USD 7.7 billion
Report ID: SQSG20D2026 | Region: Global | Published Date: September, 2022 | Pages: 260 | Tables: 77 | Figures: 75
Flow Meter Market size was valued at USD 7.7 billion in 2021 and is poised to grow from USD 8.18 billion in 2022 to USD 14.05 billion by 2030, growing at a CAGR of 6.2% in the forecast period (2023-2030).
Flow meter are used in system monitoring and control. The system is remotely monitored using modern, IoT-integrated flow meter. System parameter are changed based on a reading of the critical flow parameter. The ability to interface meter with a computer for instantaneous flow readout to remotely control flow or allow unattended process operation is becoming increasingly important. New types of flowmeter are being introduced to meet such demands, while older designs are being improved and updated.
Technological advancements such as wireless monitoring and control, advanced sensors, and digital readouts are expected to drive market growth over the forecast period. Product manufacturers are increasingly using Internet of Things (IoT) sensors for smart metering solutions. The advanced approach of IoT enables automatic smart meter, which automatically and remotely collects data. The market is expected to grow at a significant rate from 2021 to 2028 as a result of such technological advancements in products. However, product calibration is a time-consuming process that will pose a challenge to market growth.
US Flow Meter Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 7.7 billion
Water & Waste Water
Oil & Gas
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The global flow meter market is segmented based on the type, end user industry and region. Based on the type, the Flow Meter Market is segmented into differential pressure, positive displacement, magnetic (in-line, insertion, low flow), ultrasonic (spool piece, clamp-on, insertion), Coriolis, turbine, and vortex. Based on end user industry, the Flow Meter Market is segmented water & waste water, oil & gas, chemicals, power generation, pulp & paper, metals & mining, refinery & petrochemicals, food & beverage, and pharmaceuticals. Based on region the Flow Meter Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Flow Meter Market Analysis by End User Industry
The global flow meter market is segmented based on end user industry into water & waste water, oil & gas, chemicals, power generation, pulp & paper, metals & mining, refinery & petrochemicals, food & beverage, and pharmaceuticals. Water and wastewater are expected to be the most important end-use industries for flow meter, owing to increased demand from the water industries in North America and Europe. Stringent regulations enacted by governments in these regions to support the goals of sustainability and zero carbon emissions are easing the need for clean effluent discharge from production plants in these regions. Because of the growing demand for high-quality water, flow meter are widely used in the water and wastewater end-use industries. Multinational corporations are investing heavily in manufacturing plants in China and India, among other countries in the region. Because of these countries' stringent regulations, the plants will be required to process their effluents before discharging them. These aspects are expected to drive the flow meter market in the water & wastewater industry.
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The global flow meter market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. During the forecast period, Asia Pacific is expected to be the largest and fastest-growing region for the flow meter market. In 2020, China dominated the Asia Pacific flow meter market. The country's flow meter market is expanding due to increased demand from the oil and gas, water and wastewater, chemical, power generation, metals and mining, and other industries. In Asia Pacific, there is a growing demand for metering water consumption, reducing leakage, and dosing water treatment chemicals. As a result, demand for flow meter is expected to rise during the forecast period.
After European countries, the United States is one of the most regulated. The flow meter market is dominated by the oil and gas, water and wastewater, and renewable energy industries. According to the Center of Sustainable Systems at the University of Michigan's US Renewable Energy Factsheet (2020), approximately 80% of the nation's energy comes from fossil fuels, 8.4% from nuclear power, and 11.4% from renewable sources. The flow meter market in Canada is being driven primarily by the food and beverage processing and crude oil production industries. According to the Government of Canada, the food and beverage processing industry is the country's second largest manufacturing industry in terms of output value. It accounts for 17% of total manufacturing sales and 2% of national GDP (GDP).
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Flow Meter Market Driver
Flow Meter Market Restrain
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The market leaders include Siemens AG, Honeywell International Inc., Yokogawa Electric Corporation, Emerson Electric Co., Keyence Corporation, and others. The market is highly fragmented and competitive because there is no dominant player. As a result, market concentration is low. Strategic collaborations have also been important in gaining access to the expanding market. For example, Badger Meter partnered with Westech Industrial in January 2021 to make Westech the authorised distributor of Badger's industrial metering technologies throughout Canada.
Flow Meter Market Top Company Profiles
Flow Meter Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global Flow Meter market analysis, Automation is being prioritized in manufacturing facilities in order to reduce lead times, unnecessary waste, and unplanned downtime. Rapid industrialization, rising living standards, a large population base, and low-cost labour in Asia Pacific have prompted companies to locate in the region and meet demand. Multiple emerging technologies, such as IoT, asset management, and advanced diagnostics, are also assisting in the formation of new user-supplier collaborations. Furthermore, both end-user and supplier strategies have benefited from advancements in networking and cloud platforms, as well as service offerings that include data and analytics.
|Market size value in 2021||USD 7.7 billion|
|Market size value in 2030||USD 8.18 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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KEY MARKET INSIGHTS
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For the Global Flow Meter Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Flow Meter Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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