Portland, OR, July 08, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global flow meter market generated $7.3 billion in 2018, and is estimated to reach $11.9 billion by 2026, registering a CAGR of 6.3% from 2019 to 2026. The report offers an extensive analysis of changing market trends, key winning strategies, market player’s performance, major segments, and competitive scenario.
Rise in demand and adoption in industrial measuring application and technological advancements drive the growth of the global flow meter market. However, high cost and lack skilled labor hinder the market growth. On the other hand, trend of process automation in production and process industries create new opportunities in the coming years.
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Covid-19 scenario:
- The demand for flow meters has not been affected much during the coronavirus pandemic due to its application in essential services such as water & wastewater, power generation, and food & beverages.
- However, the manufacturing activities and supply chain has been impacted during Covid-19 outbreak across the globe.
The report offers a detailed segmentation of the global flow meter market based on type, end user, and region.
Based on type, the differential pressure segment contributed to the largest share in 2018, accounting for more than one-fourth of the total share, and is estimated to maintain its dominant position during the forecast period. However, the ultrasonic segment is expected to register the highest CAGR of 6.9% from 2019 to 2026.
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Based on end user, the power generation segment accounted for the largest share in 2018, holding nearly one-third of the total share, and is expected to maintain the largest share throughout the forecast period. However, the oil and gas segment is estimated to portray the highest CAGR of 6.9% during the forecast period.
Based on region, Asia-Pacific contributed the highest share, accounting for nearly two-fifths of the total market share in 2018, and will maintain its dominance throughout the forecast period. However, Europe is expected to grow at the highest CAGR of 6.6% from 2019 to 2026.
Leading market players analyzed in the research include Honeywell International Inc., Siemens AG, Emerson Electric Company, ABB Ltd, Schneider Electric SE, Yokogawa Electric Corporation, Azbil Corporation, Badger Meter Inc., Hitachi, Ltd., and KROHNE Messtechnik GmbH.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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