Flow Meter Market size is foreseen to exceed USD 15 billion by 2032, according to a recent research report announced by Global Market Insights Inc.
Supportive government initiatives focused on boosting the semiconductor manufacturing industry across developing economies will foster product demand during 2023-2032.
Flow meter sales have witnessed an upward trend over the years, given the favorable FDI norms and supportive regulatory framework across numerous countries. Nations such as China and India have been making significant investments to set up new semiconductor manufacturing plants to aid the mounting product demand globally.
Besides, the growing product usage across the oil & gas sector to measure the flow rate of the fluids without contamination is poised to favor flow meter industry expansion over the next ten years. Similarly, the optimistic scenario of the wastewater industry, pushed by the rising need to remove pollutants from wastewater and the increasing number of water purification plants.
Expansive application avenues to boost the sales of Coriolis flow meters
Regarding the product category, the flow meter market size from the Coriolis flow meter segment is anticipated to grow at over 8% CAGR between 2023 and 2032. Coriolis flow meters provide accurate measurements in high & low pressure and varying temperatures, thus, gaining widespread acceptance across the oil & gas, chemical, food & beverages, water, and wastewater management industries. Besides, their ability to measure the mass flow rate directly while eliminating the need to compensate for viscosity, changing temperature, and pressure conditions will aid segment expansion.
Rising requirement to measure accurate flow rates to foster product adoption in the pharmaceutical industry
With respect to the industry vertical, the overall flow meter market share from the pharmaceutical segment garnered over USD 900 million in revenues in 2022.The inflating requirement for flow measurement of the raw materials of pharma products in the initial stages and at the time of liquid injection across the pharmaceutical industry will foster product demand through 2032. Additionally, the high accuracy associated with flow meters to measure the flow rate while not contaminating the fluid during flow measurement has positively influenced the market landscape.
Browse key industry insights spread across 230 pages with 357 market data tables and 36 figures & charts from the report “Flow Meter Market Size, By Product (Thermal, Differential Flow, Coriolis, Ultrasonic, Vortex, Magnetic, Turbine), By Industry Vertical (Oil & Gas, Pharmaceutical, Food & Beverages, Chemical, Healthcare & Life Science, Semiconductor, Water & Wastewater Treatment, Pulp & Paper), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2032” , in detail along with the table of contents:
Expanding oil & gas sector to bolster product demand in North America
North America flow meter market attained a valuation of over USD 1.5 billion in 2022. The expanding oil and gas industry across the North American region is a key factor supporting the regional industry progression. According to the International Energy Agency, U.S. natural gas and oil production reached 118 billion cubic feet per day and 11.6 million b/d, respectively, in 2021. The increasing product usage across the oil and gas sector will therefore support business growth through 2032.
Partnerships to strengthen the competitive landscape
Notable players in the flow meter market are ABB, Omron Corporation, Panasonic, Emerson Electric Co., TE connectivity, Renesas Electronics Corporation, Keyence corp, Siemens AG, Honeywell International Inc, Sick AG, and others. Companies operating in this business have been focusing on strengthening their strategic ties to remain competitive in the market.