New York, March 25, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Totalizing Fluid Meter And Counting Device Global Market Report 2022" - https://www.reportlinker.com/p06247461/?utm_source=GNW
, Yokogawa Electric and Badger Meter.
The global totalizing fluid meter and counting device market is expected to grow from $24.56 billion in 2021 to $25.15 billion in 2022 at a compound annual growth rate (CAGR) of 2.4%.The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to decline to $24.97 billion in 2026 at a CAGR of -0.2%.
The totalizing fluid meter and counting device market consists of sales of totalizing fluid meters and counting device and related services such as, measuring linear, nonlinear, mass or volumetric flow rate of a liquid or a gas.Totalizing flow meter and counting devices are the instruments used to measure the volume or mass of a gas or liquid.
Some examples of the totaling fluid meters and counting devices are gas consumption meters, water consumption meters, parking meters, taxi meters, and gauges for motor vehicles and equipment for collecting fare.
The main types of totalizing fluid meters and counting devices are differential pressure flow meters, positive displacement flow meters, velocity flow meters, mass flow meters and open channel meters.The volume flow in gases, liquids, and steam are measured using a differential pressure flow meter.
They’re especially useful in situations involving high pressure, high temperature, or large diameter. The devices are used by various end-users such as water and wastewater, refining and petrochemicals, oil and gas, chemicals, power generation, pulp and paper and metals and mining.
Asia Pacific was the largest region in the totalizing fluid meter and counting device market in 2021.North America was the second-largest region in the totalizing fluid meter and counting device market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing demand from automotive manufacturing companies contributed to the market growth of flow meter and counting devices manufacturers.Emerging market growth for automotive manufacturing companies was aided by growing popularity of public transportation and rapid growth in number of vehicles.
According to a study in 2019, the total global vehicle population stood at 1.432 billion cars and trucks and is projected to reach 2.8 billion vehicles by 2036. Therefore, the increasing demand from automotive manufacturers is expected to drive the market for flow meters and counting devices such as parking meters, taxi meters, and gauges for motor vehicles and equipment for collecting fare.
Rising geopolitical tensions and trade protectionism are expected to have a negative impact on the totalizing fluid meter and counting device market during the forecast period.Repercussions of geopolitical tensions included sanctions on Russia, trade protectionism and heightened military tensions in the Middle East.
Many countries placed trade restrictions, especially on imports, to boost local production.For instance, Brexit is likely to lead to more trade restrictions between the UK and other countries in Europe.
The US is also implementing several trade restrictions, especially with China, to boost its local production.For instance, the US imposed 25% tariff on steel and 10% tariff on aluminum leading to cost inflation for totalizing fluid meter and counting device.
Continued violence and terrorism in the Middle East and other parts globally are also expected to have a negative impact on the market.
Major companies in the totalizing fluid meter and counting device industry are using smart technology to enhance decisions making abilities and thus drive profits.The companies in this industry use technology in order to optimize the payment methods, subscription management, optimizes enforcement and allows the end-user companies to analyze the usage.
Counting devices such as parking meters have been revolutionized with the advent of smart technologies.Companies such as IPS Group, a US based company, announced its latest app called Park Smarter.
The app allows drivers to connect directly to a physical parking meter with their smartphone and pay through cashless transactions. Other companies such as ParkiFi are also investing in making parking meters "smarter" through the use of big data and sensors.
In December 2019, Honeywell, a publicly-traded conglomerate that produces commercial and consumer products, engineering services and aerospace systems has acquired Rebellion Photonics for an undisclosed amount.Rebellion Photonics will join Honeywell’s Safety and Productivity Solutions business, which offers gas detection technologies, safety equipment, mobility solutions and software.
This acquisition complements Honeywell’s portfolio of process technology, automation and gas detection systems and speeds up our transformation into software industrial company. Rebellion Photonics, a US based company is involved in manufacturing monitoring solutions for oil, gas, petrochemical and power industries.
The countries covered in the totalizing fluid meter and counting device market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06247461/?utm_source=GNW
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