Flow Meters Market | Key players operating in the market include BASF, DOW, Eastman, OQ Chemicals, SASOL
Browse 175 market data Tables and 58 Figures spread through 262 Pages and in-depth TOC on "Flow Meters Market - Global Forecast to 2026"
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Magnetic flow meters are also called mag meters. These flow meters follow the principle of electromagnetic induction to determine the flow of liquid in a pipe. In this type of flow meter, the magnetic field is created and directed into the liquid flowing through the pipe. Thus, the liquid flowing through the magnetic field leads to a voltage signal that is sensed by the electrodes placed at the tube walls. With the increase in speed of the flowing liquid, the voltage also increases. Thus, the speed of the flowing liquid is directly proportional to the voltage generated.
The oil & gas industry involves the production, treatment, distribution, and processing of a wide variety of fluids, gases, and contaminants that need an accurate measurement. Therefore, for these purposes, flow meters are widely used. The different applications in which flow meters are used include custody transfer measurement, mass flow measurement of crude oil, fluid loss & leak detection, and process gas flow and hydraulic fluid flow sensing in a blow-out prevention. The oil & gas industry uses various types of flow meters. These include positive displacement flow meters to measure fuel and crude oils, coriolis flow meters to measure the amount of water in crude, mass flow meters to measure process fuels and liquid additives, and electromagnetic flow meters for liquid injection. Ultrasonic flow meters are used for non-intrusive measurement throughout the production systems.
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The market size of flow meters is estimated to be USD 7.7 billion in 2021 and it is projected to reach USD 10.3 billion by 2026, at a CAGR of 6.2% between 2021 and 2026. Growth of the flow meters market is primarily triggered by increasing use in the oil & gas and water & wastewater industries. Asia Pacific is the largest market for flow meters due to rising demand for efficient flow meters from end-use industries such as chemical, water & wastewater, pulp & paper, power generation, and others. Rising capital expenditure on oil & gas, chemical, and power generation sectors in Asia Pacific is estimated to drive the region’s flow meters market. Flow meters are used for accurate measurement of greenhouse gas (GHG) emission points. Thus, rising concern of environmental conservation has led to the monitoring of GHG emissions, which acts as a driver for the regional flow meters market.
The key market players profiled in the report include Honeywell International Inc. (US), Siemens Group (Germany), Emerson Electric Co. (US), ABB Ltd. (Switzerland), Yokogawa Electric Corporation (Japan), Azbil Corporation (Japan), Badger Meter, Inc. (US), Endress+Hauser Management AG (Switzerland), Krohne Messtechnik GmbH (Germany), and Schneider Electric (France).
Players in the flow meters market are mainly concentrating on new product launches, and acquisitions to meet the growing demand for flow meters for various applications. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.
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The growth of the flow meters market has been influenced by new product launches that were undertaken between 2017 and 2020. Different companies are deploying different strategies to strengthen their position in the flow meters market. Emerson Electric Co. and Badger Meter, Inc. are mostly focused on Americas region; ABB Ltd. and Endress+Hauser Management AG are majorly focused on Asia Pacific. Siemens group has its major focus on Europe, C.I.S. countries, Middle East and Africa. In general, these five companies are all strong in their home region and exploring geographic diversification alternatives to grow their businesses. All five companies are focused on increasing their market shares through partnerships and enhancing their product portfolio over the past few years.
Emerson Electric Co. is one of the major players in the flow meters market. The company has a strong foothold in North America and is currently concentrating on expanding its business in other emerging markets including the Asia Pacific, South America, and Middle East & Africa. In 2020, the company invested more than USD 100 million for R&D, innovation Centre and new product development for flow measurement products in Colorado, US. In the last two years, company launched new Coriolis, magnetic and flow meters that can be used in specific applications and easy to install. In 2019, Emerson completed the acquisition of general electric’s intelligent platforms business, which included the flow meter business. These strategic developments taken in the past few years along with the continuous and rigorous expansion in the flow meters market can facilitate the growth of company’s annual revenue and company’s market share in flow meters market. Company has been developing and manufacturing new flow meters, transmitter, transducer and sensors for industries in which factors like accuracy, less maintenance & noise and reliability is needed.
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