FLOW METER MARKET ANALYSIS

The global flow meter market is valued at US$ 7.83 Billion in 2022, exhibiting a Compound Annual Growth Rate (CAGR) of 3.7% from 2023 to 2030.

Flow meters or flow sensors are electronic devices that primarily measure or regulate the flow rate of liquids and gases within pipes and tubes. HVAC systems, medical devices, chemical factories, and septic systems all make use of them frequently. Leaks, obstructions, pipe bursts, and changes in liquid concentration caused by pollution or contamination are the primary things these meters can detect.

In most cases, the flow sensors and devices are connected to the gauges in order to provide their measurements However, they can also be connected to digital interfaces and computers. Contact flow meters and non-contact flow meters are two distinct categories of flow meters. When the liquid or gas being monitored—typically a food product—would otherwise be contaminated or physically altered by coming into contact with the moving parts, non-contact flow meters are used.

The global flow meter market is expected to grow, owing to the increasing adoption of Internet of Things (IoT) based sensors for smart flow meter solutions. Advancements in technologies such as digital readouts, advanced sensors, wireless monitoring, and control are also driving the market growth. Advanced IoT enables automatic readings and collects data automatically and remotely. Technological advancements in products, increasing urbanization, growing population, and rising disposable income are some of the factors that are expected to propel the market growth during the forecast period. However, the calibration of i flow meters is a time-consuming process that is expected to hinder the market growth in the near future. 

Global Flow Meter Market - Regional Insights

North America dominates the global flow meter market because of the adoption of these systems is high in the power generation segment within the region.

Asia Pacific is expected to witness significant growth during the forecast period of 2023 to 2030 because of the continuous developments in the water and wastewater management sectors in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, and the impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.  

Figure 1. Global flow meter market Share (%), By Region, 2022

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Global flow meter market - Impact of Coronavirus (COVID-19) Pandemic

COVID-19 had a major impact on the global flow meter market. The factories in several countries witnessed shut downs in the initial stages of the pandemic as the government implemented strict lockdowns in order to prevent the spread of the virus. In the post-pandemic era, lockdowns were lifted and restrictions were eased. Numerous companies were allowed to resume factory operations but at a limited capacity that use flow meters after the pandemic. The flow meter market is expected to gain its pace in the post-pandemic scenario owing to the easing on the restrictions.

Global flow meter market - Drivers

Growing demand for Flow Meters in Oil & gas segment

Among end-use industries, the oil & gas segment is expected to hold a dominant position in the global flow meter market during the forecast period. This is attributed to the rapid growth of the industry. The development of shale gas reserves is also propelling the demand for flow meters in the oil & gas industry. For instance, In January 2023, report published Statista forecasted that Shale gas and tight oil production in the United States is forecast to increase to nearly 34 trillion cubic feet by 2050, up from 24.91 trillion cubic feet in 2021.

flow meters are an effective solution to measure the flow rate of upstream and downstream processes, liquid hydrocarbons, and custody transfer within the oil & gas industries.

Increasing energy efficiency initiatives

Energy efficiency has become a priority for many industries to reduce operating costs and minimize their carbon footprint. Flow meters are essential for measuring energy consumption and optimizing energy usage in various processes, including Heating, Ventilation, and Air Conditioning (HVAC), fluid handling systems, and power generation. The focus on energy efficiency drives the demand for flow meters.

For instance, Shri R K Singh, Union Minister for Power and MNRE inaugurated “Aiming for Sustainable Habitat: New Initiatives in Building Energy Efficiency 2021.”

Emerging markets and industrialization

Rapid industrialization and infrastructure development in emerging economies like China, India, Brazil, and Southeast Asian countries are driving the demand for flow meters. Industries in these regions are investing in flow meters to improve process efficiency, enhance product quality, and comply with environmental regulations.

Global flow meter market - Opportunities

Growing focus on water and energy management

Water and energy conservation have become critical concerns worldwide due to increasing environmental regulations and the need for sustainable practices. Flow meters play a crucial role in measuring water and energy consumption, facilitating efficient management and conservation. The growing emphasis on water and energy management presents opportunities for flow meter manufacturers to cater to this demand.

Expansion of industrial infrastructure

Developing economies, particularly in Asia Pacific, Latin America, and Africa, are witnessing rapid industrialization and infrastructure development. Industries such as oil and gas, power generation, and manufacturing require flow meters for process optimization, resource management, and regulatory compliance. The expansion of industrial infrastructure in these regions presents significant growth opportunities for flow meter providers.

Adoption of industrial automation and Industry 4.0

Industry 4.0 is the fourth industrial revolution that is set to reshape the manufacturing and production industry by integrating digitization trends and technologies with industrial processes.

