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The flow meter market size is valued to increase USD 3.03 billion, at a CAGR of 5.98% from 2023 to 2028. Rising awareness on benefits associated with flow meters will drive the flow meter market.
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The flow meter industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The industrial segment is estimated to witness significant growth during the forecast period.
The industrial flow measurement market experiences significant growth, with the segment accounting for a substantial market share. Notably, the water and wastewater industry utilizes flow meters extensively for accurate liquid flow measurement in treatment systems. These systems cater to large volumes of fluid containing suspended solids, sludge by-products, and other materials. The objective is to ensure efficient and cost-effective operations. Moreover, the oil and gas sector is another major consumer of flow meters. These devices facilitate precise measurement of fluid flow in pipelines, enhancing operational productivity and safety. The chemical industry also relies on flow meters for process control and optimization, ensuring consistent product quality and reducing waste.
The power generation sector's increasing focus on energy efficiency and environmental sustainability further boosts the demand for flow meters. In the food and beverage industry, flow meters are essential for maintaining consistent product quality and ensuring regulatory compliance. The paper and printing industry uses flow meters to optimize processes and reduce downtime. Looking ahead, the market anticipates continued expansion, with the APAC and Middle Eastern regions driving growth due to increasing industrial investments. The adoption of advanced technologies, such as wireless flow meters, remote flow monitoring, and smart flow meters, is also fueling market growth. These technologies offer real-time monitoring, improved accuracy, and enhanced operational efficiency.
In summary, the industrial flow measurement market encompasses various sectors, including water and wastewater, oil and gas, chemical, power generation, food and beverage, and paper and printing. Flow meters play a crucial role in ensuring efficient and cost-effective operations, maintaining product quality, and ensuring regulatory compliance. The market's future growth is expected to be driven by technological advancements and increasing industrial investments in the APAC and Middle Eastern regions.
The Industrial segment was valued at USD 4.24 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 29% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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In Europe, major industrialized countries such as Germany, Italy, France, the UK, Austria, Switzerland, and the Netherlands, contribute significantly to the market due to their heavy industrialization and demand in the oil and gas, chemical manufacturing sectors. The International Energy Agency (IEA) anticipates a 60 billion cubic meters (bcm) increase in European LNG imports by 2022, necessitating the installation of adequate transportation facilities for natural gas. This trend will fuel the demand for flow meters in the oil and gas industry during the forecast period. According to the European Flow Measuring Instruments Manufacturers Association (EFMIA), the European the market was valued at €3.3 billion in 2020, with a projected growth in demand for Coriolis and ultrasonic flow meters.
Additionally, the European market for magnetic flow meters is expected to grow at a steady pace due to their increasing applications in water and wastewater treatment. The market for turbine flow meters is also anticipated to witness significant growth due to their use in the oil and gas industry for measuring crude oil and natural gas flows.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The market encompasses a range of technologies, including turbine, ultrasonic, differential pressure, positive displacement, electromagnetic, coriolis, thermal mass, vortex, and magnetic flow meters. Each technology offers unique performance characteristics catering to diverse industrial applications. Ultrasonic flow meters leverage advanced signal processing techniques to ensure high accuracy and reliability. In contrast, turbine flow meters, with their high-speed rotating blades, excel in handling large flow rates and harsh environments. Differential pressure flow meters, a popular choice for liquid applications, require a selection guide to ensure optimal performance based on specific fluid properties. Maintenance schedules for positive displacement flow meters are crucial to maintain their accuracy and efficiency.
Electromagnetic flow meters, known for their high accuracy, face limitations in measuring gases and high-viscosity fluids. Coriolis flow meters, a staple in chemical processing, offer high precision and versatility in measuring mass flow rates. Flow meter data acquisition systems require seamless integration with other industrial control systems. Gas flow meters necessitate calibration using standard methods to ensure accurate readings. Liquid flow rate control relies on PID controllers for precise regulation. Vortex flow meters are designed for high-pressure applications, while thermal mass flow meters prioritize accuracy and repeatability. Flow meter sensor technology advancements continue to drive market growth, with innovations in wireless communication protocols, smart flow meter integration with SCADA systems, and industrial flow measurement system design.
Process flow control system optimization is a key trend, with a focus on flow meter selection criteria for different fluids and optimization of system performance. A significant portion of market growth can be attributed to the adoption of advanced flow meter technologies in various industries. For instance, the adoption rates of ultrasonic flow meters in the oil and gas sector are nearly double those in the water and wastewater treatment industry. This trend underscores the importance of understanding the unique requirements of various industries and applications when selecting the optimal flow meter technology.
The flow meter market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the flow meter market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape of Flow Meter Industry
Companies are implementing various strategies, such as strategic alliances, flow meter market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
ABB Ltd. - This company specializes in providing advanced flow meters for various industries, including process and water and wastewater sectors. Their offerings ensure accurate measurement and efficient management of fluid volumes.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Flow Meter Market insights. See full methodology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
185 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.98% |
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Market growth 2024-2028 |
USD 3025.6 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.55 |
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Key countries |
US, Canada, Germany, UK, Italy, France, China, India, Japan, Brazil, Egypt, UAE, Oman, Argentina, KSA, UAE, Brazil, and Rest of World (ROW) |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
What is the expected growth of the Flow Meter Market between 2024 and 2028?
USD 3.03 billion, at a CAGR of 5.98%
What segmentation does the market report cover?
The report segmented by End-user (Industrial, Commercial, and Residential), Technology Type (Ultrasonic, Magnetic, Coriolis, and Vortex), Geography (Europe, North America, APAC, South America, and Middle East and Africa), Product Type (Differential Pressure, Positive Displacement, Velocity, and Open Channel), and Application (Oil and Gas, Water and Wastewater, Chemicals, and Power Generation)
Which regions are analyzed in the report?
Europe, North America, APAC, South America, and Middle East and Africa
What are the key growth drivers and market challenges?
Rising awareness on benefits associated with flow meters, Fluctuations in prices of crude oil
Who are the major players in the Flow Meter Market?
Key Companies ABB Ltd., Azbil Corp., Badger Meter Inc., Brooks Instrument, Emerson Electric Co., Endress+Hauser AG, General Electric Co., Hitachi Ltd., Honeywell International Inc., Horiba Ltd., Invensys Ltd., KROHNE Messtechnik GmbH, OMEGA Engineering Inc., Schneider Electric SE, Siemens AG, Teledyne Technologies Inc., Tokyo Keiso Co. Ltd., Toshiba Corp., VSE Volumentechnik GmbH, and Yokogawa Electric Corp.
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Market Segmentation by Technology Type
9 Market Segmentation by Product Type
10 Market Segmentation by Application
11 Customer Landscape
12 Geographic Landscape
13 Drivers, Challenges, and Opportunity/Restraints
14 Competitive Landscape
15 Competitive Analysis
16 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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