Revenue from flow meters is expected to increase from US$ 8.1 Billion in 2023 to US$ 13.2 Billion by 2033. According to Future Market Insights, the market will have a CAGR of 5.0% between 2023 and 2033.
Flow meters are used in a wide range of industries, including oil and gas, water and wastewater, chemical, and pharmaceuticals, among others. The market expansion is anticipated to be fueled by the rising demand from these industries. Flow meters are the ideal instrument for precise flow calibration equipment needed in industrial activities. The rising industrial production is projected to support market growth.
The development of shale gas reserves is expected to increase demand for flow meters in the oil and gas industry. Flow meters can monitor the speed of operations upstream and downstream, coupled with liquid hydrocarbons in the sector.
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Maintaining industrial processes at a high standard requires accurate monitoring of liquid and gas flow rates.
Industrial control loops often adjust incoming liquid or gas flow rates, making precise flow rate monitoring essential. Flow meters are crucial instruments for measuring the mass flow rates of liquids, gases, or mixtures of both. The type of flow meter selected depends on the level of precision required and the intended industry use. Due to the benefits they offer, flow meters have been made mandatory by governments all over the world.
In the upcoming years, many intelligent systems are anticipated to be in demand. The advantages of flow meters in process industries are anticipated to be further enhanced by these systems.
The demand for flow meters in the water and wastewater sector is anticipated to be driven by the need for effective water management and conservation. In this industry, the implementation of flow meters aids in the precise measurement and oversight of water usage, hence decreasing wastage.
Magnetic and ultrasonic flow meters are two typical non-invasive flow monitoring methods. They are preferred since they do not cause disruptions. They also require little to no maintenance. This trend is expected to drive the demand for non-invasive flow meters.
Given the different technological developments, the market is anticipated to expand throughout the forecast period. Technology breakthroughs are occurring in several fields, including wireless monitoring and control, advanced sensors, and digital readouts.
Manufacturers are increasingly adopting Internet of Things sensors for smart metering solutions. The cutting-edge IoT method enables remote, automated data collection through automatic meter reading. The incorporation of these technological advancements in products is expected to lead to significant market expansion.
Key Takeaways From the Market Study:
- The flow meters market in the United States is expected to upsurge at 3.9% CAGR during the forecast period.
- The market in China is expected to thrive considerably, registering a CAGR of 5.9% from 2023 to 2033.
- With a CAGR of 4.5% over the forecast period, the market in Japan is predicted to develop notably.
- The market in South Korea is predicted to expand significantly between 2023 and 2033, reaching a CAGR of 5.4%.
- The flow meters industry in the United Kingdom is anticipated to rise significantly, exhibiting a CAGR of 4.2% through 2033.
Competitive Landscape :
Several key players in the flow meters market are making significant investments in research and development to create new and inventive goods. Through partnerships and acquisitions, they are also broadening their product offerings. The purpose of these products is to meet the evolving demands of the end user. Companies are also adopting advanced technologies to improve the efficiency and accuracy of their flow metering solutions.
Recent Developments:
- In June 2020, ABB launched the Sensyflow FMT700-P Compact, which is a thermal mass flow meter. It is specifically designed for testing hydrogen fuel cells, as well as various components such as turbochargers, throttle valves, air filters, and intake fans.
- Siemens Digital Industries presented the SITRANS FS230 clamp-on ultrasonic flow meter in February 2020. This flow meter has advanced capabilities for measuring gas flow. It can handle various types of gas and fluid flow applications, including natural, specialized, and system gases.
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Key Segments Profiled:
By Type:
- Differential Pressure
- Positive Displacement
- Ultrasonic
- Turbine
- Magnetic
- Coriolis
- Vortex
- Others
By End-use Industry:
- Water & Wastewater
- Refining & Petrochemical
- Oil & Gas
- Chemical
- Power Generation
- Pulp & Paper
- Food & Beverage
- Pharmaceutical
- Metals & Mining
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa(MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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