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Industry Trends
Flow Meter Market size exceeded USD 6.5 billion in 2020 and is predicted to grow at a CAGR of over 6% from 2021 to 2027. The global industry shipments are projected to reach more than 34.5 million units by 2027. Rising trend toward renewable energy to reduce carbon emission and boost green energy ecosystem is augmenting the market growth.
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Flow meter is used in fuel cell systems and PV solar cell production to control the reaction among various liquids and gases in process chambers while manufacturing. Also, the flow meter helps to restrain fuel leakage inside the fuel cell stacks and control the fuel cell humidification applications in the market. The rising government initiatives and funding activities to accelerate renewable energy projects will add an advantage for the market expansion.
In the first half of 2020, the COVID-19 pandemic had a significant impact on the market progression. Due to a drop in consumer demand, supply chain disruptions, and international trade restrictions, several end-use industries, including semiconductors, oil & gas, paper & pulp, and chemicals, suspended production for a limited time. The impact was amplified by the drop in oil & gas prices, large supply-demand disparity, and fluctuating price and rising cost of raw materials in the market. During the pandemic, however, enterprises in healthcare, pharmaceutical, and food & beverage market have a considerable advantage in the continuous process manufacture and monitoring of key items.
| Report Coverage | Details |
|---|---|
| Base Year: | 2020 |
| Market Size in 2020: | 6.5 Billion (USD) |
| Forecast Period: | 2021 to 2027 |
| Forecast Period 2021 to 2027 CAGR: | 6% |
| 2027 Value Projection: | 10.5 Billion (USD) |
| Historical Data for: | 2016 to 2020 |
| No. of Pages: | 230 |
| Tables, Charts & Figures: | 367 |
| Segments covered: | Product Type, Industry Vertical |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Increasing demand for differential flow meter in natural gas measurement application will spur the industry growth
The differential flow segment held 25% of the flow meter market share in 2020 and will witness 6% growth rate through 2027. The differential flow meter is ideal for use in the oil & gas market, particularly in natural gas measurement applications. It monitors volumetric flow rather than mass flow, making it ideal for oil & gas measurement in the market. In January 2021, Superior Sensor Technology announced the launch of ND Series, a new differential pressure sensor for various industrial applications, which supports pressure ranges from 62.5Pa to 345 mBar/5psi.
Rising government initiatives to accelerate protection and safety in the oil & gas industry will propel the industry expansion
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The oil & gas application accounted for more than 31% of revenue share in 2020 and is estimated to attain a CAGR of 5.6% by 2027 owing to the rising government initiatives to surge protection and safety regarding environmental issues such as air and water quality. For instance, The US Environmental Protection Agency (EPA) amended natural gas new source performance standards (NSPS) in September 2020, adopting a Clean Air Act (CAA) approach in which the EPA monitors the relevant pollutant that causes or contributes significantly to harmful air pollution before issuing NSPS for that pollutant.
Growing adoption of flow meter in the health care sector will foster the growth for APAC region
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Asia Pacific flow meter market captured over 35% of revenue share in 2020 and is slated to grow at 8% CAGR during 2021 to 2027 led by the rising acceptance of flow meter in the healthcare & pharmaceutical sector. A widespread occurrence of various diseases and respiratory disorders, increased awareness of home healthcare, rapid growth in population and conditions associated with old age, technological advancements, and others are the factors creating growth opportunities for market players in the region. In October 2020, Flusso, a Cambridge-based startup, launched the FLS110 flow sensor, which is the smallest sensor used by MEMS. This sensor’s target application includes portable healthcare equipment such as inhalers, fitness monitoring masks, and others.
Focus on strategic alliances & acquisition to stay competitive in the market
Key players operating in the market are Alicat Scientific, Azbil, Emerson, FESTO, Honeywell International Inc, HYDAC ELECTRONIC, INNOVATIVE SENSOR TECHNOLOGY IST AG, Keyence Corporation, McMillan Flow Products, and others. The industry leaders are continuously strategizing mergers & acquisitions for the expansion of the revenue share as well as growth opportunities for flow meter in the market.
The flow meter market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD & Units in shipments from 2016 to 2027 for the following segments:
Market, By Product Type
- Thermal
- Differential flow
- Coriolis
- Ultrasonic
- Vortex
- Others
Market, By Industry Verticals
- Oil & gas
- Pharmaceutical
- Food & beverages
- Chemical
- Healthcare & life sciences
- Semiconductor
- Water & wastewater treatment
- Others
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Netherlands
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Latin America
- Brazil
- Mexico
- MEA
- GCC
- South Africa
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