Flow Meters Market size is set to surpass USD 10.5 billion by 2027, according to a new research report by Global Market Insights Inc.
The growing adoption of smart flow meter in electrical grids by power generation plants to monitor energy flows automatically and efficiently is driving the market growth. These smart grids show supply and demand information of energy flow. They are also useful in measuring the amount of flow in various renewable energy sources, such as solar & wind power, and new loads, such as energy storage & charging of electric vehicles, while maintaining system stability and efficiency. The rising integration of IoT and automation in the flow measurement and monitoring processes is also boosting demand in the market.
The flow meters market is gaining traction due to the rising acceptance of monitoring equipment in the food & beverages sector for product quality & hygiene. During the manufacturing and processing of various food products & breweries, flow meter helps in measuring flow, minimizing wastes, and continuous real-time monitoring of the process, thus accelerating the market expansion during the forecast period. A flow meter ensures precision and accuracy while monitoring raw material flow rates, boosting production in the food & beverages industry.
Intelligent flow technology for accurate measurements will fuel the market progression
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The ultrasonic segment held 10% of the market share in 2020 and is anticipated to witness 9% growth rate through 2027 led by the rising demand for intelligent flow measuring technologies in the water & wastewater treatment and oil & gas market for precise & accurate flow measurements. This flow meter measures the velocity of the flow (liquids or gases) with the help of an ultrasound and uses doppler technology to deliver flow analysis for industrial applications.
Browse key industry insights spread across 230 pages with 339 market data tables and 28 figures & charts from the report, “Flow Meters Market Size, By Product Type (Thermal, Differential Flow, Coriolis, Ultrasonic, Vortex), By Industry Vertical (Oil & Gas, Pharmaceutical, Food & Beverages, Chemical, Healthcare & Life Science, Semiconductor, Water & Wastewater Treatment), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Increasing usage for monitoring liquid flow & level will foster the market value in the water & wastewater industry
The water & wastewater segment in flow meters market capture 13% of revenue share in 2020 and will grow at a CAGR of 7% by 2027 owing to the rising need to monitor waste consumption, leakage detection, and others. The use of flow meter for pump testing, inspection, water injection, and methanol metering will propel the industry growth.
Rising government initiatives to control greenhouse emissions will spur the North America market revenue
North America flow meters market is projected to expand at 6% CAGR through 2027 on account of the favorable government initiatives and subsidies to control greenhouse emissions. For instance, in June 2020, The U.S. EPA (Environmental Protection Agency) had provided funds to the North American Development Bank (NADB) to develop wastewater treatment & collection services for households in Texas. In January 2020, Keyence launched a new compressed air flow meter, FD-G. The air flowmeter will help in optimizing the compressor and recognizing the leakage of harmful gases from factories.
Key players operating in the market include Alicat Scientific, Krohne Messtechnik GmbH, General Electric, Hitachi High-Tech Corporation, and others. These companies are focusing on creating strategic alliances & collaborations to expand their market share and stay competitive in the market.