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The flow meter market is estimated to grow at a CAGR of 6.4% and the size of the market is forecast to increase by USD 3.09 billion between 2022 and 2027. The growth of the market depends on several factors, including the benefits associated with flow meters, the presence of government regulations and initiatives related to energy conservation, and the rising production of shale gas.
This report extensively covers market segmentation by end-user (industrial, commercial, and residential), type (ultrasonic, magnetic, differential pressure, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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In 2017, in terms of market size, Europe dominated the market with a share of USD 2,252.66 million. Additionally, Germany was the largest contributor of market share USD 791.34 million. The market industrial segment recorded the largest contribution in market share of USD 4,144.78 million and continues to grow.
Technavio categorizes the global flow meter market as a part of the global electronic equipment and instruments market within the overall electronics market. The parent market, the global electronics market includes manufacturers of communications equipment, technology hardware storage and peripherals, electronic equipment and instruments, electronic components, consumer electronics, and industrial electronics products, as well as electronic manufacturing services. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The benefits associated with flow meters are notably driving the market growth, although factors such as fluctuations in the prices of crude oil may impede the market growth. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a decrease in demand for the market during the COVID-19 pandemic, a holistic analysis of drivers will help companies refine marketing strategies to gain a competitive advantage.
Key Market Driver
The benefits associated with flow meters are a key factor driving the global flow meter market growth. The growth of the global market is atributted to the use of flow meters in different end-user industries due the benefits. Flow meters are used for educational purposes in university science and engineering programs. They are also used in housing projects to track the amount of water used. Engineers have created liquid flow meters that can withstand extreme variables such as changing outdoor temperature and pressure regardless of weather conditions and provide accurate results.
The use of flow meters provides benefits besides measurements, such as in helping to control the velocity of fluids and their use. It can also save water from being wasted by detecting leakages in pipes. Thus, the benefits associated with flow meters will boost the global flow meter market during the forecast period.
Key Market Trend
The advent of integrated DP flow meter solution will fuel the global flow meter market growth. With ongoing technological advances in the global flow meter market, the advent of integrated DP flow meter solutions by Emerson Electric is considered one of the recent advances. It is a combination of existing advances and patented technologies to deliver benefits such as streamlined installation, reduced downtime, and elimination of required straight-run piping for end-users with hydrocarbon and other harsh environment applications.
In addition, it eliminates the common DP flow meter requirement for up to 44 pipe diameters of straight run upstream and six diameters downstream of the meter. Therefore, installation is simplified, and the cost is reduced. The adoption of the solution is expected to increase during the forecast period due to its unique functions and benefits contributing to the growth of the global flow meter market.
Key Market Challenge
The fluctuations in the prices of crude oil are the major challenge to the global flow meter market growth. Flow meters play an important role in the oil and gas industry. They are used in refineries and gas processing plants. Flow meters such as coriolis, ultrasonic, vortex, and turbine meters measure both gas and liquid flow in in-plant measurement. In addition, flow meters are also used in blending operations for liquid hydrocarbons.The oil and gas industry, which is closely associated with the upstream industry, was directly affected by the turn of events. The downturn in oil prices had a significant effect on vendors that offer flow meters to the upstream and midstream phases of the oil and gas industry.
Many large E and P projects were canceled or postponed, especially subsea projects. The rapid fall in crude oil prices triggered a massive withdrawal of investments, with the upstream sector bearing the major brunt. The profitability of companies fell drastically, with many registering significant losses. This has been a major challenge for the industry as fluctuations in the demand and supply of oil and gas can either increase or decrease the price, affecting the industry and its associated markets.
Key Market Customer Landscape
Our analysis of the Life Cycle of the Global flow meter market from the innovator’s stage to the laggard’s stage. The report illustrates the lifecycle of the global market, focusing on the adoption rates of the major countries such as the US, China, India, Germany, and the UK. Our researchers have included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies for 2022-2027.
Global Flow Meter Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market
badgermeter.com - Under this segment, the company is involved in offering manufacturing, marketing and distribution of products incorporating flow measurement, control, and communication solutions.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, such as
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
Based on end-user, the market is segmented into industrial, commercial, and residential. The market share growth by the industrial segment will be significant during the forecast period. The demand for flow meters is high from industries. The segment will continue to hold a major share of the market during the forecast period, mostly due to the planned increase in investments by industries by major economies in APAC and the Middle East. The industrial segment includes water and wastewater, oil and gas, chemical, power generation, food and beverage, paper and printing, and others. Applications of flow meters in the industrial sector
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Rising investments and the commencement of new projects in the water and wastewater and oil and gas industries will drive the growth of the segment. Factors such as the ongoing exploration of new oil and gas fields and refinery units and an increase in onshore and offshore production activities will also drive the growth of the segment during the forecast period. The growth of this segment is primarily attributed to the increasing adoption of the Flow Meter Market by residential consumers, which is driven by changing lifestyles and a growing preference for comfort.
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Europe is projected to account for 29% of the global market share growth by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Europe is the fastest-growing region in the global flow meter market when compared with other regions. In Europe, Russia, Germany, Italy, France, and the UK, which are heavily industrialized, will be the major contributing countries. Several other European countries, such as Austria, Switzerland, and the Netherlands, are industrial, oil and gas, and chemical manufacturing hubs that create a considerable demand for flow meters. The International Energy Agency (IEA) estimates that Europe's liquefied natural gas (LNG) imports will increase by over 60 billion cubic meters (BCM) by the end of 2022. This trend will necessitate the installation and availability of adequate transportation facilities for natural gas to cater to the increasing demand in the region and, in turn, fuel the demand for flow meters in the oil and gas industry in Europe during the forecast period.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. The outbreak of COVID-19 in 2020 negatively impacted the economy of Europe. The pandemic claimed many lives in countries such as Italy, Spain, and the UK. As a result of the outbreak, lockdowns were implemented, which resulted in the shutdown of end-user industries. This had a negative impact on the regional market. However, by 2021, factories, warehouses, and other facilities of regional flow meter vendors reopened due to the large-scale vaccination drives conducted across the region. As a result, vendors were able to meet the increased demand from end-user industries. Furthermore, due to the support of governments of European countries and increased investments, many industries, such as chemicals and oil and gas, will witness positive growth, which is expected to increase the demand for flow meter solutions. Hence, the regional flow meter market is expected to register a positive growth rate during the forecast period.
Flowmeter Calibration market - The market share is expected to increase by USD 31.45 million from 2020 to 2025, and the market’s growth momentum will decelerate at a CAGR of 5.82%.
Our report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. We have segmented the market based on type, product, distribution channel, and region.
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Flow Meter Market Scope |
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Report Coverage |
Details |
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Page number |
171 |
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Base year |
2022 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.4% |
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Market growth 2023-2027 |
USD 3.09 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
5.36 |
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Regional analysis |
Europe, North America, South America, APAC, and the Middle East and Africa |
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Performing market contribution |
Europe at 29% |
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Key consumer countries |
US, China, India, Germany, and UK |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
ABB Ltd., Apator SA, Azbil Corp., Badger Meter Inc., Electronet Equipments Pvt. Ltd., Emerson Electric Co., Endress Hauser Group Services AG, Forbes Marshall Pvt. Ltd, General Electric Co., KROHNE Messtechnik GmbH, Landis+Gyr AG, Max Machinery Inc., Omega Engineering Inc., Osaki Electric Co. Ltd., SICK AG, Toshiba Corp., Yokogawa Electric Corp., Honeywell International Inc., Schneider Electric SE, and Siemens AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 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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