The Global "Flow Meters Market" is expected to grow at a CAGR of 6.41% during the forecasting period (2022-2029).
Measurement technology provides tools for optimizing production processes and dosing operations. In addition to pressure and temperature, the flow rate is one of the most important measured variables.
A flow meter is an instrument used to measure the linear, nonlinear, volumetric or mass flow rate of a liquid or a gas. The increased focus on modernizing the processes and operations in industries is set to increase the demand for flow meters.
Flow meters market is segmented by type, application, and geography. By type the market is segmented into Differential Pressure, Positive Displacement, Magnetic, Ultrasonic, Coriolis, Turbine, and Vortex. By application, the market is further segmented by Water & Waste Water, Oil & Gas, Chemicals, Power Generation, Pulp & Paper, Metals & Mining, Food & Beverages. whereas by geography the market is divided into North America, South America, Europe, Asia Pacific and the Rest of the World.
key players in the market mainly focus on new product launches, expansions, and mergers & acquisitions to enhance their position in the flow meters market.
Rising demand for flow rate measurement in water and wastewater management applications across the globe is expected to drive market growth over the forecast period.
Adoption of flow rate measurement technologies and instruments is also likely to gain traction in other sectors, such as oil and gas, pulp and paper, food and beverage, and power generation.
Moreover, these industries need to monitor the flow rate and water usage in their respective process which involves the use of flow meters. This has led to an increased usage of flow meters in various sectors of the market.
The increased focus on modernizing the processes and operations in industries increased the demand for flow meters. However, these flow meters are not compatible with modern machines and need to be replaced by new ones which are smarter and intelligent. However, the cost of replacing the traditional flow meters is high and is a major factor restraining the growth of the flow meters market.
Based on the flowmeter type, the flow meters market is classified into differential pressure, positive displacement, magnetic, ultrasonic, Coriolis, turbine, and vortex. Among the flow meters, Coriolis is the dominant segment which accounts for XX% of the market.
Coriolis is a popular flow meter that directly measures mass flow rate. The installation can include a single straight tube or a dual-curved tube.
The architecture with a single straight tube is easier to construct and maintain because it is subject to fewer stress forces, but it is susceptible to interference and noise. The architecture with dual curved tubes cancels out any noise picked up because the two tubes oscillate in the counter phase.
Direct measurement of mass flow rate eliminates the effects of temperature, pressure, and flow profile on the measurement and brings in high accuracy into the system. The sensor can make simultaneous measurements of flow rate and density because the basic oscillating frequency of the tube depends on the density of the fluid flowing inside.
However, Cannot measure the flow rate of fluids with entrained particles such as liquids with gas or solid particles; gas with liquid bubbles, and more because such particles dampen the tube’s oscillations, making it difficult to take accurate measurements.
Based on End User, the flow meters market is classified into Water & Waste Water, Oil & Gas, Chemicals, Power Generation, Pulp & Paper, Metals & Mining, Food & Beverages. Currently oil and gas are the dominant segments and it accounts for approximately XX% of the market.
In the oil and gas industry, the flow of liquids and gases must be measured during every phase of exploration, production, and transportation. Upstream operations span offshore and onshore activities, including well testing, enhanced oil recovery, fractionation, completion, and separation to recover and prepare crude oil and natural gas. These applications demand the highest flow meter accuracy and reliability, as well as long-term stability and cost-effective solutions.
Different flow meters engaged in this industry include gas ultrasonic flowmeters for custody transfer, liquid ultrasonic flowmeters for custody transfer, mass flow meters for custody transfer, electromagnetic flowmeters, vortex flowmeters.
Therefore the need for such measuring equipment is followed by the prospects in the oil and gas industry to drive the flowmeter devices market.
The North America flow meters market size was worth USD XX million in 2018 and is estimated to reach USD XX million by 2026, at a CAGR of XX% during the forecast period. North America is expected to grow with a high CAGR during the forecast period due to the shale oil and gas prospects in the region.
Shale oil and gas drilling will likely continue its pace in the coming year as the shale producers are focusing on drilling their best to extract oil and gas at the present low input cost.
Shale wells initially produce a lot of oil, however, as the days pass on output declines rapidly Considering the fact U.S oil and gas producers are drilling at a higher level. Therefore the United States will lead oil supply growth over the next six years.
While Canada’s proven crude oil reserves are the third-largest in the world and the country has the nineteenth largest proven natural gas reserves globally. The average production per day of 3.5 million barrels of crude oil and 13.7 billion cubic feet of natural gas. Therefore the prominent oil and gas industry in the country will act as an opportunity for the flow meters use in the country.
when comes to the other prominent industries Canada has 6,500 food and beverage processing establishments, with more launching every day. Some of the top players include Kellogg’s, Quaker, Nestle, Pepsico, Molson, McCain, Maple Leaf, Saputo. This industry will drive the flow meters to use in the country.
Hence with the incredible strength of its shale industry, crude oil reserves in Canada and well-established manufacturing sector in the region will trigger the flow meters market in the region.
Some of the major players include ABB Ltd, Emerson Electric Co, General Electric, KROHNE Messtechnik, Höntzsch GmbH, Siemens AG, OMEGA Engineering Inc., Honeywell International Inc., Rockwell Automation Inc, Yokogawa Electric Co.
These key players mainly focus on new product launches, expansions, and mergers & acquisitions to enhance their position in the flow meters market.
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