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 parameters such as pressure, viscosity, density, and temperature of the fluid. The global flow meter market size was valued at $7.3 billion in 2018 and is projected to reach $11.9 billion by 2026, growing at a CAGR of 6.3% from 2019 to 2026.
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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.
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 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.
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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.
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
- The
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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