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Market Summary The global flow meter market was valued at USD 8.82 billion in 2021 and it is predicted to reach USD 12.99 billion by 2030, rising at a compound annual growth rate (CAGR) of 5.7 % from 2022 to 2030.
The market is expected to grow due to rising demand for flow rate measurement in O&G management applications around the world as well as measurement methods and instruments that would gain traction in various industries such as water and wastewater, power generation, and pulp and paper over the forecast period. Because of the recent discovery of shale gas deposits in North America, Europe, and Asia Pacific, product adoption would be especially significant in the oil and gas, chemical, and petroleum refinery industries.
As IoT integration has led to the introduction of smart measurement solutions, demand for intelligent systems is projected to rise in the near future. Because of its improved smart capabilities to measure the rate more accurately, demand for Coriolis flow meters is expected to rise. The market’s players are mostly focused on the oil and gas sector, and they are investing heavily to develop innovative products and solutions for measuring the flow rate of liquids, gases, and vapours. Furthermore, custody transfer in the oil and gas industry is one of the most lucrative applications for ultrasonic and Coriolis flow meters.
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SEGMENT OUTLOOK: By Product Type: In 2020, the magnetic flowmeters segment had the biggest revenue share, accounting for largest share of the total market. Magnetic flowmeters are divided into two categories: wired and wireless. From 2021 to 2030, the ultrasonic and Coriolis segments are expected to increase at a high rate. These flowmeters use IoT technology, resulting in smart flow rate measurement solutions.
By Application: The oil and gas segment is predicted to be the fastest-growing segment. The growth of shale gas deposits is predicted to increase demand for the product in the oil and gas (O&G), chemical, and petroleum refinement industries.
In the North American and European regions, government investments in wastewater treatment plants are important. As a result, the water and wastewater category accounted for a notable share the entire market in 2021.
By Power Type: In 2021, the battery-powered sector had the greatest revenue share, accounting for almost 45 % of the whole market. From 2021 to 2028, the solar power type category is expected to increase at a high rate of above 7.5 percent. Solar power systems are very useful in distant areas where normal power is unavailable; they are also a clean source with lower costs. Solar panels, batteries, enclosures, and charge regulators are the main components of a solar power system.
By Pipe Size: In 2020, the 2-inch pipe size segment had the highest revenue share. Because a distorted fluid velocity profile (swirl) is one of the most common causes of product inaccuracy, the proper pipe size is critical for each product. Various connecting instruments such as elbows, tees, and valves generate swirls or other flow distortions.
By Communication Protocol: Modern intelligent flow metres, such as ultrasonic, coriolis, and multiphase, are 2 to 2.5 times more expensive than standard flow metres, therefore their use in low-budget industries like pulp and paper is limited. Intelligent flow metres are more expensive than conventional flow metres because smart features like feedback control and real-time data analysis necessitate improved sensor technology and communication protocols for smooth operation.
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By Regional Outlook: On the basis of geography, the global waterproofing membrane market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
In 2020, Europe dominated the market, accounting for more over 42% of worldwide sales, followed by North America. The adoption of systems in the power generating segment is significant in Europe, leading to regional market growth. Magnetic, ultrasonic, and Coriolis flow metres are projected to be in higher demand in the region for O&G management.
By Key Competitors and Market Share Analysis: The global flow meter market is characterized by the presence of international and regional players involved in product creation, manufacture, and distribution. Product makers try to gain a competitive advantage over their competitors by expanding the scope of their products’ applications.
The following are some of the major market players operating across the globe:
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Segments Covered in the Report This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2030. For the purpose of this report, Data Lab Forecast has segmented the global Flow Meter Market report on the basis of Product, Application, Power Type, and region:
The report segment of the global Flow Meter market is as follows: Global Flow Meter Market: By Product Outlook (Revenue, USD Million, 2021 – 2030)
Global Flow Meter Market: By Application Outlook (Revenue, USD Million, 2021 – 2030)
Global Flow Meter Market: By Power Type Outlook (Revenue, USD Million, 2021 – 2030)
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