Global Electromagnetic Flowmeters Market - Segmented by Component (Magnetic Coils, Transmitters, Sensing Electrodes), Product (In-Line, Low Flow, Insertion), Application (Water & Wastewater, Oil & Gas, Pulp & Paper) and Region - Growth, Trends and Forecasts (2018 - 2023)
Magnetic meters are comparatively accurate in some flow measurement applications. The signals produced by these meters are linear, and thus, can perform with better accuracy. It has been estimated that over 22% of the flowmeters sold around the world are magnetic flowmeters. As magnetic flowmeters have no moving parts, these meters do not obstruct the flow of the liquid flowing through the meters, making them preferable for measuring heavy liquids with suspensions, such as wood pulp and sewage. Moreover, growing awareness and new offerings from the companies are expected to aid the adoption of these systems over the coming years. However, expensive nature of the product and inability to measure non-conductive fluids are restraining the growth of the market. Thus, the demand for electromagnetic flowmeters in the oil & gas industry is limited. Interference from external magnetic fields is also limiting the deployment of these type of meters in certain applications. These factors are challenging the growth of the market.
Growing Demand from the Water & Wastewater Industry
Magnetic flowmeters provide a comparable advantage in the water & wastewater industry for flow measurement applications. The capability of meters handling extremely low flow rates and heavy suspensions in water, such as sewage and mud, have driven the adoption of magnetic flowmeters in this industry. Many countries are investing in water management solutions and establishing new infrastructure wastewater treatment.
With water becoming a scarce resource, the need for investment in the technology that can sustain the water resource for future usage is growing. Water scarcity is already affecting every continent, with many countries facing challenges to provide water for the population. With 700 million people in 43 countries suffering from water scarcity presently, and with a massive amount of wastewater still generated, are factors calling for sustainable water supply across various industries.
This has led to manufacturers willing to adopt sustainable water conservation initiatives inside the industries. The prospect for the utilizing different technologies has led to companies and developing economies to set up advanced technologies, to establish a dedicated monitoring source in managing the water management and distribution, which is boosting the market for the electromagnetic flowmeters over the forecast period. Governments in many nations are forming public-private partnerships to solve the problems relating to water scarcity and management. The investments in this industry are expected to exceed USD 58 billion by 2020. With the deployment of new infrastructure and focus on wastewater treatment growing, the demand for magnetic flowmeters is expected to grow in the industry. Thus, the growing demand from water and wastewater industry is expected to drive the growth of electromagnetic flowmeters over the forecast period.
Inline Flowmeters to Account for a Significant Portion of the Market
The growth in inline electromagnetic flowmeters has given the market a new turn. These meters employ sensors inside the pipe with the flanged or threaded connection, have accuracy of around (+/-1%), and provide reliable operation once installed in the systems. These systems can be employed in a variety of applications as they need minimal operating parameters, with respect to the size. Compared to insertion type flowmeters, inline flowmeters work with better accuracy and operating efficiency. Overall, the market for inline magnetic flowmeters is expected to grow at a healthy grow rate during the forecast period.
However, expensive nature of the product and complicated installation procedure challenge the deployment of the systems. Thus, the product finds lower adoption rates in small-sized industries.
North America to Contribute Significantly to the Market Growth over the Forecast Period
Electromagnetic flowmeters occupy a major share in North America, with significant demand from the water and wastewater industry. The market in this region is driven by technological developments and consumers preferring products offering latest technology with reliable performance. Thus, electromagnetic flowmeters are becoming extremely popular among the end users in this region. With many large companies being established players in the market, North America, specifically the United States, remains as one of the prominent regions for the electromagnetic flowmeter market in the world.
The infrastructure in this country is deteriorating over time, costing more than USD 2 billion every year. It has been estimated by EPA that USD 655 billion in water infrastructure is needed in the next 20 years in the United States to meet the needs of the water industry. Thus, the government in this country is expected to fund huge investments in the water industry over next few years to renovate and build new infrastructure. This is expected to boost the growth of electromagnetic flowmeter market in the country. Other industries are also expected to witness growth in their consumption for magnetic flowmeters. In addition to this, the chemical & petrochemical market in the region is also expected to witness growth in the next few years, with support from the government. Thus, investments in this sector can be expected to grow to influence the growth of the market. Overall, the market for electromagnetic flowmeters in North America is expected to witness a healthy growth during the forecast period.
Key Developments in the Market