June 18, 2024
Flow Meter Market

The Flow Meter Market Is Estimated To Witness High Growth Owing To Increasing Industrialization

The flow meter market comprises flow meters that are devices used for measuring the linear, nonlinear, mass, or volumetric flow rate of gases or liquids passing through a tube, duct, or pipe. Flow meters find applications in various end-use industries such as oil & gas, chemicals, power generation, food & beverages, pharmaceuticals, pulp & paper, metals & mining, and wastewater treatment among others. Flow meters provide advantages such as high accuracy, reliability, ease of use and minimum downtimes. With rapid industrialization worldwide, there has been a rise in the demand for measuring instruments like flow meters from industries for process performance monitoring and quality control.

The global flow meter market is estimated to be valued at US$ 9.36 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period of 2024 to 2030.

Key Takeaways

Key players operating in the flow meter market are India Systems Pvt. Ltd., Enkay Technologies, Budget Signs, Truknox Technologies, Intellicon, BH Enterprizes, BenQ Corporation, Sony Corporation, Sharp Corporation, Panasonic Corporation, LG Electronics Inc., and Samsung Electronics Co. Ltd. Rapid industrialization and urbanization have opened up opportunities for advanced flow meter technologies such as ultrasonic, Coriolis, magnetic, vortex, and mass flow meters. The global expansion of end-use industries and growing need for accuracy in process & quality control will further aid the growth of the flow meter market.

Market Drivers

Rising oil & gas exploration and production activities is a key driver for the flow meter market. With increasing energy demand worldwide, investments in oil & gas upstream and downstream sectors have risen. Operations like drilling, extraction, transportation, refining etc. require consistent flow monitoring of fuels, slurries, and fluids. This drives the demand for advanced flow meters. Secondly, stringent quality regulations and performance standards mandated by industry bodies have pushed manufacturers to adopt flow meter technologies for process performance monitoring. Non-compliance can lead to financial losses, therefore real-time flow monitoring ensures process efficiency and quality control.

PEST Analysis

Political: Flow Meter Market Growth  are heavily regulated by government agencies concerned with the environment and safety which impacts approvals and pricing. New environmental regulations may require installation of advanced meters in the future.

Economic: The growing water and energy scarcity is driving investments in monitoring infrastructure utilizing flow meters for efficient distribution and conservation. Rising disposable incomes also increase spending on consumer products incorporating flow technology.

Social: Growing population and urbanization globally is increasing the demand for provision of basic utilities and consumer goods. Wide acceptance of digitization and new technologies facilitates adoption of smart flow meters for remote monitoring.

Technological: Advancements in sensor technology, materials, and communications have led to development of compact and affordable smart flow meters. Integration of analytics and IoT allows remote monitoring improving productivity. Introduction of advanced metering infrastructure and development of multi-parameter meters expands applications.

Flow meter market experiences high concentration in North America and Europe, collectively accounting for over 50% share currently led by developed infrastructure and stringent regulatory norms. Presence of many global manufacturers and advanced R&D set-up also positions these regions at the forefront. However, rapid expansion of process industries and building of smart cities offers lucrative opportunities in Asia Pacific region, projected to be the fastest growing market during the forecast period. Countries like China and India are majorly driving the APAC flow meter sales supported by favorable government initiatives and growing investments.

Flow meter finds widespread use across industries like oil & gas, chemicals, power generation, food & beverage and municipalities especially in large populated economies like United States, Germany, China and Japan among others. However, Middle East and Africa region is expected to emerge as the fastest growing geographical market in coming years owing to ongoing projects around infrastructure development, oil & gas exploration activities and government initiatives toward water distribution networks in developing nations. Growing industrialization accompanied with economic diversification augurs well for market prospects in MEA.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it