Flow Meter Market - By Product Type (Thermal, Differential Flow, Coriolis, Ultrasonic, Vortex, Magnetic, Turbine), By Industry Vertical (Oil & Gas, Pharma, F&B, Chemical, Healthcare, Semiconductor, Water & Wastewater Treatment, Pulp & Paper), By Region - Global Forecast to 2032

Flow Meter Market Size

Flow Meter Market size was worth over USD 8 billion mark in 2022 and is projected to grow at a CAGR of over 7% from 2023 to 2032. A remarkable surge in pharmaceutical production aided by the increasing disease burden and the onset of the COVID-19 pandemic will propel flow meter sales during the next ten years.
 

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Countries such as France, India, and the U.S. have undertaken various initiatives and introduced several schemes to boost their pharmaceutical sector., The increasing product utilization across the food & beverages sector, influenced by the mounting uptake of packaged food items in developed regions such as North America, will create favorable growth prospects for the flow meter industry through 2032.
 

COVID-19 Impact

The COVID-19 pandemic negatively impacted the industry value chain as major end-use industries such as oil & gas, pulp and paper, chemicals, and metals and mining witnessed an unanticipated shutdown due to strict lockdown norms. The subsequent decline in product uptake downsized market revenues during the crisis. However, the diversion of government investments toward R&D and the pharmaceutical sector to innovate effective preventive therapies against the virus fueled product demand.

Flow Meter Market Trends

The use of corrosion-resistant metals such as steel and Hastelloy makes Coriolis and magnetic flow meters expensive. Additionally, magnetic flow meters have non-moving parts that don't wear out, further adding to their cost compared to other types of flow meters. As a result, the high cost of these devices may impede their growth in the years to come.
 

Flow Meter Market Analysis

With respect to the product, flow meter market share from the differential flow meter segment accounted for over USD 2 billion in 2022. Differential flow meters require low maintenance, can work in harsh environments, and boast increased suitability for low and high temperatures. Owing to these attributes, these are extensively utilized in oil and power generation industries globally.
 

In terms of industry verticals, the overall revenue from the oil & gas segment is projected to cross USD 4 billion in revenues by 2032. The growth of this segment can be attributed to the swift adoption of flow meters, particularly ultrasonic flow meters, in the oil and gas sector. These devices are used to measure fluid flow rates at extreme temperatures and pressures without the risk of contamination, driving demand for the product. Additionally, increased regulatory approvals and the development of new technologies are expected to further bolster the segment growth.