by Propelled by Accuracy and precision in measurement, flow measurement aids process operations and enhances worker safety. Flow meters are used to measure the rate of flow of gases or liquids through pipelines in various industries like oil and gas, chemicals, energy, paper and pulp, and food and beverage. They help improve process efficiency, enhance quality control, and aid plant maintenance through continuous monitoring of flow. The global Flow Meter Market is estimated to be valued at US$ 8.12 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends
Industry 4.0 and Smart Manufacturing continue to gain momentum in the flow meter market. The focus is shifting towards digital connectivity and integration of flow meters with cloud platforms and analytics for predictive maintenance and remote monitoring. This allows real-time analysis of flow data to optimize operations and reduce downtime. Leading flow meter manufacturers are focusing on development of intelligent flow meters with integrated sensors, communication protocols like IO-Link and Profibus, and edge computing capabilities. For example, Azbil Corporation offers Promag W flow meters equipped with HART and Profibus communication for remote parameter setting, calibration, and diagnostics. Such trends are expected to drive the adoption of smart flow meters across industries.
Given Market Name- Flow Meter Market; CAGR: 5.2%; Forecast period is: 2023 to 2030; Market Size for 2023 is US$ 8.12 Bn; Key players: Zoetis Inc., Elanco, Merck & Co., Inc., Boehringer Ingelheim GmbH, Ceva, Bayer AG, Evonik Industries AG, and Archer Daniels Midland Company.
SWOT Analysis
Strength: Flow meters offer accurate measurement of flow rates which helps industries optimize processes. They enable monitoring and control of fluid flows and are available in a wide variety of designs to suit diverse applications.
Weakness: High initial costs involved in purchasing, installation and calibration of advanced flow meters. Lack of standardization in technology.
Opportunity: Growing process automation in industries ranging from oil & gas to water & wastewater treatment provides major opportunities for flow meter vendors. Rising demand for measurement of alternative fuels like biofuels also presents new prospects.
Threats: Competition from low-cost manufacturers offering basic flow meter models. Economic slowdowns can negatively impact capital expenditure budgets of end-user industries.
Key Takeaways
The global flow meter market analysis is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to increase from US$ 8.12 billion in 2023 to US$ 12.85 billion by 2030, registering a CAGR of 5.2%.
Regional analysis: North America currently holds the largest share of the overall flow meter market owing to strong presence of process industries in the region. Asia Pacific is projected to witness the fastest growth during the forecast period supported by rising industrialization, expansion of oil & gas industry and growing power generation capacity in countries such as China and India.
Key players: Key players operating in the flow meter market are Zoetis Inc., Elanco, Merck & Co., Inc., Boehringer Ingelheim GmbH, Ceva, Bayer AG, Evonik Industries AG, and Archer Daniels Midland Company. The market is witnessing consolidation activities with prominent mergers and acquisitions by top players to enhance their product portfolios and geographical footprint.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
