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The flowmeter calibration market size is forecast to increase by USD 80.9 million at a CAGR of 10.88% between 2023 and 2028. The market is experiencing significant growth due to the increasing importance of calibration in ensuring measurement accuracy and eliminating uncertainty in flow measurement. Another trend driving market growth is the emergence of online monitoring and self-contained field calibration systems, which enable real-time monitoring and reduce the need for frequent offsite calibrations. However, despite the benefits of calibration, it is not always a reliable process due to factors such as temperature and pressure fluctuations, aging sensors, and human error. To mitigate these challenges, advanced calibration technologies, such as ultrasonic and Coriolis flowmeters, are being adopted to provide more accurate and stable measurements. Additionally, the increasing demand for process automation and optimization in industries such as oil and gas, water and wastewater, and chemicals, is further fueling market growth.
The flow meter market encompasses various industries such as oil and gas, aerospace, defense, electronics, and others. In real-time scenarios, accurate flow measurement is crucial for industrial activities like oil and gas production, chemical processing in pharmaceuticals and agriculture, and wastewater treatment. Flow calibration equipment plays a vital role in ensuring the precision and reliability of flow meters. Device malfunctions and repair costs are significant concerns for Original Equipment Manufacturers (OEMs) in industries like oil and gas, where downtime can lead to substantial losses. Hygiene practices are essential in food and drinks and pharmaceuticals, necessitating the use of calibrated flow meters to maintain product quality and safety.
Flow calibration equipment is also critical in industries dealing with raw materials, such as electrical and electronics, industrial manufacturing, and chemicals. Modern smart devices, including coriolis flow meters, turbine flow meters, and magnetic flow meters, are increasingly being adopted for their accuracy and ease of use. The flow meter market in aerospace and defense, as well as in the agriculture sector, is expected to grow due to the increasing demand for precise flow measurement in these industries. In conclusion, the flow meter market is diverse and expanding, with various industries relying on calibrated flow meters for efficient and safe operations.
The market 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 oil and gas segment is estimated to witness significant growth during the forecast period. The market encompasses the demand for flow calibration equipment in various sectors, including oil and gas, aerospace, defense, electronics, and others. In the oil and gas industry, the continuous transport of fluids through pipelines necessitates regular calibration to ensure accurate measurement. Flowmeters must operate under ideal conditions, which often necessitates laboratory calibration due to the complexities of process applications. The need for calibration is particularly crucial in industries dealing with raw materials and industrial activities, such as chemical industries, pharmaceuticals, agriculture, food and drinks, electrical and electronics, and industrial manufacturing. Moreover, modern smart devices, incorporating AI, IoT, wireless networks, and machine learning, are increasingly being used to enhance calibration frequency and precision. These technologies enable real-time monitoring and predictive maintenance, reducing repair costs and minimizing disruptions caused by device malfunctions.
Further, HVAC systems, jet engines, and self-cleaning systems in industries like aerospace and defense also require regular calibration to maintain optimal performance. Calibration frequency varies depending on the application and industry requirements. For instance, in the chemical industry, where contamination is a significant concern, calibration may be required more frequently than in the HVAC sector. Skilled manpower is essential for calibration processes, ensuring accuracy and precision in technology implementation and digital enablement. In-house calibration is gaining popularity to minimize disruption and reduce costs, making it a significant trend in the market. Additionally, industries like wastewater treatment and OEMs also contribute to the market growth.
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The oil and gas segment was valued at USD 20.60 million in 2018 and showed a gradual increase during the forecast period.
Europe is estimated to contribute 31% 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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The market encompasses various types of flow meters, including Coriolis, turbine, and magnetic models. Coriolis flow meters, in particular, are gaining popularity in industries due to their ability to measure mass flow rates accurately, making them ideal for applications in the water and wastewater sector. Turbine flow meters, on the other hand, are widely used for measuring volumetric flow rates in liquids and gases. Magnetic flow meters, which operate based on the principle of electromagnetic induction, are commonly used in sanitary applications due to their hygienic design and ability to measure flow rates in a wide range of conductive fluids.
These flow meter types are essential for ensuring process efficiency and product quality in various industries, including water and wastewater treatment.
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.
Calibration eliminates uncertainty of flowmeters is the key driver of the market. Flowmeters play a crucial role in various industries, including oil and gas, aerospace, defense, electronics, and more, by accurately measuring the flow of mediums in real-time scenarios. However, ensuring the accuracy and precision of these instruments is essential to prevent costly repair costs due to device malfunctions and maintain hygiene practices in sectors like chemical industries, pharmaceuticals, agriculture, food and drinks, and electrical and electronics. Flow calibration equipment is vital for industrial manufacturing, chemicals, modern smart devices, AI, IoT, and wireless networks. The calibration process involves traceability to recognized standards with associated uncertainty allowances, considering instrument calibration data, manufacturers data, and laboratory experience.
Uncertainty in the calibration process can significantly impact volumetric flow measurement, affecting primary parameters and instruments. End-users must evaluate the uncertainty of the meter, taking into account differences between the calibrated piping, installed piping, and ancillary instrumentation. Industries like HVAC, jet engines, and self-cleaning systems require frequent calibration, while others may have less frequent needs. Laboratory calibration is essential for maintaining accuracy and precision, addressing contamination and ensuring skilled manpower for disruption-free calibration processes. Raw materials and industrial activities, including wastewater treatment and OEMs, rely on flowmeters for optimal performance. Uncertainty in flow measurement can lead to inefficiencies, increased costs, and potential safety hazards. Implementing technology such as machine learning and AI can aid in cost management and digital enablement, enhancing the overall effectiveness of flow measurement systems.
