Flow Meter Market Size, Share, Opportunities, And Trends By Type (Velocity Flow Meter, Differential Pressure, Mass Flow Meter, Positive Displacement, Others), By Medium (Liquid, Gas), By End-User (Oil & Gas, Chemical, Water Treatment, Mining, Steel, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Mar 2023
- Report Code : KSI061614543
- Pages : 135
Flow Meter Market is projected to grow at a CAGR of 6.06% to reach US$8823.02 million in 2028 from US$5844.3 million in 2021.
A flow meter is a device used to measure the flow rate or quantity of a fluid, such as gas or liquid, that passes through a pipe or other enclosed space. It is typically used to monitor the flow of a fluid in an industrial process or to measure the consumption of a fluid in a residential or commercial application. Flow meters are used in a variety of applications, including chemical processing, oil and gas production, water treatment, and HVAC systems. They are also used in consumer applications such as water and gas meters for homes and businesses. The precise measurement of fluid flow is important in many industries, as it can impact product quality, production efficiency, and cost control. Thus, the growth of such industries drives the market for flow meters.
One of the main factors that drive the market for flow meters is the rising demand for oil and gas.
Flow meters play a critical role in the oil and gas industry, providing accurate and reliable measurements of fluids at various stages of production, transportation, and processing. Thus, the rise in demand for flow meters is fuelled by the growing production of oil and gas. For instance, according to the International Energy Agency, global oil production in 2020 was recorded at 4141 megatonnes (MT), furthermore, the agency predicts that the oil demand will increase from 91 thousand barrels per day (mb/d) in 2020 to around 104 mb/d in 2026. The same source also suggests that global oil production is forecasted to increase by an average of 1.1 million barrels per day (b/d) in 2023 and 1.5 million b/d in 2024. Data from IEA shows that around 46,578,007 terajoules (TJ) of oil was produced in the Middle East in 2020 whereas 12,157,338.0 TJ of oil production was recorded in Africa in the same year. Increasing natural gas production and consumption will also lead to the growth of the flow meter market. IEA data shows that global natural gas production was recorded at 4014 billion cubic meters (BCM) in 2020. The global natural gas final consumption was recorded at 73,513,956.0 TJ in 2020. Data from the U.S. Energy Information Administration indicates that the total natural gas consumption in the U.S. has gone up from 3,346,928 million cubic feet (MMcf) in 2021 to 3,593,028 MMcf in 2022. Such an increase the in production and consumption of oil & natural gas will drive the market growth of the flow meters.
The growing investments in water treatment plants are anticipated to drive the growth of the flow meter market.
Flow meters play a critical role in the water treatment process, allowing operators to monitor and control water flow rates and ensure that the water is treated to the required standards. By providing accurate and reliable flow measurements, flow meters can help optimize the treatment process, improve efficiency, and reduce costs. Increasing investments made in the development of such water treatment plants will drive the growth of the flow meter market. For instance, in August 2022, the Biden-Harris Administration disclosed its plan to invest $75 million in providing clean drinking water and safe wastewater infrastructure for rural areas of West Virginia. Additionally, the City of Lewisburg secured $52.7 million in loans and grants from the USDA to upgrade its water treatment facility. Similarly, in September 2022, the United States and Mexico agreed to invest $474 million in the expansion of wastewater plants, underscoring their commitment to enhancing wastewater management infrastructure. Furthermore, in a move to bolster water and wastewater infrastructure in Romania, the European Commission approved funding of over €65 million in September 2022. Canada and Ontario revealed their plans to invest approximately $190.2 million in 144 community water infrastructure projects in April 2022. Likewise, The European Investment Bank (EIB) allocated roughly €50 million to enhance water treatment plants in 36 municipalities throughout Italy in August 2022. Thus, the rising investments in water treatment plants are expected to drive substantial growth in the flow meter market.
The Asia Pacific region is expected to show the maximum growth potential for the flow meter market.
