Smart Flow Meter: Innovation and Product Optimization to Boost Growth

The smart flow meter market was valued at $2.7 billion in 2021, and is estimated to reach $5.4 billion by 2031, growing at a CAGR of 7.4% from 2022 to 2031. The smart flow meter is an electronic instrument that is used to measure the volumetric flow of liquid in the pipes. Intelligent flow meters are also used to measure the velocity of a fluid with ultrasound or other techniques to calculate liquid flow accurately as compared to the other flow meters. The main feature of smart flow meters is that they are not affected by weather conditions and factors such as density, viscosity, and temperature, due to which they provide accurate measurement readings. These meters send an ultrasonic beam or laser beam to the moving fluid, which gets reflected from the moving fluid and the movement of the moving fluid is displaced on the screen.

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These types of flow meters are used in various industries such as oil & gas to detect the flow of fluid inside the pipe as well as maintain the speed of flowing liquid in pipes. These factors are expected to drive smart flow meter market growth during the forecast period. Smart flow meter market opportunities lie in the growing demand for electromagnetic meters from water & wastewater and the food & beverage industry.

The smart flow meter measures the linear, nonlinear, volumetric, or mass flow rate of a liquid or a gas. It is used in many applications such as for measuring oil flow through pipelines in the oil industry. In applications like agricultural irrigation, too much flow can flood a crop, leading to rot and a wasted harvest. Too little, which starves plants of water, is just as dangerous. Accurate flow meters remove the guesswork to ensure healthy, productive fields. In places like factories and data centers, cooling water plays a vital role in preventing equipment from overheating. It only does so if cooling systems deliver just the right volume of water, which requires accurate flow meter readings. Smart flow meters are used for getting accurate measurements to prevent loss and damage to property.

The smart flow meter market size is studied based on type, communication protocol, end-user, and region. Depending on the type, the market is divided into magnetic, Coriolis, ultrasonic, vortex, multiphase, thermal, and others (turbine, variable area, and differential pressure). Magnetic smart flow meters dominated the market share in 2021 owing to high accuracy in data results. Magnetic or also referred to as electromagnetic flow meters are those which operate on conductive liquids. It uses a signal-to-noise ratio for providing data comprised of a transmitter and sensor that together measure flow. However, the Coriolis segment is expected to grow at a higher CAGR. There is a growing usage of smart Coriolis flow meters to support demanding hydrogen applications, where accuracy and stability are imperative.

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Based on communication protocol, the smart flow meter market bifurcation is done into PROFIBUS, Modbus, HART, and others. PROFIBUS dominated the smart flow meter market share and is projected to maintain its position during the forecast. They are also used to monitor measuring equipment in process automation.

By end user, the smart flow meter market is segmented into automotive, water and wastewater, power generation, chemicals, food & beverages, oil and gas, and others. The oil & gas segment dominates the market share and is expected to continue its dominance. A smart flow meter gives more accurate results when the substance measured is gas or any other material that has no debris at a slow flow rate. Such uses of a variety of smart flow meters in the oil and gas industry encourage the market growth.

The oil and gas industry garnered the highest share in 2021 and is expected to maintain its dominance. Region-wise, the smart flow meter market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East, and Africa). The key players operating in the smart flow meter industry are ABB Ltd., Em-tec GmbH, General Electric, Hitachi Ltd. (Hitachi High-Tech Corporation), Siemens AG, Honeywell International Inc., ZENNER International GmbH and Co. KG, Peltek India, Badger Meter, Inc., and Emerson Electric Corporation.

Key findings of the study:
• North America is projected to grow at the highest CAGR of approximately 7.7%, in terms of during the smart flow meter market forecast period
• The oil and gas end user segment dominated the smart flow meter market share by over 22.9% in 2021
• By type, magnetic smart flow meter dominated the smart flow meter market and is expected to grow at a CAGR of 7.6% during the forecast period

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