The recent discovery of shale gas reserves coupled with resurgence in the oil & gas sector is heightening the demand for flow meters through 2029. The global flow meter market will grow 2.3X during the forecast period. On the back of increasing redundancy of conventional measuring methods and need for accuracy, & reliability of yield measurement, flow meter market is set for continuous growth from 2019 to 2029. Stringent regulations regarding water pollution around the globe are adding to the demand of flow meter products as these play an indispensable role in measuring input and output of treatment plants. Development of smart flowmeters that run on batteries, fit in tight spaces, and conduct multivariate measurements are leading to high demand growth of flow meter products.
Key Takeaways of Flow Meter Market Study
- Europe and North America lead global sales with a collective share of over 56% of the total market value. Resurgent oil & gas exploration initiatives are central factors that drive growth of flow meters in these regions.
- Multiplying demand for electricity to empower booming digital economies position the power generation segment as the leading application of flowmeter products.
- Magnetic flow meter will grow 1.4X during the forecast. This can be attributed to beneficial properties of this variant such as negligible pressure loss, large measuring range, and utilization of non-moving parts which makes it ideal for a variety of use cases.
- Food & Beverage applications of flowmeter products are set to offer the most lucrative growth opportunities with a robust 7% CAGR during the forecast period. The increasing need for precision in product quantities and manufacturing processes supports growth of this segment.
- South Asia & Oceania present the highest growth rate at an impressive 7.2% through 2029. Developing economies in this region are employing flow meter products in water & wastewater treatment initiatives along with oil & gas projects.
Global Flow Meter Market: In-Depth Assessment on Key Segments
The global flow meter market is segmented on the basis of product, application and region.
By Product :
- Differential Pressure (DP)
- Positive Displacement (PD)
By Application :
- Water & Wastewater
- Oil & Gas
- Power Generation
- Pulp & Paper
- Food & Beverage
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
Innovation to Remain Key Market Imperative amid Rising Competition
Innovative materials for meter parts & liners, product portfolio expansion by adding line sizes, enhanced accuracy, and broader flow ranges are a few important production trends.
Gas production applications of flow meters will continue to generate strong demand through 2029.
Market players are aiming capacity expansions to penetrate developing economies such as India, China, Indonesia, and Africa. Prevalence of gas exploration projects around the world present gainful opportunities.
Manufacturers must then invest in research and deployment of precision flow meters custom built for these environments and landscapes.
Innovative flow meters that combine industry 4.0 technologies with gas flow measurement techniques will garner revenues from developed countries.
Major players in the market that shape the competitive landscape are, but not limited to
- Emerson Electric Co.
- em-tec GmbH
- Endress+Hauser Management AG
- General Electric
- Hitachi Ltd.
- Honeywell International Inc.
- Höntzsch GmbH
- KROHNE Messtechnik GmbH
- VSE Volumentechnik GmbH
- Yokogawa Electric Corporation.