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The flow meter market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market share growth by the industrial segment will be significant during the forecast period. The demand for flow meters is high from industries. The segment will continue to hold a major share of the market during the forecast period, mostly due to the planned increase in investments by industries by major economies in APAC and the Middle East. The industrial segment includes water and wastewater, oil and gas, chemical, biomass power generation, food and beverage, paper and printing, and others. Applications of flow meters in the industrial sector.
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The industrial segment was valued at USD 4.24 billion in 2018. Moreover, rising investments and the commencement of new projects in the water and wastewater and oil and gas industries will drive the growth of the segment. Factors such as the ongoing exploration of new oil and gas fields and refinery units and an increase in onshore and offshore production activities will also drive the growth of the segment during the forecast period. The growth of this segment is primarily attributed to the increasing adoption of the market by residential consumers, which is driven by changing lifestyles and a growing preference for comfort.
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APAC is projected to account for 29% of the global flow meter market share growth by 2028. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market is driven by stringent piping requirements in various industries such as oil and gas, water and wastewater management, and chemicals. Flow meters play a crucial role in monitoring and measuring the volume of fluids and gases in pipelines. Advanced flow meter technology, including ultrasonic, magnetic, and Coriolis, is increasingly being adopted due to their high accuracy and reliability. Material selection for flow meters is critical to ensure durability and resistance to corrosion, particularly in harsh environments. Common materials used include stainless steel, brass, and PVC.
Coriolis flowmeters are leading innovations due to their accuracy and reliability in various industries, including water and wastewater management and chemical and petroleum refinement sectors. Players in the market are investing in wireless monitoring and control solutions, integrating Internet of Things (IoT) sensors to enhance real-time data acquisition and analysis. The market features a range of flowmeters, including mass flow controllers, wired and wireless magnetic flowmeters, differential pressure (DP) flowmeters, and positive displacement (PD) flowmeters. The rise of battery-powered options further supports flexibility in deployment. As the industry evolves, these technologies continue to cater to diverse needs, enhancing efficiency and operational effectiveness across sectors.
The benefits associated with flow meters are a key factor driving global flow meter market growth. The growth of the global market is attributed to the use of these meters in different end-user industries due to the benefits. These meters are used for educational purposes in university science and engineering programs. They are also used in housing projects to track the amount of water used. Engineers have created liquid flow meters that can withstand extreme variables such as changing outdoor temperature and pressure regardless of weather conditions and provide accurate results.
Moreover, the use of these meters provides benefits besides measurements, such as in helping to control the velocity of fluids and their use. It can also save water from being wasted by detecting leakages in pipes. Thus, the benefits associated with these meters will boost the global market during the forecast period.
The advent of integrated DP flow meter solution will fuel flow meter market growth. With ongoing technological advances in the global market, the advent of integrated DP flow meter solutions by Emerson Electric is considered one of the recent advances. It is a combination of existing advances and patented technologies to deliver benefits such as streamlined installation, reduced downtime, and elimination of required straight-run piping for end-users with hydrocarbon and other harsh environment applications.
In addition, it eliminates the common DP flow meter requirement for up to 44 pipe diameters of straight run upstream and six diameters downstream of the meter. Therefore, installation is simplified, and the cost is reduced. The adoption of the solution is expected to increase during the forecast period due to its unique functions and benefits contributing to the growth of the flow meter market.
The fluctuations in the prices of crude oil are the major challenge to flow meter market growth. It plays an important role in the oil and gas industry. They are used in refineries and gas processing plants. Flow meters such as Coriolis, ultrasonic, vortex, and turbine meters measure both gas and liquid flow in in-plant measurement. In addition, they are also used in blending operations for liquid hydrocarbons. The oil and gas industry, which is closely associated with the upstream industry, was directly affected by the turn of events. The downturn in oil prices had a significant effect on companies that offer flow meters to the upstream and midstream phases of the oil and gas industry.
Moreover, many large E&P projects were canceled or postponed, especially subsea projects. The rapid fall in crude oil prices triggered a massive withdrawal of investments, with the upstream sector bearing the major brunt. The profitability of companies fell drastically, with many registering significant losses. This has been a major challenge for the industry as fluctuations in the demand and supply of oil and gas can either increase or decrease the price, affecting the industry and its associated markets.
The flow meter market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the flow meter market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Badger Meter Inc. - The company is involved in offering manufacturing, marketing and distribution of products incorporating flow measurement, control, and communication solutions.
The flow meter market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Further, the market is driven by rapid urbanization, which increases the demand for water and wastewater treatment, as well as power generation. However, labor skill issues and alternatives or substitutes, such as ultrasonic sensors and magnetic flowmeters, pose challenges to market growth. The market offers various types of flow meters, including those powered by battery or solar power, with solar power systems and battery, enclosure, and charge regulator being key components. Applications span across industries like petrochemicals, food and beverages, and power type, including 2-inch pipe size and larger. Fluid velocity profile and valves are essential considerations when selecting the right flow meter for specific applications.
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Market Scope |
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Report Coverage |
Details |
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Page number |
185 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.98% |
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Market Growth 2024-2028 |
USD 3.03 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.55 |
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Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 29% |
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Key countries |
Germany, US, UK, China, and India |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., Apator SA, Azbil Corp., Badger Meter Inc., Electronet Equipments Pvt. Ltd., Emerson Electric Co., Endress Hauser Group Services AG, Forbes Marshall Pvt. Ltd., General Electric Co., Honeywell International Inc., KROHNE Messtechnik GmbH, Landis Gyr AG, Max Machinery Inc., Omega Engineering Inc., Osaki Electric Co. Ltd., Schneider Electric SE, SICK AG, Siemens AG, Toshiba Corp., and Yokogawa Electric Corp. |
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Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
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Customization purview |
If our flow meter market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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