According to a new report, published by KBV research, The Global Flow Meters Market size is expected to reach $14.71 billion by 2031, rising at a market growth of 7.5% CAGR during the forecast period. In the year 2023, the market attained a volume of 3787.44 Thousand Units experiencing a growth of 20.2% (2020-2023).
The integration of Internet of Things (IoT) technologies is a significant trend. Smart flow meters with sensors and connectivity features enable real-time monitoring, data analytics, and remote control. These capabilities enhance operational efficiency, facilitate predictive maintenance, and provide valuable insights for process optimization. Furthermore, the broader trend of digitalization and Industry 4.0 is impacting the flow meters market.
The Water & Wastewater segment led the maximum revenue in the Global Flow Meters Market by Application in 2023, thereby, achieving a market value of $4.0 billion by 2031. Flow meters are used in water distribution networks to monitor water flow, detect leaks, and optimize the distribution system. Accurate flow measurements enable utilities to manage water resources better, reduce losses, and ensure a consistent consumer supply. The water and wastewater segment must adhere to strict environmental regulations governing the discharge of treated effluent into water bodies.
The Magnetic segment is growing at a CAGR of 5.4 % during the forecast period. Magnetic flow meters operate based on Faraday's law of electromagnetic induction. These meters include a magnetic field generator and electrodes. An electromotive force (EMF) is generated when a conductive fluid travels through a magnetic field, and it is directly proportional to the fluid velocity. This EMF is measured to determine the flow rate. Magnetic flow meters are known for accurately measuring flow rates, especially in applications with consistent fluid properties.
Full Report: https://www.kbvresearch.com/flow-meters-market/
The Asia Pacific region dominated the Global Flow Meters Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $5.2 billion by 2031. The Europe region is anticipated to grow at a CAGR of 7.3% during (2024 - 2031). Additionally, The North America region would witness a CAGR of 7.1% during (2024 - 2031).
By Application (Volume, Thousand Units, USD Billion, 2020-2031)
By Product Type (Volume, Thousand Units, USD Billion, 2020-2031)
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