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The vortex flowmeter market size is forecast to increase by USD 162.28 million, at a CAGR of 6.05% between 2023 and 2028. The growth rate of the market depends on several factors such as the expansion of oil terminals increasing demand for vortex flowmeters, Increased focus on accuracy and reliability in the flow measurement process, and rising demand for multivariable vortex flowmeters.
The market report includes a comprehensive outlook on the vortex flowmeter market offering forecasts for the industry segmented by End-user, which comprises the oil and gas industry, power industry, chemical and petrochemical industry, food and beverage industry, and others. Additionally, it categorizes Type into inline vortex flowmeter, massflow vortex flowmeter, and insertion vortex flowmeter, and covers Region, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
Vortex Flowmeter Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
Vortex flowmeters are required for pipeline applications, which are used for the transportation of refined products, carbon dioxide, water, and steam. The increasing expansion of oil terminals around the globe has increased the need for vortex flowmeters and fluid handling systems across mid-stream and downstream activities in the oil and gas industry. Oil terminals are used for storing crude oil and petroleum products and also serve as centers for oil and gas transportation, thereby supporting the oil and gas supply chain. Hence, the expansion of oil terminals has a direct impact on the demand for vortex flowmeters.
Moreover, transporting oil by rail, road, or ship is expensive and requires frequent trips. However, with pipelines, oil and gas can be transported continuously and can be ramped up or shut down at any time. Pipelines have been the most preferred mode of transporting oil and gas due to their ability to address safety issues and arrest any leakage. The rising global consumption of oil and gas is expected to increase the new oil and gas pipeline constructions, which provides high-growth opportunities to vortex flowmeters companies during the forecast period.
The companies operating in the market to differentiate themselves from other companies are focusing on consulting, service delivery, and better after-sales services. Hence, the development of self-diagnostic features in the vortex flowmeters will help the vendors in providing better after-sales services as well as increase their brand recognition.
Moreover, the high adoption of smart sensors has increased the implementation of predictive maintenance in industries, which helps in defining the replacement and maintenance intervals for the equipment in the industry. This aids the industries in reducing downtime and stocking the inventory for replacement. The increasing adoption of predictive maintenance in industries will affect the market during the forecast period.
The cost associated with the initial acquisition and installation of vortex flowmeters is relatively high. While the vortex flowmeters offer high precision, the industries must weigh these costs against the long-term benefits. The costs associated with regular calibration and maintenance of vortex flowmeters also challenge the growth of the global vortex flowmeter market. Regular calibration and maintenance are crucial for the accurate functioning of vortex flowmeters.
However, improper maintenance of these devices can result in inaccurate measurements and increased downtime. Therefore, the costs associated with the initial acquisition and the maintenance of vortex flowmeters adversely affect the growth of the global vortex flowmeter market during the forecast period.
The oil and gas industry segment is estimated to witness significant growth during the forecast period. In the oil and gas industry, flowmeters are used in applications such as water injection, test and production separation, disposal wells, hydraulic fracturing, natural gas pipelines, and chemical injections. Vortex flowmeters are used to ensure optimum flow rate by accurately gauging the flow of liquids and gases in the pipelines that are used to transport oil and gas to storage vessels.
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The oil and gas industry segment was the largest and was valued at USD 91.01 million in 2018. Further, the increase in the rig count is majorly attributed to the gradual increase in offshore drilling projects, especially in the Gulf of Mexico region. The rise in the number of projects is due to the stabilization of crude oil prices, which increased the profit margin of drilling and production companies. For instance, in January 2022, US-based Exxon Mobil Corporation announced that it had made two oil discoveries at Fangtooth-1 and Lau Lau-1 in the Stabroek block offshore Guyana. As the oil and gas industry has a dominant share in the global vortex flowmeter market, the growth of the oil and gas industry and the increasing investments in new oil and gas exploration activities are expected to have a positive impact on the growth of the vortex flowmeter market during the forecast period.
Based on the type, the market has been segmented into the oil and gas industry, power industry, chemical and petrochemical industry, food and beverage industry, and others. The oil and gas industry will account for the largest share of this segment.?The inline vortex flowmeter is specially designed to be installed directly in the pipeline or flow channel where the fluid is flowing. They are suitable for applications where continuous flow monitoring is required without interrupting the pipeline and offer accurate flow measurements. The Inline vortex flowmeters are used across various industries, such as chemical processing, oil and gas, and food and beverage. In the food and beverage industry, the inline vortex flowmeter measures the flow rates of liquids such as beverages, dairy products, and various food ingredients, ensuring precise mixing and processing. The tremendous growth in the end-user industries drives the growth of the inline vortex flowmeter segment in the market during the forecast period.
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Europe is estimated to contribute 31% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the vortex flowmeter market growth analysis during the forecast period. The increasing number of pipeline projects to supply natural gas in Europe has led to a rise in demand from midstream and downstream oil and gas projects. As more and more such projects become operational, these pipelines will boost natural gas consumption in Europe, a region that is rapidly moving away from coal-based power plants to natural gas-based power plants for electricity generation. Additionally, accidents occurring at natural gas plants in Europe have emphasized the importance of using advanced devices for safe operations in gas plants in the region.
In addition, factors such as an increase in wastewater treatment activities, growing awareness about health and sanitation, and rising demand for safe drinking water in European countries such as the UK, France, Germany, and Italy will drive propel the demand for vortex flowmeters from wastewater treatment plants in Europe during the forecast period. Apart from that, the demand for vortex flowmeters from the pulp and paper industry in Europe is also high. Hence, the above-mentioned factors drive the vortex flowmeter market in Europe during the forecast period.
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.
ABB Ltd : The company offers VortexMaster FSV430 which is the basic meter for volume flow applications and is available in flange-mount and wafer-type designs.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including ABB Ltd., Azbil Corp., Badger Meter Inc., Beijing Gallop Technology Co. Ltd., Dover Corp., Emerson Electric Co., Endress Hauser Group Services AG, General Electric Co., Honeywell International Inc., ifm electronic gmbh, KROHNE Messtechnik GmbH, ONICON Inc., Parker Hannifin Corp., RS Hydro Ltd., Schneider Electric SE, Siemens AG, Sierra Instruments Inc., Tactical Flow Meter, TLV Co. Ltd., and Yokogawa Electric Corp.
Technavio vortex flowmeter market research report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The vortex flowmeter market analysis and report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and market research and growth opportunities from 2018 to 2027.
Vortex Flowmeter Market Scope |
|
Report Coverage |
Details |
Page number |
183 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.05% |
Market Growth 2024-2028 |
USD 162.28 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.46 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 31% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Azbil Corp., Badger Meter Inc., Beijing Gallop Technology Co. Ltd., Dover Corp., Emerson Electric Co., Endress Hauser Group Services AG, General Electric Co., Honeywell International Inc., ifm electronic gmbh, KROHNE Messtechnik GmbH, ONICON Inc., Parker Hannifin Corp., RS Hydro Ltd., Schneider Electric SE, Siemens AG, Sierra Instruments Inc., Tactical Flow Meter, TLV Co. Ltd., and Yokogawa Electric Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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