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The flowmeter calibration market size is estimated to grow at a CAGR of 9.86% between 2022 and 2027. The market size is forecast to increase by USD 65.9 million. The growth of the market depends on several factors, such as the calibration eliminates uncertainty of flowmeters, the increasing demand for flowmeters, and the growth in water and wastewater treatment industry. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
This report extensively covers market segmentation by end-user (oil and gas, water and wastewater, mining and minerals, chemicals, and others), distribution channel (OEM service providers and third-party service providers), and geography (Europe, North America, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Flowmeter Calibration Market Forecast 2023-2027
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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 disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Flowmeters cannot afford any uncertainty in the process of measuring the flow of the mediums. Uncertainty can be defined in varied ways as applicable to each measurement during the calibration process. The parameters are based on instrument calibration data, manufacturers' data, and laboratory experience. In the case of volumetric flow measurement, the uncertainty of the calibration process may directly impact the primary parameters used in the process and the instruments used. All the functions of the flowmeters must be traceable to a recognized standard with an associated uncertainty allowance.
Moreover, the end-users should also evaluate the material uncertainty, which indicates the difference between calibrated piping, installed piping, and ancillary equipment. Ancillary equipment also has a different uncertainty value than that used in the laboratory. So when a good flow calibration protocol is required, the end user cannot accept uncertainty. Thus, due to such demand for flowmeter calibration is increasing, which in turn boosts the growth of the market during the forecast period.
There are new technologies developing in the market such as online monitoring and devices with self-contained field calibration. These technologies require good flow calibration protocols, which are also considered by the end-users for maintaining the accuracy requirements. The systems supporting online monitoring and self-contained field calibration can calibrate the devices as well as keep a good record of the historical data for future references to avoid downtime and associated risks. Most vendors are adopting equipment with self-contained field calibration features, such as magmeters, thermal mass, or dual-rotor turbine meters.
Moreover, the devices are capable of online monitoring are incorporated into calibration maintenance software, which is a low-cost investment, stores the historical data, and displays the calibration result with time. These devices help in evaluating the repeatability and lifespan of the flowmeters. The performance of the flowmeter clearly dictates the life of calibration in the set of circumstances and can retain the calibration longer than one or more applications, irrespective of the environmental and fluid conditions.
Calibration services incur much downtime of the equipment, which adds to the low production rate and profits associated with it. The calibration process, when performed for the flowmeter used in the industrial premises, may result in a halt in the processes associated with the flowmeter. The process halt can cause a drop in revenue generation.
Moreover, after the completion of calibration, the process continues with detailed reports and rechecking of the flowmeter, which is time-consuming and cost entailing. Thus, the loss of industrial productivity remains a major concern for the end-users. The documentation of calibrated services requires skilled experts as there are high chances of mistakes during the process. The service being a manual process of handling calibrations, there exist high chances of human errors.
The oil and gas segment will account for a major share of the market's growth during the forecast period.?The oil and gas industry has always been interested in transporting fluids by pipeline. The fluid velocity distribution changes continuously as the fluid moves through the pipes, depending on the inner diameter and roughness. The need for calibration services with the same fluid and the ideal piping layout in which the flowmeter will operate emerges. Calibration is a must for the oil and gas industry and will generate large revenue from the market during the forecast period.
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The oil and gas segment was valued at USD 19.05 million in 2017 and continued to grow until 2021. The calibration process enables accurate financial measurement even in difficult situations and different environmental conditions. Even in cases where flow conditions change, measurements in this industry must still be precise and accurate. As a result, regular calibration services will result in less maintenance and repair costs for the end user. Calibration demand in the oil and gas industry will increase the demand for flowmeter calibration which will fuel the growth of the market during the forecast period.
Based on the distribution channel, the market has been segmented into OEM service providers and third-party service providers. The OEM service providers?segment will account for the largest share of this segment.?These service providers have the size and caliber to perform calibration services. Being national or even international brands, OEMs are reliable service providers. In addition, service contracts associated with product purchases deeply link end-users with OEM service providers. Furthermore, OEMs also offer same-day, on-site contracts to ensure minimal downtime. The advantages of choosing OEM services include many levels of technical expertise to provide a full range of required services. Owing to big warehouses no waiting time is required to get the parts and also they offer multiple levels of coverage. Thus, such factors will drive the growth of the market.
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Europe is estimated to contribute 28% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. In Europe, Russia, Germany, Italy, France, and the UK will be the main contributors and highly industrialized. Several other European countries, such as Austria, Switzerland, and the Netherlands, which are hubs of industrial, oil and gas, and chemical manufacturing create a significant need for flowmeter calibration.
Furthermore, the presence of hydrocarbon reserves in Russia has made Europe a major global supplier of oil and gas. Recently, gasoline consumption has been driven by low pump prices and a realignment between gasoline and diesel taxes in Europe. As a result, Europe has become an exporter of petroleum with significant exports to various countries including the US and China. Thus, such factors will drive the growth of the market during the forecast period.
The COVID-19 pandemic severely impacted the economy of many European countries in 2020, which negatively affected the demand for chemicals, minerals, and oil in the region. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown restrictions, which led to the resumption of manufacturing activities in countries such as Germany, Italy, and France resulting in a rapid increase in the sales of flowmeter calibration Furthermore, the support from European governments and raised investment in many industries, such as chemicals, oil, and gas, is expected to increase demand for efficient services of flowmeter. Therefore, the market is expected to record a positive growth rate during the forecast period.
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.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
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.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The flowmeter calibration market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Flowmeter Calibration Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.86% |
Market growth 2023-2027 |
USD 65.9 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
9.06 |
Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
Performing market contribution |
Europe at 28% |
Key countries |
US, China, India, Germany, and UK |
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, 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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