Flow Meters Market Analysis Report By Product, By Application, By Region and Segment Forecasts From 2020 To 2027

Industry Insights

The flow meters market size across the globe was valued at USD 7.8 billion in the year 2019. It is projected to witness significant growth with a 5.8% CAGR over the forecasted years, 2020 to 2027. This can be attributed to the surging demand for measurement of flow rate in sectors like oil & gas and petroleum across the globe. Moreover, the rising adoption of such technologies in power generation, pulp & pare, and water & wastewater verticals is projected to drive its market demand in the upcoming years.

Several reserves of shale gas have been detected across Europe, Asia Pacific, and North America. Further, rapid advances being carried out in automation technologies like the usage of smart meters for measurement of flow and IoT are projected to fuel up the demand for such meters. The Coriolis type of flow meters is anticipated to gain popularity due to their smart abilities for accurate measurement of flow.

Several key players operating in this market are majorly relying on the oil & gas sector for the sale of their products. Thus, they are investing hugely to develop innovative solutions and products for the measurement of the flow rate of gases, vapors, and fluids. Further, the usage of such flow meters to transfer the custody across the oil & gas industries is gaining traction across the globe.

Rapid technological advancements being carried out in these meters like digital readouts, advanced sensors, and enhanced monitoring & control are projected to contribute majorly to their demand. Also, the adoption of IoT (Internet of Things) sensors to develop smart metering products and solutions is gaining popularity. But, the factor of more time consumption for calibration of meters is expected to hinder the market growth over the forecasted years, 2020 to 2027.

Product Insights

The flowmeter market across the globe can be segmented into positive displacement (PD), differential pressure (DP), ultrasonic, magnetic, vortex, Coriolis, turbine, and others based on the product type. In 2019, the segment of magnetic flowmeters held the largest share of around 24% across the global market. This can be attributed to their wide applications across industries like chemicals, petroleum refinement, pulp & paper, food & beverages owing to their cost-effectiveness, accuracy, and reliability.

The Coriolis and ultrasonic segments are projected to register a CAGR of more than 7.5% during the forecasted years, 2020 to 2027. This can be attributed to their feature of integrating technologies like IoT with solutions of flow rate measurement. The PD (positive displacement) and DP (differential pressure) flow meters were also used conventionally for the measurement of flow rates.

Application Insights

The global market can be classified into power generation, oil & gas, water & wastewater, pulp & paper, food & beverage, chemical, and others. The segment of oil & gas is projected to witness significant growth in the upcoming years. This growth can be associated with the detection of reserves of shale gas. These meters are used for the measurement of downstream and upstream processes, liquid hydrocarbon, and custody transfer.

The water & wastewater segment held the largest share exceeding 23.0% across the global market in 2019. This can be attributed to the surging need for adequate water supply, wastewater treatment, and power generation across the globe. A recent study by EPA (Environmental Protection Agency) stated that around 34 billion gallons of wastewater are being processed daily at wastewater treatment plants across the U.S.

Regional Insights

In 2019, Europe held the largest share across the global market. This can be attributed to the rising demand for ultrasonic, Coriolis, and magnetic flow meters for the management of oil & gas across this region. Moreover, the surging presence of key players engaged in the flow rate measurement solutions and products across this region is anticipated to further fuel up the demand in the upcoming years.

Asia Pacific is projected to register the highest growth with 7.0% CAGR during the forecasted years, 2020 to 2027. This can be attributed to the rapid developments being carried out across the water & wastewater management industry. Moreover, North America held a significant share across the global market in 2019 owing to the increasing presence of several prominent players across the U.S.

COVID-19 Impact Insights

The global flow meter market has been adversely affected on account of the ongoing COVID-19 crisis. This can be associated with the fact that several projects across the automation and infrastructure sectors have been either canceled or postponed for a year. Further, restrictions over sales of petroleum, oil & gas over international boundaries have impacted the demand for flow meters. Moreover, disturbance in the production and supply chain of flow meters due to the imposition of lockdown in several countries has hindered the market growth.

But, these COVID crises are projected to reduce the dependency of manufacturers on laborers in the upcoming years. Also, technological advances like industrial automation, IoT, and digitalization are projected to minimize production costs. Owing to these factors, the flow meters market is projected to gain momentum in the post-pandemic period.

Flow Meters Market Share Insights

The key players in the market are KROHNE Messtechnik, ABB, General Electric (GE), Siemens, Emerson Electric Co., and Höntzsch GmbH. These players are constantly engaged in product development and innovation to gain a competitive advantage over other players. A majority of these players like Tokyo Keiso Co., Ltd., and Yokogawa Electric Corporation, and others are headquartered in the Asia Pacific countries like Japan and China as a part of their strategic geographical advantage.

They are also engaged in developing strategies like acquisition and mergers to widen their product portfolio. Moreover, huge investments are being carried out by these players in R&Ds for expanding their global reach.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends from 2016 to 2027 in each of the sub-segments. For the purpose of this study, Million Insights has segmented the global flow meter market on the basis of product, application, and region:

• Product Outlook (Revenue, USD Million, 2016 - 2027)
    • Differential Pressure (DP)
    • Positive Displacement (PD)
    • Magnetic
        • Wired
        • Wireless
    • Ultrasonic
    • Coriolis
    • Turbine
    • Vortex
    • Others

• Application Outlook (Revenue, USD Million, 2016 - 2027)
    • Water & Wastewater
    • Oil & Gas
    • Chemicals
    • Power Generation
    • Pulp & Paper
    • Food & Beverage
    • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2027)
    • North America
        • U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • U.K.
        • France
    • The Asia Pacific
        • China
        • Japan
        • India
    • South America
        • Brazil
    • Middle East & Africa