The implementation of industrial automation and the concept of Industry 4.0 are gaining momentum across various industries. Flow meters are an integral part of automated systems, providing real-time data for process control, efficiency improvement, and predictive maintenance. The increasing adoption of industrial automation and Industry 4.0 is creating opportunities for flow meter manufacturers to cater to this demand.

Global flow meter market - Trends

Major trends in flow meter technology include 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. Automated cleaning is also one of the revolutionary trends observed in the market. This trend is advantageous for industries such as water and wastewater management.

Global flow meter market - Restraints

Price fluctuations in raw materials

The operating range and Material of Construction (MoC) of flow meters affect their price. Metal, polymers, and alloys are just a few of the materials used to make flow meters. It is difficult for OEMs to obtain high-quality raw materials and manage delivery schedules imposed by suppliers due to fluctuating prices for these materials, which pushes up the price of flow meters. The COVID-19 pandemic disrupted the global supply chain, which had an impact on the cost of raw materials. As a result, it becomes challenging to keep commitments, and manufacturers suffer significant losses.

Figure 2. Global Flow Meter Market Share (%), By Type, 2022

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Global Flow Meter Market - Segmentation

The global flow meter market report is segmented into type, end user, and region

Based on Type, the market is segmented into Coriolis, Electromagnetic, Differential Pressure, Ultrasonic, and Others.

Based on End-user, the market is segmented into Oil and Gas, Water and Wastewater, Chemical and Petrochemical, Food & Beverage, Power Generation, Pulp and Paper, and Others. 

Based on Region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa

Global Flow Meter Market: Key Developments

1. In Feb 2021, Bronkhorst, a company that offers an extensive product range of thermal, coriolis, and ultrasonic flow meters and flow controllers for low flow rates of gases and liquids, introduced POWERLINK as its tenth  on-board fieldbus option. This enabled the company to provide digital flow and pressure meters in both IP40 and IP65 versions. Etherner POWERLINK is a a patent-free, manufacturer- independent and software-based communication system, which delivers real-time performance.
2. In September 2022, Yokogawa Electric Corporation, a multinational electrical engineering and software company, announced the launch of OpreXTM Magnetic Flowmeter CA Series. This new product series succeeded the ADMAG CA Series and was introduced as part of the OpreX Field Instruments family. The items in this new series are all capacitance-type magnetic flow meters that can measure the flow of conductive fluids through a measurement tube without contacting the device's electrodes. This series has novel functionalities that increase user-friendliness, maintainability, and operational efficiency, in addition to the non-wetted electrode architecture.
3. In May 2022, SONOTEC, an electronics manufacturer in Halle, Germany, improved its SONOFLOW CO.55 non-contact flow meter to improve efficiency in PAT-related upstream and downstream biotechnology activities.(upstream bioprocessing involves screening and identification of microorganisms, media preparation, multiplication of microbes inside bioreactors, while downstream bioprocessing deals with extraction, purification and filtration of the resulting product) The new SONOFLOW CO.55 V3.0 sensor offers exceptional measurement accuracy and the finest clamp-to-clamp repeatability.
4. In May 2022, SONOTEC, a measuring technology solutions company, launched a new generation of its high-accuracy clamp-on flow meter SONOFLOW CO.55 non-contact flow meter to increase the efficiency throughout PAT (Process Analytical Technology)-related upstream and downstream processes in biotechnology applications which indeed solved the data inaccuracy problems in the market.
5. In August 2021, Sierra, a provider of flow measurement solution, launched a new flow meter selection app, which is designed to help end users select the right flow meter or flow controller for their application. This flow meter made it easier for the non-professionals to use in the market.
6. In August 2021, Guangzhou Aosong Electronics Co., Ltd., an intelligent sensor industry chain enterprise integrating R&D, design, manufacturing, packaging and testing, and terminal applications in the MEMS (Micro-electromechanical Systems) field, launched a new intelligent digital gas mass flow meter based on its advanced semiconductor technology. This can now be used to measure high pressure gas flows.

Global Flow Meter Market: Key Companies Insights

The key players operating in the global flow meter market are yokogawa electric corporation, abb ltd, siemens ag, bronkhorst high-tech bv, honeywell international inc., emerson electric co., sick ag, azbil corporation, christian bürkert gmbh & co. Kg, krohne messtechnik gmbh, and tsi incorporated.

*Definition: Flow meter is a device which is used to measure the flow rate of liquids and gases. Flow meters have a wide range of applications in the building automation, water and wastewater, marine, food and beverages, metals and mining, power and utilities, oil and gas, and pharmaceutical industries. There are different types of flow meters available depending on the industry; some of the common types of flow meters are differential pressure, electromagnetic, coriolis, and ultrasonic flow meters.