Flow Meter Market by End-user, Type, and Geography - Forecast and Analysis 2023-2027

Flow Meter Market Forecast 2023-2027

The flow meter market size is forecast to increase by USD 3.09 billion, at a CAGR of 6.4% between 2022 and 2027. The market's expansion hinges on multiple factors, notably the advantages linked with flow meters such as accuracy and efficiency, as well as the government regulations and energy conservation initiatives driving their adoption. Additionally, the increasing production of shale gas is a significant contributor to market growth. These meters play a crucial role in various industries by enabling precise measurement and monitoring of fluid flow rates. Moreover, as environmental concerns heighten, the demand for these meters equipped with advanced features for data analysis and reporting is expected to surge. These developments align with broader efforts toward sustainable energy practices and resource management.

 What will the Market Size be During the Forecast Period?

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Market Segmentation

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. 

Market Dynamics and Customer Landscape

The market is driven by the increasing demand for accurate measurement solutions in various sectors such as water and wastewater, industrial activities, and power generation. Key drivers include the adoption of advanced technologies like Coriolis flow meters, differential pressure flow meters, and IoT sensors for enhanced monitoring and control. However, challenges such as maintenance costs and capital expenditures pose obstacles, especially for multinational companies operating in sectors like chemicals, metals and mining, and food and beverages. Addressing these challenges while catering to the rising need for precise flow measurement remains a significant trend in the industry. 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. 

Key Market Driver

The benefits associated with flow meters are a key factor driving the global market growth. The growth of the global market is attributed to the use of these meters in different end-user industries due to the benefits. These 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.

Moreover, the use of these 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 these meters will boost the global market during the forecast period.

Key Market Trend

The advent of integrated DP flow meter solution will fuel the global market growth. With ongoing technological advances in the global 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 market.

Key Market Challenge

The fluctuations in the prices of crude oil are the major challenge to the market growth. It plays 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, they 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. 

Moreover, many large E&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 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.

Market Customer Landscape

Who are the Major Market Players?                                     

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 

Badger Meter Inc. - 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 players, such as

• 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
• Siemens AG

Qualitative and quantitative market growth 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. 

What is the Fastest-Growing Segment in the Market?

The market encompasses a wide range of industries and applications, including water and wastewater management in industrial activities. Various types of flow meters such as Coriolis flow meters, differential pressure flow meters, turbine flow meters, and magnetic flow meters are utilized to measure flow rates accurately. One of the critical considerations for industries is the maintenance costs associated with flow meters, along with the initial capital costs of installation. Water quality monitoring is essential, especially for multinational companies operating in sectors like power generation, pulp and paper, chemicals, metals and mining, and food and beverages. The integration of IoT technology has led to the development of IoT sensors in flow meters, enhancing their efficiency and data collection capabilities. In sectors like oil and gas, both upstream and downstream operations heavily rely on flow meters for custody transfers of liquid hydrocarbons.

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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Moreover, 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 Market by residential consumers, which is driven by changing lifestyles and a growing preference for comfort.

Which are the Key Regions for Market?

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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 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.

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Market Analyst Overview

The Market is experiencing robust growth, driven by factors such as the Compound Annual Growth Rate (CAGR), advancements in measurement technologies, and the increasing demand for O&G management applications in sectors like chemical and petroleum refineries, pulp and paper, and shale gas reserves. With the advent of intelligent systems and Internet of Things (IoT) integration, flow meters like Coriolis flowmeters and Ultrasonic flowmeters are witnessing significant adoption, especially in regions like Asia Pacific due to rapid urbanization and water management needs.

Moreover, the market's landscape includes various players offering advanced sensors, wireless monitoring, and digital readouts for improved efficiency and accuracy in flow measurement, particularly for custody transfer applications. However, challenges such as initial costs, labor skill issues, and political instability in regions like the MEA pose hurdles. Despite these challenges, the market continues to innovate with battery-powered and solar power flow meter solutions, catering to shale gas reserves and water supply needs in Southeast Asia, North America, and Europe. The diversity in pipe sizes, fluid velocity profiles, and flow meter technologies like magnetic flowmeters and differential pressure (DP) flowmeters further showcase the market's adaptability to diverse industrial and environmental requirements.

Furthermore, the market is a crucial component in various industries such as the O&G sector and chemical and petroleum refinery sectors. Key technologies like Coriolis flowmeter have revolutionized measurement accuracy. Numerous players in the market are driving advancements in technologies, leading to innovations like wireless monitoring and control powered by Internet of Things (IoT) sensors. Water and wastewater management in regions like the MEA has spurred merger and acquisition (M&A) activity, focusing on alternatives or substitutes such as ultrasonic sensors and wired and wireless magnetic flowmeters. The power type diversity includes solar power systems and battery-powered solutions, with application areas spanning chemical and petroleum refinement sectors globally.

Segment Overview

Our report forecasts revenue growth at global, regional & country levels and provides a market research and growth analysis of the latest market trends and growth opportunities from 2017 to 2027. 

• End-user Outlook 
  • Industrial
  • Commercial
  • Residential 

• Type Outlook
  • Ultrasonic
  • Magnetic
  • Differential pressure
  • Others
• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • South America
    • Brazil
    • Argentina
    • Columbia
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

  Market Scope
  Report Coverage	Details
  Page number	171
  Base year	2022
  Forecast period	2023-2027
  Growth momentum & CAGR	Accelerate at a CAGR of 6.4%
  Market growth 2023-2027	USD 3.09 billion
  Market structure	Fragmented
  YoY growth (%)	5.36
  Regional analysis	Europe, North America, South America, APAC, and the Middle East and Africa
  Performing market contribution	Europe at 29%
  Key consumer countries	US, China, India, Germany, and UK
  Competitive landscape	Leading companies, Competitive Strategies, Consumer engagement scope
  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
  Market dynamics	Parent market analysis, Market forecasting,  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.
  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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  What are the Key Data Covered in this Market Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive market growth during the next five years
  • Precise estimation of the market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behaviour
  • The growth of the flow meter industry across Europe, North America, APAC, South America, and the Middle East and Africa
  • A thorough market research report analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive market growth and forecasting analysis of factors that will challenge the growth of market vendors

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