Intelligent Flowmeter Market by Major Players, Volume, Subdivision, Market Dynamic forces & Forecast 2029
The intelligent flowmeter market is estimated to register robust growth during the forecast period. In 2019, the global market was valued at USD 6,615.8 million and is estimated to reach USD 10,226.6 million by the end of 2029. A flowmeter is a device used to measure the linear, nonlinear, mass, or volumetric flow rate of a liquid or gas. Flow indicator, flow rate sensor, and flow gauge are some of the other names used to refer to a flowmeter in different industries. Rapid industrialization, coupled with increasing automation in the industrial sector, has resulted in the development of systems in which the flow rate of gases and liquids works in control loops to achieve the desired output. As a result, the accurate and precise measurement of the flow rate is important.
The U.S. Intelligent flowmeters play a crucial role in effectively managing and saving energy by accurately monitoring the flow rate and providing real-time data that enables operators to plan and schedule maintenance and repair of the system. As a result, improving the processing/manufacturing plants efficiency rate. However, the high cost associated with the intelligent flowmeter in comparison to the traditional flowmeter is expected to hinder the market growth during the years to follow.
And since flow meters help monitor and control the flow rate of systems, the use of these devices has become essential in maintaining the quality of the system and the overall plant. With the trend toward automation and greater precision gaining traction in manufacturing and industrial processing, manufacturers are focusing on integrating technologies such as IoT in flowmeters to improve their precision and ability to interfere with computers for instantaneous flow-out results. These flowmeters integrated with smart technologies and sensors are referred to as intelligent flowmeters or smart flowmeters.
The advent of automation technologies has reformed various manufacturing and processing industries, and the flowmeter industry is no exception. The adoption of industry 4.0 technologies in flow measurement instruments has made them smarter and more accurate than traditional flowmeters, which is anticipated to be the key demand driver for the market. Apart from measuring the flow rate, these instruments also help provide real-time data, enabling the plant to plan and schedule maintenance and repair, further saving time and effort. This ability of flowmeters to provide reliable support to operators also augments the market growth.
Flow meters play an important role in effectively managing and saving energy and natural resources by accurately measuring and monitoring the gas/fluid flow. The superior benefits associated with smart digital flowmeters, such as easy operability due to the availability of numeric display and more accurate and reliable results compared to traditional flowmeters, have made them the preferred choice among various end-users, especially those that are not cost-sensitive. The demand growth has compelled manufacturers to expand their product portfolios by adopting novel technologies.
Intelligent flowmeters need to be proactively maintained to obtain better visibility of the processing plant, enhance its efficiency, and provide accurate real-time data analysis over a long period. Thus, additional features and regular maintenance add to the overall cost of these flowmeters, which further deters adoption and leads to strong competition from traditional flowmeters in terms of economical prices.
The magnetic segment is expected to grow with the fastest CAGR of 6 % during the forecast period. Magnetic flowmeters are finding increased applications as they are generally non-invasive and have no moving parts, reducing the risk of breakdowns and the frequency of repairs. The market is dominated by pressure type of flowmeters since they are the oldest industrial measurement technology that is still in use today. But these are likely to be replaced with other types of flow meters with improved technology capabilities, such as wireless monitoring and control, advanced sensors, and digital readouts.
Differential pressure flowmeters are the oldest and the most widely used flow technology in industrial process measurement and control, natural gas custody transfer measurement, and several other applications. As the name suggests, these instruments work by measuring the pressure drop in the fluid medium and enable operators to compensate for flow, pressure, and temperature readings from a single flowmeter solution.
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The Major Prominent Players Covered in this Report:
ABB Group, Siemens AG, Honeywell International Inc, Emerson Electric Co, Endress + Hauser Group Services AG, Yokogawa Electric Corporation, Abzil Corporation, Brook Instrument, KROHNE Messtechnik GmbH, Sierra Instruments, Inc., HORIBA, Ltd, RIELS Instruments S.r.l., Pulsar Measurement, FlowVision GmbH, Badger Meter, Inc, Dwyer Instruments, Inc, OMEGA Engineering, Inc, Aichi Tokei Denki Co., Ltd, TOKYO KEISO Co. LTD, Fuji Electric Co. Ltd & More.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post the COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
By Type, Pressure Type, Magnetic Type, Thermal Type, Ultrasonic Type,
By Application, Oil and Gas, Chemicals, Power Generation, Food and Beverages, Metals and Mining, Water and Wastewater Treatment
Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth rate of Steerable Medical Devices in these regions, from 2021 to 2029, covering:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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Key Intelligent Flowmeter Market Trends:
- The report identifies, determines, and forecasts the Global Intelligent Flowmeter Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Intelligent Flowmeter Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Intelligent Flowmeter Market.
Key Questions Answered in The Report:
What will the Intelligent Flowmeter market growth rate?
What are the key factors driving the global Intelligent Flowmeter market?
Who are the key manufacturers in the Intelligent Flowmeter market space?
What are the market opportunities, market risk, and market overview of the Intelligent Flowmeter market?
What are sales, revenue, and price analysis of top manufacturers of the Intelligent Flowmeter market?
Who are the distributors, traders, and dealers of the Intelligent Flowmeter market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Intelligent Flowmeter Industry?
What are sales, revenue, and price analysis by regions of Intelligent Flowmeter industry?
What are the driving factors contributing to market growth during the short, medium, and long term?
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