Knowledge Sourcing Intelligence announces the publication of a new report on “Intelligent Flow Meters Market - Forecasts from 2020 to 2025” to their offering.
The increasing recognition of accurate precise and reliable calibration of fluid across various manufacturing and process industries along with increasing infrastructural investment are expected to catapult the growth of the market to a new echelon.
According to the report, the Intelligent Flow Meters is expected to reach US$9.486 billion by 2025, from US$6.859 billion in 2019.
A brief definition of intelligent flow meters and outlining of its types and applications:-
It is electronic equipment that is chiefly employed to measure flowrates, which are of linear, non-linear, volumetric nature of fluid such a liquid or gas while being transferred through pipelines and finds its application in a variety of industries which are inclusive of but not limited to chemical, food & beverages, metals & mining, oil & gas, pharmaceuticals, power sector pulp & paper as well as in wastewater treatment. Moreover, this category of equipment capable of functioning without hindrances since it remains unaffected by the parameters such as density, suspended particulate matter, temperature, as well as viscosity. Measurement can be obtained through the means of contact or non-contact.
The growth of intelligent flow meters market is dependent on several factors as mentioned below: -
The demand for intelligent flow meter is primarily necessitated by the need for integrating enhanced fluid low calibration, minimizing unpredictability in operations as well as the growing cognizance of overall process optimization through automation resulting digitalization of operations. Intelligent flow meters are known to offer better monitoring capabilities thereby empowering the concerned department or personnel to execute an informed control of the fluid flowage. Another important development that has recently gained a lot of traction is the Industrial Internet of Things (IIoT) has resulted in the growing adoption in smart flow rate measurement solutions which is expected to drive the growth of this market exponentially during the next few years. In this regard, it may be noted that the demand for the Coriolis flowmeters because of its enhanced smart capabilities that offer precise measurement for any custody transfer points and irrespective of the degree of separator efficiency it is capable of offering great diagnostic information.
Further, it may be noted that the outflow flow point of an oil is a determinant with regards the insights into how the well is performing as well as it delivers and an indication of decline rates of the reservoir simultaneously it is an essential component to discern the amount of remuneration owed to landowners. This recognition has led to players in the market advanced flow measurement technologies to invest in product innovation as exemplified by the reported investment of approx. $100 million in Boulder made by Emerson (NYSE: EMR), which is globally renowned for its advanced flow measurement technologies and diagnostics that cater to the leading global consumers with the sectors of the chemical, energy industries, food and beverage, life sciences, and power. This investment was announced in May 2020, reportedly geared towards the launch of innovation centers with the objective of carrying out research, product innovation, and industrial training for its advanced flow measurement products. Back in December 2019, the same organization launched a flow measurement solution that supports implementation of IoT strategies leveraging the power of analytical software embedded in the Coriolis flow meters enabling the access to mart diagnostics through the means of a variety of digital communication concomitantly proving the online health status of the device and its processes which is made available on demand and can be accessed either on-site or remotely. The device named Micro Motion ELITE® CMF-Series Coriolis meters has been designed in accordance with European Measuring Instruments Directive (MID) as well as in compliance with the International Organization of Legal Metrology (OIML). Another sector that has great opportunity for this is market is IoT especially with regards to smart cities whereby the power of IoT and Ultrasonic Flow Meters can be harnessed to prevent wastage of water and pave the way for smart metering systems. This has been already set in motion by an industrial alliance between, Jiangxi Water Group Co., Ltd. which is an innovative water utility company, Qingdao iESLab Electronic Co., Ltd., distinguished end-to-end supplier of smart municipal works and ams (SIX: AMS), which s globally renowned worldwide supplier of sensor solution that offer great performance whose extension was announced in July 2019 to promote advantages of ultrasonic water metering and NB-IoT technologies based on Ali Cloud.
As a part of the report the major players operating in the intelligent flow meters, which have been covered are Emerson Electric Co., Endress+Hauser Management AG, CIMTEC Automation (General Electric), KROHNE Messtechnik GmbH, Yokogawa Electric Corporation, ABB, Azbil Corporation, Brooks Instrument, Sierra Instruments, Inc., and Siemens AG.
This report segmented the intelligent flow meters market on the basis following terms:
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