February 28, 2024
Flow Meter Market

Flow Meters: Enabling Precision Applications In Various Industries Is Driven By Increasing Industrial Automation

Flow meters are devices used to measure linear, nonlinear, mass, or volumetric flow rates of gases or liquids. Flow meters are widely used across various process industries such as oil & gas, water & wastewater, chemicals, food & beverages, power generation, and pharmaceuticals for applications such as custody transfer, mixing, calibrations, blending, monitoring and control of fluid flows. They provide essential measurements to ensure optimal process operations, quality control and regulatory compliance. Flow meters are available in various technologies including electromagnetic, ultrasonic, differential pressure, positive displacement, vortex shedding, thermal mass, and Coriolis. Depending on the application requirements, a flow meter is carefully chosen based on parameters like fluid properties, flow rate, pressure, accuracy, turndown ratio, and operational environment.

The global Flow Meter Market is estimated to be valued at US$ 8.12 Billion in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the flow meter market is the increasing adoption of advanced digital flow technologies. With Industry 4.0 and industrial internet of things (IIoT) becoming pervasive, flow meters are being integrated with digital platforms and cloud connectivity for remote monitoring and predictive maintenance. This allows real-time flow data collection, analysis and diagnostics to optimize process performance. Along with data connectivity, new generation flow meters also offer advanced diagnostics, digital signal processing and intelligent algorithms to deliver higher accuracy even under complex flow conditions. Various process industries are upgrading to digital flow meters to improve process visibility and efficiency through IIoT technologies. Another major trend is the increasing demand for multivariable flow meters that can simultaneously measure flow rate as well as other process variables like temperature, density, viscosity etc. This enables comprehensive flow measurement for complex fluid mixtures with varying properties. These smart flow meters support advanced applications like mass flow measurement

Porter’s Analysis

Threat of new entrants: Low capital requirements and fewer regulations make the entrance of new players easy in this market.

Bargaining power of buyers: The presence of many manufacturers gives buyers high bargaining power to demand competitive pricing and quality products.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitute components from different suppliers.

Threat of new substitutes: Substitute technologies for flow metering like ultrasonic, electromagnetic, and mass flow meters pose a moderate threat.

Competitive rivalry: The market consists of global giants and local players competing in terms of innovation, quality, and pricing.

Key Takeaways

The Global Flow Meter Market Demand is expected to witness high growth. With increasing industrialization and growing demand for measurement and control solutions across various industries, the market is projected to grow substantially in the coming years.

Regional analysis: Asia Pacific is expected to dominate the global flow meter market during the forecast period. Countries like China, India, and Japan are major markets for flow meters due to rapid industrialization. Growing process industries, power generation sector, and water & wastewater treatment plants are driving the demand in the region.

Key players operating in the Flow Meter market are India Systems Pvt. Ltd., Enkay Technologies, Budget Signs, Truknox Technologies, Intellicon, BH Enterprizes, BenQ Corporation, Sony Corporation, Sharp Corporation, Panasonic Corporation, LG Electronics Inc., and Samsung Electronics Co. Ltd. These players are focused on new product launches and collaborations to gain higher market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it