Flowmeters Market: Current Analysis and Forecast (2021-2027)
Flowmeters Market is expected to exceed the market valuation of more than US$ 11.9 billion in 2027 and is expected to grow at a significant CAGR of 5.9% during the forecast period (2021-2027). Flowmeter is a device used to measure the mass or volume of a liquid or gas. There are many names for flowmeter including flow indicator, liquid meter, flow gauge, flow rate sensor, etc. depending on the industry in which it is being used. There is a huge market for flowmeters as they are used in a variety of industries. They can measure the linear, nonlinear, volumetric, or mass flow of a liquid or gas. Flowmeters are used to measure flow. They can also be used in open channels such as streams or rivers. More frequently, they are used to measure liquids and gasses flowing through a pipe. The best flow meters are the most accurate in measuring the precision, accuracy, and resolution of the fluids.
The industrial segment is the key factor influencing the flowmeters market growth. For example, in 2019, the IOGP production indicator reported a 91% increase in oil production and a 103% increase in gas production in the last 10 years in North America. This increase is likely to affect the number of flowmeters used in the industry, as the oil & gas industry is one of the highest users of flowmeters. Additionally, growth in other such industries is also influencing the overall market growth of the flowmeter market. For example, the natural gas production in the United States is expected to increase from 23 trillion cubic feet in 2011 to 33.1 trillion cubic feet in 2040, according to the paper published in the journal Sierra. Likewise, the food and beverage industry is forecasted to grow 7% from 2020-2026 in the United States. All this is influencing the growth of the flowmeter market.
Emerson Electric Corporation, General Electric, Krohne Messtechnik GmbH, Hitachi High-Tech Corporation, ABB Ltd., Honeywell International Inc., Siemens Group, Yokogawa Electric Corporation, Azbil Corporation, Badger Meter, Inc. are some of the prominent players operating in the Flowmeters market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Products, Magnetic segment holds the major share”
Based on product, the flowmeters market is fragmented into differential pressure (DP), positive displacement (PD), magnetic, ultrasonic, coriolis, turbine, vortex, and others. The magnetic segment is further bifurcated into wired and wireless. The magnetic segment of the flow meters market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 growing at a CAGR of XX% from 2021-2027. Magnetic flow meters or mag meters are cost-effective, bi-directional, obstruction less, and provide a highly accurate volumetric flow. All these qualities make magnetic flowmeters the most popular choice. Another commonly used flow meter is the coriolis, which is a tube energized by a fixed vibration.
“Amongst Application, Waste & Wastewater segment holds the major share”
Based on application, the flowmeter market is segmented into water & wastewater, oil & gas, chemicals, power generation, pulp & paper, food & beverage, and others. Water & wastewater accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027, at a CAGR of XX% over the analyzed period. Flow meters are important for the availability of high-quality, clean water in commercial, industrial, and residential areas. Flow meters help in leak detection and pump flow management. Currently, 90% of the wastewater globally is collected and treated i.e., 31,000 m3/d. Further, the number of wastewater treatment facilities is constantly increasing with the increasing awareness about the environment. This is expected to boost the flowmeter market growth.
“North America represents one of the largest markets of Flow Meters market”
For a better understanding of the market dynamics of the Flowmeters market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of the World. North America dominated the market and grabbed around XX% market share owing to growing industrialization across the region.
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