Flow Meter Market Grow With CAGR Of 6.3% | Focuses On Top Companies, Region And Opportunities

Flow meters are known for precise metering applications, and hence their use is mostly recommended in process industries. Also, the government from various geographies is making the use of flow meters mandatory in process industries by taking into account the benefits associated with flow meters.

According to the report, the global flow meter industry was pegged at $7.37 billion in 2018 and is projected to reach $11.9 billion by 2026, registering a CAGR of 6.3% from 2019 to 2026.

The ultrasonic segment to manifest fastest CAGR through 2026

The ultrasonic segment is expected to register the fastest CAGR of 6.9% during the forecast period, owing to increased reliability, reduced pressure drop, and relatively higher accuracy. However, the differential pressure segment held the largest share in 2018, contributing to more than one-fourth of the global flow meter market.

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By application, the power generation industry emerged as the largest revenue contributor due to the dependency of power generation plants on feed water and hydrocarbon fuels to generate electricity. The flow of such liquids or gases is precisely monitored by thermal flow meters to keep the entire plant operating efficiently while productively generating electricity.

Asia-Pacific held the largest share, followed by Europe and North America

The global flow meter market across Asia-Pacific held the largest share in 2018, contributing to nearly two-fifths of the market, owing to high manufacturing base of industries including food & beverages, chemical, textile, refining, and water & wastewater treatment.

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Major market players

o Honeywell International Inc.
o Emerson Electric Company
o Siemens AG
o Schneider Electric SE
o ABB Ltd
o Azbil Corporation
o Yokogawa Electric Corporation
o Hitachi, Ltd.
o Badger Meter Inc.
o KROHNE Messtechnik GmbH

The power generation segment held the largest share

The power generation segment dominated the market in 2018, accounting for nearly one-third of the global flow meter market. The flow meter offers several benefits including accurate flow measurement of conductive feedwater flow, ensuring the lowest level of emission, and improving energy processing capacities. Therefore, power plants largely depend on flow metering technology, which, in turn, boosted the market growth.

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