Flow meters are devices used to measure the linear, nonlinear, mass, or volumetric flow rate of liquid or gases. They are used in several industries such as oil & gas, water & wastewater, pharmaceutical, food & beverage, and chemical to measure flow and volume of liquids and gases. Flow meters are an integral part of water and wastewater industries for measuring supply and consumption of water. With growing global population, demand for clean water is increasing exponentially. Also, stringent regulations pertaining to wastewater treatment have boosted adoption of flow meters in this sector.
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 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growth in the water and wastewater industries refered in the heading is one of the major drivers propelling the flow meters market. According to UN, over 1.1 billion people globally lack access to water and around 2.7 billion find water scarce for at least one month per year. Most of the world’s megacities obtain their water from large rivers located far from urban centres which require pumping stations equipped with flow meters for monitoring water flow. Stringent regulations regarding wastewater treatment have necessitated installation of flow meters across municipal wastewater pipelines to regulate and record effluent discharge. Also, demand for potable water from industries such as food and beverages, pharmaceuticals, and others is fuelling growth of flow meters market. The other driver is growing adoption of advanced and digital flow meters such as ultrasonic, magnetic, and coriolis flow meters. These new generation meters offer improved accuracy, are less complex, and require low maintenance.
Segment Analysis
The flow meter market can be segmented into Positive Displacement, Differential Pressure, Velocity, Multiphase and others. The positive displacement segment dominates the market and accounts for over 35% share due to its high accuracy in measuring flow of liquids, gases and steam applications. This segment witnesses robust demand from oil & gas, chemical, food & beverage and water & wastewater treatment industries for custody transfer, crude oil transportation and process control applications.
PEST Analysis
Political: Flow meter market is influenced by government regulations on water resource management and energy efficiency. Stringent policies related to water conservation and metering drive demand.
Economic: Strong economic growth, rising process automation and industrialization boost investments in flow measurement infrastructure. Market sees higher spend in emerging nations undergoing industrialization.
Social: Growing global population increases demand for essential resources and drives need for resource management. This emphasizes on efficient metering and monitoring of resources like water and energy.
Technological: Advancements in sensor technology, wireless connectivity and secondary instrumentation integration enable development of smart flow meters with IoT capabilities. This aids remote monitoring and predictive maintenance.
Key Takeaways
The global flow meter market share is expected to witness high growth over the forecast period. The North American region dominates currently due to strong presence of key players and extensive oil & gas industry in the region demanding flow meters for custody transfer and process monitoring applications.
Regional analysis
The North American region accounts for over 30% market share currently led by the US and Canada. Presence of key players like Zoetis Inc., Elanco and strong shale gas exploration and production activities drive flow meter adoption. The APAC region is expected to witness fastest growth during the forecast period led by China, India and Southeast Asian countries undergoing industrialization which increases demand for flow measurement infrastructure across industries.
Key players
Key players operating in the flow meter market are Zoetis Inc., Elanco, Merck & Co., Inc., Boehringer Ingelheim GmbH, Ceva, Bayer AG, Evonik Industries AG, and Archer Daniels Midland Company.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
