Flow Meter Market - Size, Industry Trends, Competitive Landscape, and Opportunities and Forecast 2022 - 2030
The Global Flow Meter Market Size accounted for USD 11,071 Million in 2021 and is anticipated to reach USD 19,416 Million by 2030 with a CAGR of 6.5% from 2022 to 2030.
Flow meters are advanced measuring devices that use a variety of technologies to calculate the volume or rate of a moving fluid, whether liquid or gas, in an open or closed conduit. It is a piece of equipment used to measure flow rates. The flow rate of liquids and gases must be precisely measured in order to improve the quality of the industrial process. Accurate gas measurement is required for the industrial process, as is flow rate control. Flow meters measure flow in two ways. Some flow meters measure flow as the amount of liquid that passes through the flowmeter over time. Other flow meters measure flow by counting the volume of fluid that has passed through the flow meter.
As technology progresses and new industries emerge, the demand for precise measurements grows. One such groundbreaking tool developed to meet this need is liquid flow meters. The continuous innovation of these instruments has aided the improvement of many industries and an ever-expanding range of applications. Engineers have developed liquid flow meters that can withstand extreme variables such as outdoor pressure and temperature; we have developed meters that provide accurate results regardless of the weather conditions. Control valves are frequently used in tandem with these instruments for the elongated application of directing fluid and normalizing velocity, thereby maintaining acceptable pressure level.
The type of flow, that can be open channel as well as closed conduit, is one of the factors to consider when using a flow meter. When the flow is open to the atmosphere, it is referred to as an open channel, whereas when the flow is contained within a tube or pipe, it is referred to as a closed conduit. When deciding the efficacy of a flow meter, several features must be considered. Some of these factors include remote monitoring, data types, and data collection frequency. The applications for a flow meter are described below.
The four categories of the global flow meter market are product, application, region, and industry. The segmentation is based on the product sector and includes gold, differential pressure (DP), magnetic, positive displacement (PD), ultrasonic, coriolis, turbine, vortex, and others. Among them, the magnetic flow meter dominated the market with majority of the share in 2021. The magnetic flow meter is based on Faraday's law of electromagnetic induction, which states that when a conductor moves thru a magnetic field, voltage is induced. The liquid serves as a conductor, and the magnetic field is generated by energized coils located outside the flow tube.
Chemicals, food & beverage, power generation, pulp & paper, oil & gas, water & wastewater, and others are among the application segments included in the segmentation. Among them, the oil & gas segment increased its market share over the course of the forecast period. While rising production coupled with declining demand is generally a recipe for lower prices, global demand for oil is increasing year after year. And it is still true that the majority of the world's oil is discovered in volatile areas. The global search for energy will proceed. Energy will always be required, whether oil prices are high as well as low. Long-term energy exploration will always rely on oil and gas flowmeters.
Global Flow Meter Market Geographical Competition
There are five regions that make up the global flow meter market: North America, Europe, Latin America, Asia-Pacific, the Middle East, and Africa. Asia Pacific is anticipated to hold a commanding market share during the prediction period. Emerging economies such as China and India are investing heavily in chemicals, energy and power, water and wastewater, refining, and industrial infrastructure, which have significantly boosted the Asia Pacific flow meter market. Furthermore, the large percentage of the key players in the flow meter market have manufacturing capacity in this region due to lower production costs than in other regions.
Global Flow Meter Industry Segment Analysis
Market By Product
· Differential Pressure (DP)
· Positive Displacement (PD)
Market By Application
· Power Generation
· Water & Wastewater
· Oil & Gas
· Pulp & Paper
· Food & Beverage
Flow Meter Market Leading Companies
This section of the study honors the market's top vendors ABB Ltd., em-tec GmbH, Emerson Electric Co., Endress+Hauser, Hitachi High-Tech, Honeywell International Inc., HÖNTZSCH GMBH & CO. KG, Krohne Messtechnik Gmbh, Siemens Healthineers, Yokogawa Electric Corporation.
Flow Meter Market Regions
· Rest of Europe
· Rest of Latin America
· South Korea
· Rest of Asia-Pacific
Middle East & Africa
· South Africa
· Rest of Middle East & Africa