The growth of this market in the Asia Pacific region is attributed to the rapid growth in industries such as oil and gas, water and wastewater treatment, and chemical processing in several emerging economies including China, India, and Japan. These industries are major users of flow meters, and as they continue to expand, so too does the demand for flow measurement devices. For instance, data from the U.S. Energy Information Administration indicates in 2021, the demand for crude oil in India rose by 5% to reach 4.7 million barrels per day. The same source reported that China's consumption of petroleum and other liquids was approximately 15.3 million barrels per day in 2021, which is an increase of around 6%, or 840,000 barrels per day, compared to 2020. Similarly, growing investments in water treatment plants to increase the accessibility of clean drinking water in this region will also help in the growth of the flow meter market. For instance, in December 2022, Daiki Axis Japan completed an investment of around INR 200 crore for the construction and development of wastewater treatment units in India. The rising chemical industry in the countries of this region is also expected to boost the market for flow meters. For instance, according to a report published by the Indian Ministry of Chemicals and Fertilizers in 2021, the production of major chemicals in the country grew by 3.06% in 2019, and the production of major petrochemicals grew by 17.04% in the same year. The same report also indicates that the production of major chemicals increased from 16269 thousand tonnes in 2019 to 19041 thousand tonnes in 2020. The growing mining sector in this region is expected to drive the demand for flow meters. For instance, China's National Bureau of Statistics reported a 4.90% increase in mining production from 2021 to 2022. The Ministry of Statistics and Programme Implementation (MOSPI) reported that, in January 2023, there was an 8.81% increase in mining production in India compared to the corresponding period of the previous year. Additionally, the steel industry is a significant user of flow meters, particularly for measuring the flow of water and other fluids in various stages of the steel production process. The growing steel industry in this region is another reason behind the growing demand for flow meters. For instance, according to a report by the National Bureau of Statistics of China, crude steel production in the country experienced a significant growth of 8.4% (94.85 million tonnes) in August 2020 as compared to the same period in the preceding year. In another instance, The Indian Ministry of Steel reported that in 2021, India became the second-largest global producer of steel, generating approximately 118.20 MT (million tonnes) of crude steel, indicating a growth rate of 17.9% compared to the corresponding period in 2020. Thus, the growth of these industries will drive the demand for flow meters in the Asia Pacific region.
Market Key Developments
- In September 2022, Yokogawa Electric Corporation released the OpreX Magnetic Flowmeter CA Series. The flowmeters were capacitance-type magnetic flowmeters that could measure the flow of conductive fluids through a measurement tube without the fluids contacting the device's electrodes. The series included new features that enhanced user-friendliness, maintainability, and operational efficiency, in addition to the non-wetted electrode construction
- In June 2022, a compact flow meter that measured only 5 cm in length and weighed 7 g was introduced by Sensirion, known as the SLF3S-4000B, which accurately measured flow rates of up to 1 l/min.
- In May 2022, SONOTEC, a specialist in ultrasonic technology, improved its SONOFLOW CO.55 flow meter to enhance the efficiency of PAT-related upstream and downstream processes in biotechnology applications. The upgraded flow meter boasted a measurement accuracy of up to 1% and exhibited negligible drift at zero flow.
Flow Meter Market Scope:
|Market Size Value in 2021||US$5844.3 million|
|Market Size Value in 2028||US$8823.02 million|
|Growth Rate||CAGR of 6.06% from 2021 to 2028|
|Forecast Period||2023 – 2028|
|Forecast Unit (Value)||USD Million|
|Segments Covered||Type, Medium, End User, and Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||ABB, Honeywell International Inc., Emerson Electric Co., Omega Engineering Inc., CS Instruments GmbH, Endress+Hauser GmbH, General Electric, Hitachi High-Tech Corporation (Hitachi), Flow Meter Group, McCrometer Inc.|
|Customization Scope||Free report customization with purchase|
- By Type
- Velocity Flow Meter
- Differential Pressure
- Mass Flow Meter
- Positive Displacement
- By Medium
- By End User
- Oil & Gas
- Water Treatment
- By Geography
- North America
- South America
- Middle East and Africa
- Suadi Arabia
- Asia Pacific
- South Korea
- North America
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Market Opportunities
4.4. Porter’s Five Force Analysis
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Power of Buyers
4.4.3. Threat of New Entrants
4.4.4. Threat of Substitutes
4.4.5. Competitive Rivalry in the Industry
4.5. Industry Value Chain Analysis
5. FLOW METER MARKET ANALYSIS, BY TYPE
5.2. Velocity Flow Meter
5.3. Differential Pressure
5.4. Mass Flow Meter
5.5. Positive Displacement
6. FLOW METER MARKET ANALYSIS, BY MEDIUM
7. FLOW METER MARKET ANALYSIS, BY END-USER
7.2. Oil & Gas
7.4. Water Treatment
8. FLOW METER MARKET ANALYSIS, BY GEOGRAPHY
8.2. North America
8.3. South America
8.5. Middle East and Africa
8.5.1. Suadi Arabia
8.6. Asia Pacific
8.6.3. South Korea
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.2. Honeywell International Inc.
10.3. Emerson Electric Co.
10.4. Omega Engineering Inc.
10.5. CS Instruments GmbH
10.6. Endress+Hauser GmbH
10.7. General Electric
10.8. Hitachi High-Tech Corporation (Hitachi)
10.9. Flow Meter Group
10.10. McCrometer Inc.
Honeywell International Inc.
Emerson Electric Co.
Omega Engineering Inc.
Hitachi High-Tech Corporation (Hitachi)
Flow Meter Group
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