type Insights:

On the basis of type, the global flow meters market is segmented into differential pressure, positive displacement, electromagnetic, ultrasonic, coriolis, turbine, vortex, and others.

The differential pressure segment accounted for largest revenue share in the global flow meters market in 2022 due to widespread popularity and rising adoption of these devices. Differential pressure flow meters are devices that measure differential pressure drop across a barrier put into the flow to determine the flow. This differential pressure, along with the geometry data under operating circumstances and the relevant factor, can be used to calculate the flow rate based on fluid's material characteristics.

Measured Medium Insights:

On the basis of measured medium, the global flow meters market is segmented into liquid, gases, and steam.

The liquid segment is expected to account for significantly large revenue share in the global flow meters market during the forecast period due to accuracy and efficiency of liquid flow measurements. A liquid flow meter can gauge a liquid's mass, volumetric, linear, and nonlinear flow rates. The velocity of liquid is measured to compute the flow rate. As liquid flow meters come in a multitude of forms, the type chosen will be determined by liquid type and application. The choice of liquid flow meter will depend on the installation and characteristics of fluid. Liquid flow meters come in five different varieties, such as mass, differential pressure, velocity, positive displacement, and open channel. For instance, the most popular method for figuring out a liquid's flow rate is to utilize differential pressure flow meters.

Regional Insights:

The Asia Pacific market accounted for largest revenue share in the global flow meters market in 2022 due to introduction of innovative and user-friendly flow measurement solutions in the Asia Pacific region. For instance, on 4 October 2022, Yokogawa Electric Corporation declared the launch of OpreX Magnetic Flowmeter CA Series. This new product line, which is being introduced as a member of the OpreX Field Instruments family, replaces the ADMAG CA Series. All of the products in this latest series are capacitance-type magnetic flowmeters. These are able to monitor the flow of conductive fluids by using a measurement tube without the fluids coming into direct contact with electrodes of the device. For instance, on 7 March 2023, ATO Flow Meter, a leading global manufacturer of flow measurement technology based in China, announced the introduction of two new products, magnetic flow meters and ultrasonic flow meters, to its lineup.

The North America market is expected to register fastest revenue growth rate in the global flow meters market during the forecast period due to introduction of advanced software architectures to enhance process automation. For instance, on 14 February 2021, Emerson released a new software to improve process automation and the use of Roxar 2600 Multiphase Flow Meter (MPFM) in the O&G sector. The Roxar 2600 MPFM can do parallel calculations at 10Hz and choose the best configuration on its own for a given duration of time due to its rapid adaptive measurementTM software design.

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Scope of Research

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Major Companies and Competitive Landscape

The global flow meters market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective flow meters solutions. Some major players included in the global flow meters market report are:

• Honeywell International Inc.
• Siemens
• Emerson Electric Co.
• ABB
• Yokogawa Electric Corporation
• Endress+Hauser Group Services AG
• General Electric
• Hitachi High-Tech India Private Limited
• HÖNTZSCH GMBH & CO. KG
• KROHNE Messtechnik GmbH
• Schneider Electric
• Badger Meter, Inc.
• Seametrics
• Thermal Instrument India Pvt. Ltd.
• KEYENCE CORPORATION
• Litre Meter Ltd.
• Baker Hughes Company
• PARKER HANNIFIN CORP
• Sensirion AG
• SICK AG
  

Strategic Development

• On 11 October 2022, Watson-Marlow Fluid Technology Solutions (WMFTS) announced the introduction of the KROHNE FLEXMAG 4050 C electromagnetic flowmeter to the biopharmaceutical industry. It strengthens the company's position as a supplier of whole-solution packages for clients using fluid path processes, as it is a highly precise and dependable flow measuring device that interfaces effortlessly with other WMFTS products. Customers of WMFTS can confirm the precise flow conditions of Watson-Marlow pumps that are compatible by using KROHNE FLEXMAG 4050 C electromagnetic flowmeter.
• On 16 June 2020, ABB announced the development of Sensyflow FMT700-P Compact thermal mass flowmeter, aimed at optimizing the application of hydrogen for powering electric trains in the automotive sector. Test benches may now measure air intake of an engine using the Sensyflow FMT700-P Compact thermal mass flowmeter, adding to their lineup of products. This flowmeter can be used to fine-tune the effectiveness of cells that use air and hydrogen to make electricity, only discharging water as waste. It is accurate to within 0.8% of the reading over a range of extensible and adjustable measurement units.

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For the purpose of this report, Emergen Research has segmented the global flow meters market on the basis of type, product type, end-use industry, application, sales channel, measured medium, power type, pipe size, and region:

• Type Outlook (Revenue, USD Billion; 2019-2032)
  • Differential Pressure (DP)
  • Positive Displacement (PD)
  • Electromagnetic

• • • • In-line Magnetic Flowmeters
      • Low Flow Magnetic Flowmeters
      • Insertion

• • Ultrasonic

• • • • Clamp-on
      • Spool Pieces
      • Insertion
      • In-line

• Product Type Outlook (Revenue, USD Billion; 2019-2032)
  • Analog
  • Digital
• End-use Industry Outlook (Revenue, USD Billion; 2019-2032)
  • Water & Wastewater
  • Oil & Gas (O&G)
  • Chemicals
  • Power Generation
  • Pulp & Paper
  • Food & Beverage (F&B)
  • Pharmaceuticals
  • Metals & Mining
  • Refinery & Petrochemicals
  • Others
• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Residential
  • Industrial
  • Commercial
• Sales Channel Outlook (Revenue, USD Billion; 2019-2032)
  • Direct Sales
  • Distributors
• Measured Medium Outlook (Revenue, USD Billion; 2019-2032)
  • Liquid
  • Gases
  • Steam
• Power Type Outlook (Revenue, USD Billion; 2019-2032)
  • Electric
  • Solar
  • Battery Powered
• Pipe Size Outlook (Revenue, USD Billion; 2019-2032)
  • 2 inches
  • 4 inches
  • 6 inches
  • More than 6 inches
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
• • Coriolis
  • Turbine
  • Vortex
  • Others

• • • • U.S.
      • Canada
      • Mexico

• • Europe

• • • • Germany
      • France
      • UK
      • Italy
      • Spain
      • Benelux
      • Rest of Europe

• • Asia Pacific

• • • • China
      • India
      • Japan
      • South Korea
      • Rest of APAC

• • Latin America

• • • • Brazil
      • Rest of LATAM

• • Middle East & Africa

• • • • Saudi Arabia
      • UAE
      • South Africa
      • Turkey
      • Rest of Middle East & Africa

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