LOS ANGELES, April 28, 2021 (GLOBE NEWSWIRE) -- The Global Flow Meter Market is expected to grow at a CAGR of around 6.5% from 2020 to 2027 and reach the market value of over US$ 15.6 Bn by 2027.
Asia-Pacific accounted for the largest share of the flow meter market by region, owing to increased industrial output, urbanization, and higher automotive sales and production than other regions. Furthermore, the region's dense population drives a steady demand for food and energy at a rapid pace. As a result, existing power and food processing plants are increasing their operating capacity, driving demand for flow meters throughout the region.
Europe is the second-largest flow meter market. Flow meters are widely used in the power generation sector in Europe, contributing to the region's market growth. The region's demand for magnetic, ultrasonic, and Carioles flow meters for oil and gas management is expected to rise. Many manufacturers and providers of flow rate measurement products and solutions, such as Endress+Hausar AG, Krohne Messtechnik GmbH, and ABB Ltd, are based in Europe.
North America, on the other hand, has some of the most prominent market players, including General Electric, Emerson Electric Corporation, and Honeywell International Inc.; as a result, the region has a significant market share in terms of revenue.
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Market Dynamics
The increased emphasis on modernizing industrial processes and operations increased demand for flow meters. However, these flow meters are incompatible with modern machines and must be replaced by newer, smarter, and more intelligent models. As a result, the cost of replacing traditional flow meters is high, which is a major factor impeding the growth of the flow meters market.
Increased municipal demand, increased textile production, and increased oil and gas extraction activities are all contributing to massive wastewater generation around the world. Flow meters are increasingly being used in these industries to treat wastewater, which contributes significantly to overall market growth. Process automation, on the other hand, is one of the most recent flow meter market trends observed as a result of the need for mass manufacturing. This necessitates the use of precise flow measuring tools in order to carry out efficient manufacturing processes, making flow meters an ideal tool. As a result, increased industrial production around the world is expected to drive flow meter market growth.
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Segmental Analysis
The global flow meter market is segmented based on product and application. By product, the market is segmented as differential pressure (DP), positive displacement (PD), magnetic, ultrasonic, carioles, turbine, vortex, and others. Based on application, the market is segmented as water & wastewater, oil & gas, chemicals, power generation, pulp & paper, food & beverage, and others.
Magnetic flow meters, as a product, have gained a foothold in the global market. Magnetic flow meters, on the other hand, are ideal for measurement applications in sectors such as pulp and paper, petrochemicals, food and beverage, and chemicals and petroleum refinement due to their dependability, accuracy, and cost-effectiveness. As a result, the magnetic segment is expected to capture a sizable market share by 2028. Product innovations such as two-wired and clamp-up flow meters, as well as wireless magnetic meters (also known as magmeters), have expanded the market for magnetic flow meters. These flow meters are widely used in a variety of applications, including power generation, oil and gas, and water and wastewater management.
Some of the leading competitors are Honeywell International Inc., Siemens Healthineers, Emerson Electric Co., ABB Ltd., Yokogawa Electric Corporation, em-tec GmbH, Endress+Hauser, Hitachi High-Tech, HÖNTZSCH GMBH & CO. KG, Krohne Messtechnik Gmbh, and among others.
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Some of the key observations regarding the flow meter industry include:
- In October 2016, Yokogawa Electric Corporation announced the launching of a new product namely, "ROTAMASS Total Insight (TI)". The newly launched product is a new portfolio of four-wire Carioles mass flow meters and transmitters. This new Carioles mass flow meter product platform was developed based on a Total Insight concept that seeks to optimize operations and reduce maintenance costs at all phases of the product lifecycle.
- In May 2019, Hitachi High-Tech, announce that its wholly owned subsidiary and analytical instrument manufacturer and marketer Hitachi High-Tech Science Corporation (HHT Science) has developed the new “NEXTA STA Series” of thermal analyzers. The NEXTA STA Series enables high-sensitivity measurements through its world-class*1 baseline performance. Additionally, HHT Science will launch the NEXTA STA Series in the Japanese and overseas markets.
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