Flow meters are used to monitor and measure the flow rate of liquids and gases in various industries such as oil and gas, chemical, pharmaceutical, food and beverage, and power generation. Advancements in flow meter technologies including ultrasonic, coriolis, and magnetic flow meters have improved monitoring capabilities with high accuracy. The global flow meter market provides reliable and cost-effective solutions for industrial facilities to optimize operations. 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 key trends:
The increased awareness about water conservation and monitoring of industrial effluents in water and wastewater industries has been a major factor driving the growth of the flow meter market. Flow meters help industries reduce water losses, detect leaks, and monitor water quality by continuously measuring flow rates. Advancements in flow meter technologies have made them more affordable for small and medium industries to install for estimating water usage. Ultrasonic flow meters are increasingly being used because of their ability to accurately measure bi-directional flow without disrupting the pipe line. With government regulations imposing stricter norms on industrial water discharge and usage, many industries are upgrading to smart flow metering systems for real-time monitoring and data analysis to optimize water consumption. This rising awareness and implementation of initiatives to curb industrial water usage is expected to significantly boost the demand for flow meters during the forecast period.
Segment Analysis
The global flow meter market growth is dominated by the differential pressure meter segment as these flow meters are capable of handling gases, liquids, and steam. They provide accurate and repeatable flow measurements across a wide range of flow conditions and fluid properties. Differential pressure meters measure the pressure difference across a flow conduit that contains a pressure obstruction to generate a pressure drop proportional to flow rate. Their durability and versatility make them a cost-effective choice for a broad spectrum of flow measurement applications.
Key Takeaways
The global flow meter market is expected to witness high growth. Regional analysis related content comprises The regional flow meter market in Asia Pacific is projected to witness the highest growth during the forecast period. Increasing industrialization and infrastructure development activities across developing nations such as China and India are fueling the demand for flow meters from various end-use industries.
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.
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