The global market for flow meters is fairly consolidated, finds Transparency Market Research (TMR) in a new study. About a quarter of the market was taken up by regional players in 2014. Badger Meter, Inc., Siemens AG, and ABB Ltd. were the top three manufacturers of flow meters in 2014. Their collective share in the market’s total valuation was 63.7% in 2014. Most flow meters manufacturers are being pulled towards the lucrative opportunities available in wastewater management. This applies especially to the regions of Europe and Asia Pacific.
From a competitive perspective, TMR states that the flow
meter makers need to focus on how they can make their products cheaper and more
accurate. Key players are already introducing advanced technologies that offer
more accurate results than their predecessors. As a result, innovation is an
absolute necessity to stay alive in this market.
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Key players are also looking to expand their regions of
operations by forming mergers and acquiring regional players from the
fragmented section of the market.
Water Management, Petrochemical Industries Look for Smart
Flow Meters for Improving Process Efficiencies
“Flow meters are a key requirement in petrochemical
industries,” states a TMR analyst. “They are needed in interwell allocations,
water discharge, custody transfer, gas flaring, and other minor processes. The
improvements in flow meters will help the petrochemical and refining industries
in two key ways: they will firstly improve the output efficiency of the
petrochemical plant, and reduce the discharge of harmful chemicals and toxins
into the environment.”
The integration of smart flow meters in the petrochemical
and refining industries will therefore add a major benefit in terms of
optimizing production efficiency.
Further boosts are given to flow meter manufacturers in the
form of growing count of capital projects meant for advancing flow meters.
These investments are invaluable for flow meter players when trying to improve
their technologies to be more suited for its diverse array of applications.
Flow Meter Sales Disturbed by Lack of Skilled Operators
“A major concern for any advanced systems or equipment is
the equipment being used by a qualified professional,” states the TMR analyst.
“These professionals can ensure the proper functioning of the rather expensive
equipment and maintain their purpose of improving operations efficiency.”
Currently, however, there are not enough skilled
professionals working in this market. this lack of manpower for advanced flow
meter operations is severely affecting sales of flow meters across the globe.
APAC Leads in Demand for Flow Meters
The global flow meters market is expected to expand at a
CAGR of 9.5% within a forecast period from 2015 to 2021 in terms of revenue. By
2021, this revenue is expected to reach US$9.61 bn. The demand for flow meters
is the highest in the Asia Pacific region currently. By the end of 2021, this
region is expected generate a revenue of US$3.79 bn for flow meter players.
Thermal flow meters, pressure-based flow meters, and optical
flow meters, along with other similar types of flow meters, are expected to
take up US$2.71 bn of the revenue by 2021.
The information presented in this review is based on a
Transparency Market Research report, titled, “Flow Meters Market – Global
Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021.”
Key Takeaways:
- Global
flow meters market expected to reach US$9.61 bn by 2021.
- Application
of flow meters in water management expected to generate a revenue of
US$1.52 bn by 2021.
- Magnetic
flow meters to accrue a revenue of US$1.88 bn by 2021.
Key segments of the Global Flow Meters Market
Global Flow Meters Market, by Product type
- Magnetic
flow meter
- Coriolis
flow meter
- Ultrasonic
flow meter
- Vortex
flow meter
- Others
Global Flow Meters Market, by Applications
- Energy
management
- Water
management
- Food
processing
- Oil
and gas
- Others
Global Flow Meters Market, by Region
- North
America
- Europe
- Asia
Pacific
- Rest
of the World
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