“Global Flow Meters Market to reach a market value of USD 13.5 Billion by 2030 growing at a CAGR of 7.1%”
The Global Flow Meters Market size is expected to reach $13.5 billion by 2030, rising at a market growth of 7.1% CAGR during the forecast period. In the year 2022, the market attained a volume of 3,598.3 thousand units, experiencing a growth of 7.0% (2019-2022).
Ultrasonic flow meters are versatile and can measure both liquid and gas flows. Therefore, the ultrasonic segment captured $877.8 million revenue in the market in 2022. Due to their adaptability, water and wastewater management, oil and gas, chemical processing, and HVAC systems are among the industries in which they are applicable. Ultrasonic flow meters generally have low energy consumption, aligning with the broader trend of energy-efficient technologies. This makes them suitable for applications where energy conservation is a priority. Ultrasonic flow meters are well-suited for measuring fluid flows in renewable energy applications, including hydropower and wind energy. Precise flow measurements contribute to the efficient operation of these systems.
Ongoing infrastructure development projects, including construction and utilities, create demand for flow meters to monitor fluid flows in various applications. Many cities are adopting smart city initiatives that involve integrating various infrastructure components. Flow meters, equipped with smart technologies, contribute to the real-time monitoring and management of fluid flows in smart city infrastructure. Flow meters are used in transportation infrastructure for monitoring and managing traffic flows. Flow meters in intelligent transportation systems (ITS) applications contribute to data-driven decision-making for optimizing traffic patterns. Flow meters are employed in the energy sector, particularly in monitoring fluid flows in pipelines for oil, gas, and other energy resources. Accurate flow measurements are crucial for energy infrastructure's safe and efficient operation. Additionally, smart flow meters provide valuable insights through data analytics. This information aids in optimizing performance, identifying inefficiencies, and making informed decisions to enhance overall operational efficiency. Smart flow meters can seamlessly integrate with control systems, allowing for automated adjustments based on real-time flow data. This integration enhances overall process control and efficiency. Many smart flow meters leverage cloud-based solutions, providing scalability and accessibility. Cloud integration allows easy data storage, retrieval, and sharing across different locations. Some smart flow meters have adaptive and self-calibrating features. These capabilities ensure the meter maintains accuracy over time, reducing the need for frequent manual recalibration. Hence, because of the integration of smart features of smart flow meters, the flow meters market is anticipated to increase significantly.
However, high-quality flow meters with advanced features can involve significant upfront costs. Cost considerations may be challenging, especially for smaller enterprises or industries with budget constraints. Installation, maintenance, energy consumption, and potential outages are all components of the total cost of ownership, which consists of the purchase price. Potential purchasers may be discouraged by the high total costs of ownership. This inconsistency can impact the accuracy and reliability of measurements. The absence of standardization can lead to a fragmented market landscape with diverse technologies, making it challenging for manufacturers to offer universally compatible solutions. Lack of standardization may result in incompatible data formats between different flow meters and systems. Therefore, lack of standardization in flow meters is a significant challenge that hampers the growth of flow meters market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Based on application, the flow meters market is classified into water & wastewater, power generation, pulp & paper, chemicals, oil & gas, food & beverages, and others. The power generation segment garnered a significant revenue share in 2022. Power plants use large amounts of water for cooling purposes. Flow meters measure the cooling water flow, providing essential data for efficient cooling system operation and preventing equipment from overheating. In hydropower plants, flow meters measure water flow through turbines, contributing to efficient electrical power generation. Accurate flow data is essential for hydropower plant performance and management. In nuclear power plants, flow meters monitor the reactor's and other components' coolant flow. This ensures the reactor operates within safe temperature ranges and contributes to the facility's safety.
By product type, the flow meters market is categorized into magnetic, positive displacement, differential pressure, ultrasonic, coriolis, turbine, vortex, and others. The differential pressure segment covered a considerable revenue share in 2022. Differential pressure flow meters measure the flow rate by creating a pressure drop across a flow element (such as an orifice plate, venturi tube, or flow nozzle) in the fluid path. The pressure drop is related to the flow rate, and this relationship is used to determine the flow rate. Common applications include steam flow measurement, liquid flow measurement in pipes, and gas flow measurement. Various types of differential pressure flow meters are used in different industrial processes.
Free Valuable Insights: Global Flow Meters Market size to reach USD 13.5 Billion by 2030
Region-wise, the flow meters market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region acquired a significant revenue share in the flow meters market. North America's chemical and petrochemical industries rely on flow meters to optimize production processes, ensure accurate dosing of chemicals, and enhance overall efficiency. North American industries are adopting smart flow meters for remote monitoring, predictive maintenance, and data-driven decision-making.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 7.9 Billion |
| Market size forecast in 2030 | USD 13.5 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 7.1% from 2023 to 2030 |
| Quantitative Data | Volume in Thousand Units, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Number of Pages | 352 |
| Number of Tables | 690 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Market Share Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product Type, Application, Region |
| Country scope |
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| Companies Included | ABB Group, Emerson Electric Co., General Electric Company, Hitachi, Ltd., Honeywell International, Inc., Siemens AG, Yokogawa Electric Corporation, VSE Volumentechnik GmbH, Hontzsch GmbH & Co. KG, Krohne Group |
By Application (Volume, Thousand Units, USD Billion, 2019-2030)
By Product Type (Volume, Thousand Units, USD Billion, 2019-2030)
By Geography (Volume, Thousand Units, USD Billion, 2019-2030)
The Market size is projected to reach USD $13.5 billion by 2030.
Integration of smart features of smart flow meters are driving the Market in coming years, however, Lack of standardization in flow meters restraints the growth of the Market.
ABB Group, Emerson Electric Co., General Electric Company, Hitachi, Ltd., Honeywell International, Inc., Siemens AG, Yokogawa Electric Corporation, VSE Volumentechnik GmbH, Hontzsch GmbH & Co. KG, Krohne Group
The expected CAGR of this Market is 7.1% from 2023 to 2030.
The Water & Wastewater segment is leading the Market by Application in 2022; and thereby, achieving a market value of $3.7 billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $4.8 billion by 2030.
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