A new analysis report on the global intelligent flow meter market, which is forecasted between 2021 and 2028, has been published by Knowledge Sourcing Intelligence.
Throughout the forecast period, the worldwide market is anticipated to increase as a result of the rising need for flow rate measurement in applications related to oil and gas management all over the world. The oil and gas industry is the major focus of the market participants for intelligent flow meters, and they are investing heavily to provide cutting-edge products and solutions to monitor the flow rate of liquids, gases, and vapours. Rapid urbanization in emerging nations combined with technological improvements like wireless monitoring and control and sophisticated sensors will promote market expansion.
As per the report, the intelligent flow meters market is predicted to grow at a CAGR of 5.62% from US$1.748 billion in 2021 to US$2.562 billion by 2028.
A tool used to gauge a system’s fluidic level is known as an intelligent flow meter. By measuring the liquid’s velocity, the gadget calculates the volume of the fluid. Most frequently employed to detect the fluid content in pipes, the intelligent flow meter uses contactless measurement. Intelligent flow meters are unaffected by viscosity, temperature, density, and any suspended particles. In contrast to mechanical flow meters, intelligent flow meters use electrical technology instead of moving parts. One of the main factors propelling the growth of the global intelligent flow meter market is the rising need for metrologists to minimize uncertainty to increase the calibration standards for flow. The worldwide market is boosted by the high precision, stability, and dependability given by intelligent flow meters. The need for intelligent flow meters has risen since they are more sophisticated, precise, and accurate, and offer a superior diagnostic approach than traditional flow meters.
The market is witnessing multiple collaborations and technological advancements, for instance, The OpreXTM Magnetic Flowmeter CA Series was introduced by Yokogawa Electric Corporation in September 2022. The new products in the line are all capacitance-type magnetic flowmeters, which can measure the flow of conductive fluids via a measuring tube without the fluids coming into contact with the device’s electrodes.
Based on valve type the global intelligent flow meter market is divided into linear (globe valves, pinch valves and Others) and rotary valves ( ball valves, plug valves and butterfly valves). Among these two segments, the ball valve under the rotary valve segment dominated the market. The market dominance can be explained by the versatility of the ball valves since they can be used in a variety of industries such as oil and gas, chemical processing, water treatment, HVAC systems, and more
Based on technology the global intelligent flow meter market is divided into intelligent ultrasonic flowmeters, intelligent vortex flowmeters, intelligent electromagnetic flowmeters and others. During the anticipated period, the electromagnetic flow meter segment is expected to have the greatest market share. The oil and gas sector, which makes up the majority of end users in the global market for intelligent flow meters, mostly uses electromagnetic flow meters. The effectiveness and precision of these flow meters allow them to precisely measure the forward and backward flow of fluid or gas in pipes. Due to the lack of any mechanical parts, electromagnetic flowmeters have low maintenance expenses. These advantages over other types have led to the wide adoption of electromagnetic flow meters in the sectors driving the need for them.
Based on industry vertical the global intelligent flow meter market is divided into chemicals, oil and gas, pharmaceuticals, water and wastewater, paper and pulp and others. The greatest CAGR is anticipated for the oil and gas sector over the projection period. The growth of shale gas reserves is anticipated to increase demand for intelligent flow meters in the chemical, petroleum refinement, and oil and gas industries. In the oil and gas, chemical, and custody transfer sectors, intelligent flow meters offer an efficient way to monitor the flow rate of upstream and downstream operations, custody transfer, and liquid hydrocarbons.
Based on Geography the North American region is expected to grow significantly over the forecast period. The growth of the North American market for intelligent flow meters is significantly influenced by the increase in infrastructure development projects and spending by industrialized nations in the region. The region is also seeing a lot of intelligent flow market installations since several companies, including the chemical and wastewater treatment sectors, require accurate fluid calibration.
As a part of the report, the major players operating in the global intelligent flow meter market that have been covered are Emerson Electric Co., Endress+Hauser Group Services AG, CIMTEC Automation LLC (General Electric), KROHNE Messtechnik GmbH, Yokogawa Electric Corporation, ABB, Azbil Corporation, Brooks Instrument, Sierra Instruments, Inc., Siemens AG.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/intelligent-flow-meters-market
This analytics report segments the global intelligent flow meter market on the following basis:
- BY VALVE TYPE
- Linear valve
- Globe valves
- Pinch valves
- Rotary Valves
- Ball valves
- Plug valves
- Butterfly valves
- Linear valve
- BY TECHNOLOGY
- Intelligent Ultrasonic Flowmeters
- Intelligent Vortex Flowmeters
- Intelligent Electromagnetic Flowmeters
- BY INDUSTRY VERTICAL
- Oil and Gas
- Water and Wastewater
- Paper and Pulp
- BY GEOGRAPHY
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America