Even though they are simple in construction and operation, flow meters serve one of the most important functions of measuring flow across several industries dealing with liquids and gases. Technological evolution is making flow meters more intelligent and giving them an edge beyond their traditional functions. Advanced industrial automation and flow meters that are becoming more accurate, have a high rate of response and have the added feature of self-diagnosis have allowed the flow meter market to proliferate and are expected to grow at a significant rate in the coming years. The flow meters market is currently valued at US$ 6.71 billion and is expected to exceed US$ 11 billion by 2026. The market is estimated to grow at a considerable rate of 6.6%, owing to rapid industrial growth and a perpetual boom in industrial automation across several end-use industry verticals.
Market Synopsis
Coriolis Flow Meters to Make the Fastest Run in Terms of Market Value Throughout the Forecast
Advanced flow meters such as magnetic, Coriolis, and ultrasonic flow meters are gradually replacing traditional and less accurate flow meters such as positive and differential pressure flow meters. Coriolis, magnetic, and ultrasonic flow meters are capable of providing real-time accurate flow data irrespective of the fluid's viscosity and temperature. Consequently, Coriolis flow meters registered the fastest growth in the overall flow meter market, closely followed by magnetic and ultrasonic flow meters. However, high power requirements, specialized equipment, high costs, and the need for skilled labor are expected to hold back the growth of the aforementioned new breed of flow meters. This results in the dominance of differential pressure flow meters over overall flow meters in terms of market value, with the dominance expected to continue throughout the forecast period from 2018 to 2026.
Water Infrastructure Will Retain Its Lead Position Among Other End-Use Industries
As a vital component in water treatment plants and municipal infrastructure, flow meters in water infrastructure recorded the highest market value among several other end-use industries. The segment is estimated to retain its tags, offering a stiff challenge for end-use industries such as power generation, oil & gas, and the food & beverage industry. The oil and gas and power generation end-use industries are competing for the second spot. Perpetual growth in demand for oil and gas, as well as power stimulation, coupled with the fast proliferation of industrial automation and intelligent systems, supported the growth of the flow meter market. Besides, rapid growth in food and beverage, the chemical industry, and other end-use industries is also replacing existing old flow meters with state-of-the-art and efficient flow meters. This is expected to boost the demand for flow meters consistently throughout the forecast period from 2018 to 2026.
Asia Pacific is the global flow meter market leader, with significant market potential.
In 2017, Asia Pacific registered the largest market value in the global flow meters market and was expected to retain its dominant position throughout the forecast period from 2018 to 2026. The region's growth is expected to continue in the coming years, owing to the rapid development of industrial and residential infrastructure. The expansion of water infrastructure in order to support industry and residential development is one of the significant reasons encouraging the demand for flow meters. North American and European markets had reached maturity and were expected to show consistent moderate growth. Developing regions, including the Middle East, Africa, and Latin America, have significant market growth potential and are expected to proliferate at a notable rate in the coming years.
Market Segmentation
Multinational Giants Compete for Market Supremacy in Flow Meters
Although flow meters are very small devices, they play a vital role in several industries dealing with fluids. Realizing the importance and demand, several international players are involved in manufacturing flow meters for several end-use applications and face intense competition from each other as well as from local players. The flow meters market is highly fragmented, and the competition is expected to become more fragmented in the coming years with new participants entering the market. The research comprises the business strategies and modern evolution of a few of the most prominent companies in the flow meters market, including ABB Ltd., Emerson Electric Co., Honeywell International, Inc., Siemens AG, Schneider Electric SE, Badger Meter, General Electric, KROHNE Messtechnik, Höntzsch GmbH, Yokogawa Electric Co., Hitachi Ltd., and Endress+Hauser AG, among others.
Key questions are answered in this report.
How has industrial automation helped the flow meter market flourish?
Which are the most prominent end users, and how is their growth helping the flow meter market grow?
What are the different types of flow meters, and what is their market value?
How do changes in fluid properties affect flow meter demand?
What role do the power generation and oil and gas sectors play, and what is their effect on the sales of flow meters?
In what ways will developing regions like the Asia Pacific and Latin America become game changers in the coming years?
Frequently Asked Questions:
The market for Flow Meters is expected to reach XX Bn in 2026.
The Flow Meters market is expected to see significant CAGR growth over the coming years, at XX%.
The report is forecasted from 2018-2026.
The base year of this report is 2017.
ABB Ltd., Emerson Electric Co.,Honeywell International, Inc.,Siemens AG,Schneider Electric SE,Badger Meter are some of the major players in the global market.
