PUNE, India, Nov. 18, 2020 (GLOBE NEWSWIRE) -- The Flow Meter Market - Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The global flow meters market size was estimated to be US$ 7.4 billion in 2019 and is expected to reach US$ 13 billion by 2030 at a CAGR of 5.2% during 2020 and 2030. Flow meters are used to measure flow of liquids or gases for delivery of substance in accurate quantity and at desired speed. Flow meters are widely used across industrial, residential and commercial applications. Expanding population and rapid urbanization has contributed towards the growth of building and construction industry, thereby pushing the boundaries of energy and utility infrastructure. The flow meters are extensively used for water & wastewater management and power generation, thus are witnessing prominent demand. Emergence of Internet of Things (IoT) has led to the adoption of advanced technology in flow meters. The flow meters are being equipped with sensors for smart metering to facilitate automatic meter reading, wireless monitoring and control and digital readouts for seamless control.
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Expansion of industrial infrastructure and adoption of industrial automation has accelerated the growth of the flow meter market. The manufacturers of flow meters are engaged in development of off-the-shelf and tailor-made products to cater the expanding demand from multiple end use industries. The advent of Industry 4.0 is expected to fuel the technology integration into the flow meters in coming years. However, due to discontinuity in production across process and discrete industries amidst the COVID-19 pandemic, the demand for flow meters is expected to be low in coming years. The process and discrete industries are expected to regain their strength with government initiatives to boost economy, thereby contributing towards the growth of global flow meter market during the forecast period.
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High accuracy, reliability and affordability offered by magnetic flow meters to drive market growth
The global flow meter market is segmented based on type, end use industry, and geography. Based on type, the global flow meter market is segmented into differential pressure (DP), positive displacement (PD), magnetic, ultrasonic, Coriolis, turbine, vortex, and others. The magnetic flow meters contributed a prominent share to the global flow meter market owing to applications across multiple industries accompanied by high accuracy, reliability, and affordability. The ultrasonic flow meters is expected to be the fastest growing product type during the forecast period owing to increasing adoption across water & wastewater management and energy & utility industries.
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Water & Wastewater Management and Food & Beverages to dominate market growth
Based on end use industry, the global flow meter market is segmented into aerospace & defense, chemical, pharmaceuticals, food & beverages, energy & utility, oil & gas, paper & pulp, water & wastewater management, and others. The water & wastewater management industry contributed a dominating share to the global flow meter market owing to government initiatives to reduce impact of industrial waste of waterbodies and expanding wastewater management infrastructure across residential and commercial sectors. The oil & gas segment is expected to witness prominent growth during forecast period owing to the discovery of shale gas reserves across North America and Asia Pacific. The application of flow meters in food & beverages industry is anticipated to grow significantly during the forecast period owing to expanding food processing industry across emerging economies fuelled by rising demand for processed food products.
Based on geography, the global flow meter market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America contributed a dominating share to the global market in 2019 owing to strong presence of leading players. Asia Pacific contributed a prominent share to the global flow meter market in 2019 and is estimated to be the fastest growing region during the forecast period. Rapidly expanding population and expansion of multiple industry vertical are the key attributes driving the growth of Asia Pacific flow meter market.
Major players active in the global flow meter market include ABB, Azbil Corporation, Badger Meter, Inc., Emerson Electric Co., Hitachi High-Tech Corporation, Honeywell International Inc., HÖNTZSCH GMBH & CO. KG, KROHNE Messtechnik GmbH, Schneider Electric, Siemens, Tianjin Yihuan Automatic Instrument Technology Co., Ltd., TOKYO KEISO CO.,LTD., Toshiba, Xi'an Gavin Electronic Technology Co., Ltd, and Yokogawa Electric Corporation.
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