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 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Flow meters measure the rate of liquid or gas through a pipe. They are widely used in industries like oil& gas, power generation, water & wastewater, pharmaceuticals, etc to measure liquids or gases for control and monitoring applications.
Market key trends:
One of the major trends in the flow meter market is the increasing adoption of smart flow meters. Smart flow meters can measure flow parameters more accurately by eliminating errors from environmental conditions like vibration and temperature fluctuations. They have many advantages like integrated technologies for remote monitoring and flow diagnostics, reduced installation costs, optimized process control and efficiency. With IIoT technologies, smart flow meters enable real-time data monitoring through cloud connectivity which helps end-users in predictive maintenance and reducing overall operational costs.
SWOT Analysis
Strength: Flow meters offer accurate measurement of flow, pressure, and temperature. They help improve process efficiency and product quality.
Weakness: High initial installation and procurement cost of advanced flow meters can be prohibitive for price-sensitive customers.
Opportunity: Rising need for efficiency in process industries offers scope for increasing sales of intelligent flow meters with remote monitoring and predictive maintenance capabilities.
Threats: Presence of low-cost alternatives and local manufacturers pose pricing challenges to established brands.
Key Takeaways
The global Flow Meter Market Size is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period, due to increasing need for resource optimization across industries. The Asia Pacific region dominates the market owing to large manufacturing sectors and growing process industries in countries such as China and India.
Regional analysis
The Asia Pacific region holds the major share of the flow meter market due to rapidly expanding manufacturing industry and increasing focus on quality control and efficiency. China, India and other Southeast Asian countries offer lucrative opportunities due to low production costs and growing domestic demand. North America and Europe are also significant markets driven by well-established process and power industries.
Key players operating in the flow meter market are Yokogawa Electric Corporation, ABB Ltd, Siemens AG, Bronkhorst High-Tech BV, Honeywell International Inc., Emerson Electric Co., SICK AG, Azbil Corporation, Christian Bürkert GmbH & Co. KG, KROHNE Messtechnik GmbH, and TSI Incorporated.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
