COVID19:Global Flow Meters Market is estimated to reach USD 8.4 Billion by 2024
Flow Meters Market: Summary
The Global Flow Meters Market is estimated to reach USD 8.4 Billion by 2024 at a CAGR of 6.2 %. Measurement of flow of liquids or gases plays a pivotal role in the industrial plants or facilities, as it is directly linked efficient functioning of industrial processes. To carry out flow measurements, flow meters are generally used. Flow meters can be referred to the devices, which act as an integral tool for measuring the flow of the liquid or gases in an open or closed duct. Alternatively, flow meters are also known as flow gauge, flow sensor, flow indicator, and liquid meter. Flow meters provide accurate flow measurement for any individual flow measuring application. Broad range of flowmeters are used in various industries such as oil & gas, chemicals, and food & beverage among others.
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Flow Meters Market: Drivers & Restraints
Growing Demand of Flow Meters from End-Use Industries
The demand for flow meters across end-use industries is growing at a significant pace, which is expected to boost the market during the forecast period. In oil and gas sector, the demand for flow meters is rising owing to the higher demand for oil & gas production worldwide. Also, higher ability to offer more accurate flow measurement under various temperature range is promoting its rapid adoption in oil and gas sector. Increasing focus towards reducing the overall costs, carbon footprint with overall process optimization are some of the factors responsible for the demand of flow meters across food & beverage, chemicals and similar other industries.
Rising Demand for Intelligent Flow Meters
Intelligent flow meters offer better ability for monitoring and controlling the liquid/gas flowage. They achieve this through the usage of smart technologies such as Bluetooth, Ethernet I/P, Wireless LAN, I/O Link and M-Bus. Higher accuracy and reliable results are required in industrial applications to carry out the processes more efficiently. Owing to this, demand for the intelligent flow meters is expected to grow across the chemical and water treatment application areas. The rising demand for intelligent flow meter owing to its accurate and precise flow measurement is another factor driving the growth of the flow meter market.
High Maintenance Cost Owing to Harsh Work Environment
Flow meters perform crucial work under extreme conditions, resulting into higher wear and tear. Due to this, it requires high maintenance in order to boost its shelf life and efficiency. Some of the prominent factors leading to high maintenance includes, disturbed flow of the liquids or gases, high turndowns, wet gas, and abrasive fluids. Due to this, routine maintenance of the flow meters is required which sum ups the total maintenance cost. Hence, high maintenance requirements act as a restraining factor for the growth of the flowmeter market during the forecast period.
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Flow Meters Market: Key Segments
- Key Segments by Type: Turbine Flow Meter, Metal Tube Rotameter, Mass Flow Meter, Differential Pressure Flow Meter, Venturi Meter, Orifice Meter, Ultrasonic Flow Meter, Vortex Flow Meter andOthers
- Key Segments by End-User: Oil and Gas, Power and Utility, Food and Beverage, Wastewater and Biogas, Chemicals, Pulp and Paper andOthers
- Key Regions Covered: North America, South America, Europe, Asia-Pacific, Middle East & Africa and South America,with individual country-level analysis.
Flow Meters Market: Report Scope
The report on the Flow Meter Market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
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Flow Meters Market: Report Segmentation
For the scope of report, In-depth segmentation is offered by Forencis Research
Flow Meters Market, by Type
- Turbine Flow Meter
- Metal Tube Rotameter
- Mass Flow Meter
- Differential Pressure Flow Meter
- Venturi Meter
- Orifice Meter
- Ultrasonic Flow Meter
- Vortex Flow Meter
Flow Meters Market, by End User
- Oil and Gas
- Power and Utility
- Food and Beverage
- Waste Water and Biogas
- Pulp and Paper
Flow Meters Market, by Region
- South Korea
- Rest of Asia-Pacific
- The Netherlands
- Rest of Europe
Middle East and Africa
- Saudi Arabia
- Rest of Middle East & Africa
- Rest of South America
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