Wilmington, Delaware, May 13, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Flow Meter Market by Type (Differential Pressure Flow Meter, Positive Displacement Flow Meter, Ultrasonic Flow Meter, Turbine Flow Meter, Magnetic Flow Meter, Coriolis Flow Meter, Vortex Flow Meter, and Others), and End User (Water and Wastewater, Oil and Gas, Chemicals, Power Generation, Pulp and Paper, Food and Beverages, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the "flow meter market" was valued at $9.9 billion in 2023, and is estimated to reach $17.1 billion by 2033, growing at a CAGR of 5.7% from 2024 to 2033.
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Prime determinants of flow meter market growth
The global flow meter market is experiencing growth due to several factors such as increase in demand for water & wastewater management, growth in the oil and gas industry, and stringent environmental regulations. However, high cost of advanced flow meters and the technical limitations of flow meters hinder the market growth. Moreover, rise in adoption of flow meters in the pharmaceutical and food production industries is expected to provide opportunities for expanding the flow meter market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $9.9 billion |
| Market Size in 2033 | $17.1 billion |
| CAGR | 5.7% |
| No. of Pages in Report | 290 |
| Segments Covered | Type, End User, and Region |
| Region Scope | North America, Europe, Asia-Pacific, and LAMEA |
| Country Scope | U.S., Canada, Mexico; Germany; UK; France; Italy; Spain; China; Japan; India; South Korea; Australia; Brazil; Saudi Arabia; and South Africa. |
| Drivers |
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| Opportunity |
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| Restraint |
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The magnetic flowmeter segment is expected to grow faster during the forecast period.
By type, the magnetic flowmeter segment held the highest market share in 2023, accounting for more than one-fourth of flow meter market revenue. However, the vortex flow meter segment is projected to attain the highest CAGR of 7.1% from 2024 to 2033. Magnetic flow meters dominate the market due to their high accuracy, non-invasive measurement capabilities, and suitability for diverse and corrosive liquids. Meanwhile, vortex flow meters are gaining popularity for their cost-effectiveness, ease of installation, and reliability in measuring flow rates of liquids, gases, and steam.
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The water and wastewater segment is expected to grow faster throughout the forecast period.
By end user, the water and wastewater segment held the highest market share in 2023, accounting for more than one-fourth of flow meter market revenue. However, the food and beverages is projected to register the highest CAGR of 7.6% from 2024 to 2033. Water and wastewater management requires precise monitoring for regulatory compliance and efficient resource management, driving the demand for flow meters. In the food and beverage sector, stringent hygiene standards and the push for process optimization and waste reduction contribute to the rapid growth in the usage of flow meters.
The Asia-Pacific segment dominates the market by 2033
Region-wise, Asia-Pacific held the highest market share in 2023, accounting for nearly two-fifths of the flow meter market revenue, and is estimated to dominate during the forecast period. Furthermore, Asia-Pacific region is projected to manifest the highest CAGR of 6.3% from 2024 to 2033. Asia-Pacific dominates the flow meter market due to its rapid industrialization, substantial investments in water and wastewater management, burgeoning pharmaceutical and chemical industries, and increasing oil and gas exploration activities. The region's emphasis on infrastructure development and energy management further drives the demand for advanced flow measurement technologies.
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Leading Market Players: -
- Badger Meter Inc.
- Honeywell International
- Krohne Group
- Yokogawa Electric Corporation
- Schneider Electric SE
- Siemens AG
- Hitachi, Ltd.
- ABB Ltd.
- Emerson Electric Company
- Azbil Group
The report provides a detailed analysis of these key players in the flow meter market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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