Flow meters are known for precise metering applications, and hence their use is mostly recommended in process industries. Also, government from various geographies is making the use of flow meters mandatory in process industries by taking into account the benefits associated with flow meters. Water & wastewater and power industries are providing immense growth opportunities to the market due to an increase in investment in plant capacity expansion, and a surge in wastewater generation across the globe. The global flow meter market is expected to explore new growth opportunity during the forecast period as a result of the introduction of technologically advanced flow meters that reduces the need for skilled workers by reducing the overall cost.
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The flow meter is a metering device used in almost every process industry to
measure the volume or mass of liquid and gas. A flow meter consists of various
components including tube, scale, indicator, coil, and others. Flow meters deal
with large flow quantities, and hence their performance is very much dependent
on the parameters such as pressure, viscosity, density, and temperature of the
fluid.
The global flow meter market is moving toward the maturity phase in its
industry life cycle wherein growth opportunities are largely influenced by
technological advancement. Development in technology is helping manufacturers
to develop technologically advanced new-generation flow meters that aimed to be
more user-friendly with better functionalities. Therefore, the need for skilled
manpower can be eliminated, reducing the overall cost. Some of the other
factors contributing to the global flow meter market growth are the rise in
demand for smart and intelligent flow meters and an increase in adoption in
industries like power generation, oil & gas, water, and wastewater
treatment.
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By type, the differential pressure segment accounted for the largest flow meter
market share in 2018. This is highly attributed to its unique function of
taking a direct measurements of volume. It is one of the traditional types of
flow meter whose applications are seen in almost all types of industries. This
makes them easily adaptable and easy to operate. This in turn boosts the demand
in the flow meter industry.
By application, the power generation industry emerged as the largest revenue
contributor due to the dependency of power generation plants on feed water and
hydrocarbon fuels to generate electricity. The flow of such liquids or gases is
precisely monitored by thermal flow meters to keep the entire plant operating
efficiently while productively generating electricity. As a result, flow meters
are regularly utilized in power plants to achieve overall plant efficiency.
This leads to greater adoption in the power generation industry.
Some of the major market players operating and profiled in the global flow
meter market are Honeywell International Inc., Siemens AG, Emerson Electric
Company, ABB Ltd, Schneider Electric SE, Yokogawa Electric Corporation, Azbil
Corporation, Badger Meter Inc., Hitachi, Ltd., and KROHNE Messtechnik GmbH.
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Key Findings of the Study:
• By type, differential pressure flow meter emerged as the global leader by
acquiring a 29.1% market share in 2018, and it is anticipated to be the largest
market during the forecast period
• By end user, power generation is the largest revenue segment over other end
users with more than 30% global market share in 2018
• Asia-Pacific is the largest regional market due to strong industrial growth,
the presence of emerging economies such as China, India, Japan, and South Korea
• Technological innovation and its incorporation in the flow meter technology
is opening up new growth opportunities to the market
• Middle East is expected to be the new investment-centric region due to
growing efforts to process seawater through desalination
• Global flow meter market forecast analysis from 2018 to 2026 is included in
the report.
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