USD 8.5 billion
Report ID:
SQMIG35A2179 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|Tables:
66
|Figures:
75
Magnetic Flowmeter Market size was valued at USD 8.87 billion in 2022 and is poised to grow from USD 9.38 billion in 2023 to USD 14.61 billion by 2031, growing at a CAGR of 5.70% in the forecast period (2024-2031).
The market is anticipated to increase over the course of the forecast period as a result of the rising demand for flow rate measurement in O&G management applications worldwide. Over the projection period, additional industries like water and wastewater, power generation, and pulp and paper will also start to utilize measurement technology and instruments more widely.
Due to the recent discovery of shale gas deposits in North America, Europe, and the Asia Pacific, the adoption of goods would be particularly significant in the oil and gas, chemical, and petroleum refinery industries. As smart measurement solutions have been introduced as a result of IoT integration, it is anticipated that demand for intelligent systems would rise in the near future. Because of the Coriolis flowmeter's improved smart capabilities to measure the rate more precisely, it is predicted that demand for them will rise.
The market's participants are actively investing in order to deliver cutting-edge products and solutions to measure the flow rate of liquids, gases, and vapours. They are mostly focusing on the oil and gas industry. Additionally, one of the major applications generating fruitful potential for Coriolis and ultrasonic flowmeters is custody transfer in the oil and gas industry. The instruments are simple to maintain, lowering maintenance costs, which may be a key growth factor over the forecast period. Water scarcity and rising population in countries such as China and India may result in significant growth in the water treatment industry, opening up new opportunities in the near future. Several suppliers are incorporating cutting-edge technology into their products, such as an adhesion diagnostic level function that monitors the working condition of electrodes.
US Magnetic Flowmeter Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 8.5 billion
Largest Segment
solar
Fastest Growth
solar
Growth Rate
5.7% CAGR
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The global flow meter market is segmented into application, type, and region. On the basis of application, Magnetic Flowmeter Market is segmented into Metal & Mining, Chemicals, Oil & Gas, Food & Beverage, Pharmaceutical, Water & Wastewater Treatment, and Others. By type Magnetic Flowmeter Market is segmented into electric, solar and battery-powered. By region, the Magnetic Flowmeter Market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA.
Magnetic Flowmeter Market Analysis by Application
The Magnetic Flowmeter Market is divided by Application into Metal & Mining, Chemicals, Oil & Gas, Food & Beverage, Pharmaceutical, Water & Wastewater Treatment, and Others. During the forecast period, the water and wastewater treatment market for magnetic flowmeters is expected to develop at a CAGR of 6.8%. Magnetic flowmeters are used in wastewater treatment facilities to measure treated and untreated sewage, chemicals, and raw water. The variables that cause a greater volume of wastewater production are population increase, economic development, and urbanisation. Due to environmental rules, the need for wastewater treatment is growing, and many nations are making one-time investments to build new wastewater treatment facilities.
Magnetic Flowmeter Market Analysis by Type
In 2022, the battery-powered market category had the greatest revenue share, accounting for around 47% of the overall market share. The solar power type category is projected to develop at a rate of 7.5%. Due to their portability, simplicity of use, and capacity to use rechargeable batteries, battery-powered devices are widely used on the global market. Solar power systems are particularly efficient in remote areas without access to regular power sources, and they are also an inexpensive, clean source of energy. The solar panel, battery, enclosure, and charge regulator make up the majority of a solar power system.
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North America came in second to Europe as the market leader, accounting for more than 35% of worldwide sales. Power generation in Europe has a high rate of system adoption, which helps the local market expand. In the area, there will likely be a rise in demand for magnetic, ultrasonic, and Coriolis flow metres for O&G management. There are many producers and suppliers of flow rate measuring goods and services in Europe, including Endress+Hauser AG, Krohne Messtechnik GmbH, and ABB Ltd. Europe thus held the biggest market share in 2021, and this trend is anticipated to persist throughout the forecast period.
North America has several well-known market participants, such as General Electric, Emerson Electric Corporation, and Honeywell International Inc. As a result, the region commands a sizable revenue market share. It is expected that APAC would experience a significant CAGR of more than 7%. Due to ongoing advancements in the water and wastewater management sector, the market in India and China is anticipated to increase significantly over the forecast period.
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Magnetic Flowmeter Market Drivers
Its Demand in the Mining Business to Bolster Market Growth
Magnetic Flowmeter Market Restraints
High Cost to Hinder Market Growth
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The following companies are significant players in the market: ABB LtdEmerson Electric Corporation, General Electric, Krohne Messtechnik GmbH, HÖNTZSCH GMBH & Co. KG, Hitachi High-Tech Corporation, and Siemens. In the Asia Pacific, there are a few notable industry players. The companies that compete in this market are situated in China and Japan, including Yokogawa Electric Corporation, Toshiba, Tokyo Keiso Co., Ltd., and Tianjin Yihuan Automatic Instrument Technology Co., Ltd. With the aid of alliances, joint ventures, and acquisitions, these businesses are concentrating on targeted geographic expansions.
Magnetic Flowmeter Market Top Player's Company Profiles
Magnetic Flowmeter Market Recent Developments
SkyQuest’s ABIRAWA (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global magnetic flowmeter market analysis, The growing adoption of magnetic flow metres in various end-use industries is expected to drive the global magnetic flow metre market during the forecast period. As demand for volumetric filling systems in the food and beverage industry grows, the food and beverage industry is one of the key end-use sectors for magnetic flow metres.
Furthermore, variable area flow metres are gaining popularity for a variety of applications in the food and beverage industries. Magnetic flow metres are increasingly being used in water and wastewater treatment to monitor the flow of various sewages through open channels and pipes. Some manufacturers have already introduced new advanced technologies in flow metres for customer benefit in order to make flow rate measurement easier and more reliable. Some product lines are battery-powered, with local and remote flow rate displays in locations where equipment is subjected to various environmental elements. Continuous instrument miniaturisation is another significant advancement in magnetic flow metres. This is due to the fact that the flow element only needs to be slightly larger than the pipe or tube carrying the conductive liquid.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 8.87 billion |
Market size value in 2031 | USD 14.61 billion |
Growth Rate | 5.70% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Magnetic Flowmeter 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 Magnetic Flowmeter 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Magnetic Flowmeter Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Report ID: SQMIG35A2179