The global flow meter market encompasses various devices and technologies that are used to measure the linear, nonlinear, mass, or volumetric flow rate of gases and liquids. Flow meters are commonly used across several industries such as oil and gas, chemical, food and beverage and power generation among others to monitor and control the flow of fluids during production processes. These devices help improve operational efficiency by ensuring the accurate measurement and accountability of fluids. Common flow meter technologies include differential pressure, positive displacement, magnetic, ultrasonic, turbine, vortex and others. Differential pressure flow meters are widely adopted in the oil and gas industry to determine the amount of crude oil and natural gas extracted or transported through pipelines.
The global flow meter market is estimated to be valued at US$ 8.12 Bn in 2023 and is expected to exhibit a CAGR of 15.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the flow meter market includes rising adoption in the oil and gas industry. The oil and gas industry accounts for over 30% of the total flow meters demand globally. Flow meters help oil and gas companies to optimize production processes, ensure safety, measure throughput and supply downstream consumption and revenue figures. Furthermore, differential pressure flow meters are highly suitable for liquid hydrocarbon measurement and are extensively used across the oil and gas value chain for allocation, custody transfer, and process control. The demand for natural gas is surging globally due to its role in energy transition and the rise in oil and gas production is augmenting the need for robust flow monitoring infrastructure and equipment including flow meters.
Another driver for the flow meter market expansion is increasing applications of ultrasonic, magnetic and vortex flow meters technology. These advanced flow meter variants offer high accuracy even under dynamic process conditions along with non-intrusive measurement capabilities. Ultrasonic flow meters in particular witness strong uptake in the pharmaceutical industry for bioprocess and small volumetric flow applications. The proliferation of Industry 4.0 is also propelling the adoption of smart flow meters equipped with IoT connectivity and advanced diagnostics. These factors are expected to open lucrative opportunities for flow meter manufacturers over the forecast period
Segment Analysis
The flow meter market can be segmented based on product type, technology, application and geography. By product type, the differential pressure flow meters segment holds the largest market share owing to its extensive use in residential and commercial establishments. By technology, positive displacement flow meters dominate the market as these are an ideal solution for accurate measurement of low-medium flow rates of liquids and gases. By application, the water & wastewater segment accounts for over 30% of total market share due to flow meter’s use in monitoring flow across pipelines and distribution networks.
PEST Analysis
Political: Flow meter installations are subjected to regulatory compliances around measurement standards and certification. Recently some countries have made real-time flow monitoring mandatory across key industries positively impacting demand.
Economic: Growth of process industries like oil & gas, pharmaceuticals, chemicals is driving investments in automated process control systems incorporating flow meters for improved output. Rising industrial automation adoption especially in developing economies is another key factor.
Social: Increasing global population is placing higher demands on water management and supply networks necessitating integration of intelligent flow measurement technology. Also, growing energy needs require robust fuel distribution infrastructure utilizing flow meters.
Technological: Advancements in sensor technology, connectivity and data processing have enabled development of smart integrated flow meters with remote monitoring capabilities. Emergence of alternative energy has also opened up opportunities for innovative application-specific flow meter designs.
Key Takeaways
The Global Flow Meter Market Growth is expected to witness high over the forecast period.
Regional analysis: The flow meter market in North America ranks second accounting for around 25% share driven by early technological adoption and presence of leading global players. Government mandates to reduce non-revenue water losses have propelled flow meter installations across municipal water networks.
Key players operating in the flow meter market are India Systems Pvt. Ltd., Enkay Technologies, Budget Signs, Truknox Technologies and Intellicon. India Systems Private Ltd is a prominent Indian player specializing in electromagnetic flow meters for water applications. Enkay Technologies from the US manufactures ultrasonic Doppler flow meters catering to industries like chemicals and HVAC.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it