The emergence of online monitoring and self-contained field calibration is the upcoming trend in the market. In the Flow meter market, various industries such as oil and gas, aerospace, defense, electronics, and chemical industries, among others, require precise and accurate flow measurement for their operations. Flow calibration equipment plays a crucial role in ensuring the accuracy and precision of flow measurement in real-time scenarios. With the increasing adoption of modern smart devices, AI, IoT, and wireless networks, the need for reliable flow calibration protocols has become more critical than ever. End-users in industries like pharmaceuticals, agriculture, food and drinks, electrical and electronics, industrial manufacturing, and HVAC, among others, prioritize cost management, hygiene practices, and calibration frequency. In this regard, advanced flow calibration technologies such as online monitoring and self-contained field calibration are gaining popularity. These technologies enable continuous checking and monitoring of the flowmeter, reducing repair costs and device malfunctions.
Further, companies are increasingly offering flow calibration equipment with self-contained field calibration features, such as magmeters, thermal mass, or dual-rotor turbine meters. These devices can calibrate the flowmeter on-site and maintain a record of historical data for future reference. Self-cleaning systems and calibration frequency are also essential considerations for industries dealing with raw materials and wastewater treatment. Skilled manpower is required for laboratory calibration, and disruptions due to calibration can be costly. In-house calibration is a viable solution for industries that require frequent calibration, such as those dealing with jet engines or self-cleaning systems. Overall, the implementation of technology and digital enablement in flow calibration is essential for maintaining accuracy, precision, and cost management in various industries.
Calibration is not always reliable is a key challenge affecting the market growth. Flowmeter calibration is an essential process for various industries, including oil and gas, aerospace, defense, electronics, and others, to ensure accurate measurement of fluids and gases. Real-time scenarios in industrial manufacturing, HVAC, and wastewater treatment require precise and reliable flow measurement. Calibration equipment plays a crucial role in maintaining the accuracy and precision of flowmeters. In industries such as chemical, pharmaceuticals, agriculture, food and drinks, electrical and electronics, and industrial manufacturing, calibration frequency varies depending on the application and industry standards. Calibration can be carried out in-house or at certified calibration laboratories, such as NIST. Laboratory calibration ensures master meter accuracy and NIST certification, while in-house calibration offers cost advantages and quick turnaround times.
Flow calibration equipment is also essential for industries dealing with raw materials and wastewater treatment. Device malfunctions and contamination can lead to repair costs and disruptions. Modern smart devices, AI, IoT, and wireless networks enable digital enablement and machine learning for predictive maintenance and cost management. Flowmeters are used in various applications, including hygiene practices in the food industry, self-cleaning systems in chemical industries, and calibration of jet engines in aerospace. Calibration is also critical for industries dealing with hazardous materials, such as chemicals, where accuracy and precision are paramount. Skilled manpower and technology implementation are essential for effective calibration, ensuring minimal disruption to industrial activities.
The 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies 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.
ABB Ltd.: The company offers flowmeter calibration services to maximize productivity, profitability and meet regulatory requirements.
The market 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 market 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.
The global flow meter market is witnessing significant growth due to the increasing demand for flow calibration equipment in various industries such as oil and gas, aerospace, defense, electronics, and chemical industries, including pharmaceuticals, agriculture, food and drinks, electrical and electronics, industrial manufacturing, and HVAC. In real-time scenarios, accurate and precise flow measurement is crucial for cost management and preventing device malfunctions. Flow calibration equipment plays a vital role in ensuring the reliability and efficiency of processes in these industries. The implementation of modern smart devices, AI, IoT, and wireless networks in flow measurement systems enhances accuracy and precision.
Further, hygiene practices and contamination control are essential considerations in industries like pharmaceuticals and food and drinks. The calibration frequency of flow meters depends on the specific application and industry requirements. Laboratory calibration is often preferred for high-precision applications, while in-house calibration offers cost advantages and quick turnaround times. Raw materials and industrial activities in sectors like oil and gas, chemical manufacturing, and wastewater treatment necessitate regular calibration to maintain optimal performance. OEMs and end-users alike invest in skilled manpower and advanced technology to minimize disruption and repair costs. The flow meter market is expected to grow further with the increasing adoption of machine learning and digital enablement in flow measurement applications.
Market Scope |
|
Report Coverage |
Details |
Page number |
180 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.88% |
Market Growth 2024-2028 |
USD 80.9 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
9.52 |
Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
Performing market contribution |
Europe at 31% |
Key countries |
US, Germany, China, UK, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Azbil Corp., Badger Meter Inc., Brooks Instrument LLC, Colorado Engineering Experiment Station Inc., Emerson Electric Co., Endress Hauser Group Services AG, Euroloop Calibrations BV, Fortive Corp., HOFFER FLOW CONTROLS INC., Honeywell International Inc., KROHNE Messtechnik GmbH, Laboratory Testing Inc., Polycontrols Technologies Inc., Schneider Electric SE, Siemens AG, Sierra Instruments Inc., TransCanada Calibrations Ltd., VSL BV, and Yokogawa Electric Corp. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our market 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 Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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