Flow meters, sometimes also referred to as flow sensors, are basically electronic devices that primarily measure or regulate the flow rate of liquids and gases within the pipes and tubes. They are commonly used in HVAC systems, medical devices, chemical factories, and septic systems. These meters can primarily detect leaks, blockages, pipe bursts, and changes in the liquid concentration, owing to any contamination or pollution. Flow meters can be divided into two groups: contact and non-contact flow meters. Non-contact flow meters are majorly used when the liquid or gas (generally, a food product) is being monitored would be otherwise contaminated or physically altered by coming in contact with the moving parts.
The global flow meters’ market size is predicted to reach over USD 13.1 billion by 2028. This can be ascribed to the global focus on increasing process automation. Growing industrialization has increased the focus on automation and customization in Asia Pacific. This has also led to increased demand for intelligent monitoring and controlling tools & technologies, including flow meters. Besides, growing industrial demand regarding safety and efficiency concerns is also the key factor driving the market growth for flow meters.
However, economic slowdown and declining oil prices coupled with rising cost with product advancement is hampering the market growth. Flow meters are made from metal, polymers, and alloys, among other components. Fluctuating prices of these materials make it challenging for OEMs to procure high-quality raw materials and manage delivery schedules imposed by suppliers, which further increases the cost of flow meters. Furthermore, increasing capacity expansion in high growth markets is likely to provide lucrative development opportunities for the flow meters’ market in the forthcoming years. The industry participants are keen on addressing the demand in growing economies. Rapid industrialization, improving living standards, a huge population base, and low-cost labor in Asia Pacific have motivated companies to establish their facilities in this region and cater to the demand.
Flow Meters Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 13.1 billion|
|Growth Rate||CAGR of 5.9% during 2021-2028|
|Segment Covered||Product Type, Application, End-use, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Honeywell International Inc., Siemens Group, Emerson Electric Co., ABB Ltd., Yokogawa Electric Corporation, Azbil Corporation, Badger Meter, Inc., Endress+Hauser Management AG, Krohne Messtechnik GmbH, and Schneider Electric.|
Key Segments of the Global Flow Meters Market
Product Type Overview, 2019-2028 (USD Million)
- Differential pressure
- Positive displacement
- Ultrasonic (Spool Pieces, Clamp-On, Insertion)
- Magnetic (In-Line, Insertion, Low flow)
Application Overview, 2019-2028 (USD Million)
End-use Overview, 2019-2028 (USD Million)
- Water & wastewater
- Refining & petrochemical
- Oil & gas
- Power generation
- Pulp & Paper
- Food & Beverage
- Metals & Mining
Regional Overview, 2019-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global flow meters’ market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global flow meters’ market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the flow meters’ industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on Product Type, Application, and End-use. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global flow meters’ market. The report will benefit Every stakeholder involved in the flow meters’ market.
- Managers within the flow meters’ industry looking to publish recent and forecasted statistics about the global flow meters’ market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global flow meters’ market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
Over the past few decades, major trends have been observed in the flow meter technology including digital signals for flow meters, multiple measurement formats, online diagnosis and troubleshooting, remote calibration and configuration, and smart sensors with online alerts. The technological advancements via robust research and development have also enabled the industry to develop appropriate solutions to complex operational problems.
Multiple emerging technologies, such as IIoT, asset management, and advanced diagnostics, are also helping in forming new collaborations among the users and suppliers. Moreover, the strategies for both end users and suppliers have been leveraging advancements in the networking and cloud platforms and service offerings that include data and analytics.
Furthermore, flow meters are also witnessing a steady rise in the demand for the monitoring and measurement of the flow of steam, gas, water, chemicals, and mineral oil, among others. These meters offer much essential precision in terms of ideal and economic quantity during the flow measurement. They offer advantages when it comes to processing control.
The market is consolidated as several major market players currently hold the major market share. However, the market is expected to become fragmented in the forthcoming years as several new market players are emerging from developing countries such as India, Japan, China, and other countries.
Product Type Segment
Based on the Product Type segment, the market is bifurcated into Differential pressure, Positive displacement, Ultrasonic, Turbine, Magnetic, Coriolis, Vortex, and Others. Magnetic flow meter accumulated the maximum market share and it is likely to continue its dominance throughout the forecast years. It offers greater accuracy than other types of flow meters. It is also unaffected by any change in temperature, density, viscosity, concentration and electrical conductivity. Magnetic flow meters are feasible for applications that includes rapidly changing media, pH jumps, large amounts of solids or pulsating flow. Magnetic flow meters are preferably used for sanitary applications in water & wastewater and food & beverages industries. These flow meters are largely used in water & wastewater, metals & mining, chemical, and pulp & paper end-use industries., which is expected to fuel the growth of the Magnetic flow meter segment over the forecast period.
Based on the Application, the market is segmented into Residential, Commercial, and Industrial. The Residential segment gathered the major market share in 2020 and it is likely to continue its dominance throughout the forecast years. This growth can be attributed to the usage of flow meters in the residential sector for various purposes.
Based on the End-use, the market is segmented into Water & wastewater, Refining & petrochemical, Oil & gas, and Chemical. The Water & wastewater segment gathered the major market share in 2020 and it is likely to continue its dominance throughout the forecast years. Applications of flow meters include water consumption metering, dosing of water treatment chemicals, leakage deduction & reduction, measuring water consumption in irrigation systems, groundwater consumption, monitoring influent and effluent water quantity in waste treatment plants, accurate billing & water consumption monitoring, monitoring of water flow between reservoirs, municipal network load monitoring, purge treatment, greywater recycling, anaerobic digestion, biogas measurement, residential sub-metering, and utility management.
Asia Pacific accounted for a maximum share of the global market over the forecast period owing to the growing investments in developing countries and manufacturing capacity additions across end-use industries, especially water treatment and chemical processing. Investment in the water & wastewater, energy and power, refining, chemicals, pulp & paper and industrial infrastructure activities is increasing in developing economies such as China and India. This drives demand for measuring instruments, which has contributed significantly to growth of the flow meters’ market in Asia Pacific. China is the key market for flow meters in the Asia Pacific due to its increasing industrialization and low-cost manufacturing technology. Most key players operating in the flow meters’ market have their production capacities in Asia Pacific since the region’s production cost is lower than that in other regions.
However, Europe is expected to have a noteworthy growth over the forecast period owing to the use of flow meters for industrial, commercial, and household applications. Stringent regulations, growing investment in renewable energy, increasing support for sustainable development, and rising demand for bio-chemicals are a few factors owing to which the European countries are minimizing their dependency on the oil & gas industry.
The major players of the global flow meters’ market Honeywell International Inc., Siemens Group, Emerson Electric Co., ABB Ltd., Yokogawa Electric Corporation, Azbil Corporation, Badger Meter, Inc., Endress+Hauser Management AG, Krohne Messtechnik GmbH, and Schneider Electric. These major players in this market are focusing on increasing their presence through expansions & investments, mergers & acquisitions, partnerships, joint ventures, and agreements. Renowned companies are offering new and modern flow meters. Besides, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.