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Flow Meter Market Expected to Reach US$ 13 Billion by 2033

07-09-2024 04:11 PM CET | Industry, Real Estate & Construction

Press release from: Fact.MR

Flow Meter Market Expected to Reach US$ 13 Billion by 2033

According to predictions, the flow meter market will increase from its present valuation of US$ 7 billion in 2023 to US$ 13 billion by 2033. The market is anticipated to expand at a CAGR of 6.4% between 2023 and 2033.

As shale gas reserves grow, the need for flow meters in the oil and gas industry is anticipated to increase. Flow meters are essential in the oil and gas sector for monitoring the speed of custody transfers, liquid hydrocarbons, and upstream and downstream operations. Flow meters are a useful tool in process industries. Furthermore, because flow meters have so many benefits, governments everywhere are now required to adopt them.

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The flow meter market is driven by several factors, including

The demand for flow meters is prominently driven by the oil and gas industry, where accurate measurement of fluid flow is crucial. This sector's growth, fueled by increasing global energy demands, significantly propels the flow meter market. Flow meters play a critical role not only in oil and gas but also in industries like water management, pharmaceuticals, and food and beverage, where precise fluid measurement is essential for operational efficiency and regulatory compliance. Governments worldwide are enforcing stringent regulations on industries to ensure safety and environmental protection, mandating the use of reliable flow meters to meet compliance standards.

Additionally, the rising adoption of automation and control systems across various sectors further boosts the demand for flow meters. These meters are integral components of automated processes, facilitating accurate monitoring and control of fluid flows. Technological advancements, particularly in ultrasonic and Coriolis flow meter technologies, enhance accuracy and reliability, driving their adoption across industries. In emerging economies such as China and India, rapid industrialization and urbanization fuel the need for efficient flow measurement solutions to support infrastructure development and industrial growth, positioning flow meters as pivotal tools in these expanding markets.

Key Market Trends

The adoption of wireless and smart flow meters is on the rise, driven by their easy installation, real-time data monitoring capabilities, and remote accessibility. This trend is set to continue as industries embrace the Industrial Internet of Things (IIoT) and Industry 4.0, which prioritize seamless connectivity and data integration across operations. End-users increasingly seek flow meters equipped with advanced features like high accuracy, multi-parameter measurement, and self-diagnostics, responding to demands for enhanced operational efficiency and reliability.

Non-intrusive flow metering techniques such as ultrasonic and laser Doppler velocimetry are gaining popularity due to their non-invasive nature, allowing flow measurement in pipes without disrupting operations. This approach appeals particularly to sectors requiring minimal downtime and maintenance disruptions. In rapidly industrializing and urbanizing economies like China, India, and Brazil, the demand for flow meters is escalating, driven by infrastructure development and stringent regulatory requirements.

List of Key Companies Profiled in The Report

Emerson Electric Co.
General Electric
Hitachi Ltd.
Honeywell International Inc.
Siemens
VSE Volumentechnik GmbH
Yokogawa Electric Corporation
Others

Country-wise Insights

The United States is poised for significant growth in the industrial flow meter market, driven by ongoing advancements in water and wastewater management. Key sectors like chemicals and textiles with robust industrial bases are major influencers, propelling demand for advanced flow meter technologies. Meanwhile, in Germany, the market is expanding due to increased adoption of flow meters in the chemical industry and the presence of leading manufacturers specializing in flow rate measurement products. Industrialization trends and the availability of magnetic flow meters locally are further boosting market growth.

In Japan, market expansion is driven by rising industrial output, urbanization trends, and robust automotive sales and production. Strict regulations concerning waste management and environmental sustainability also contribute to the market's growth trajectory. Furthermore, globally, the demand for flow meters continues to rise in response to increasing food and energy needs, enhancing operational efficiencies in power generation and food processing industries.

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Competitive Landscape

Leading businesses are emphasising quality assurance, alliances, product standards, synergies, acquisitions, and deliberate geographical expansion. Market participants want to expand their capacities in order to enter developing economies.

Following safety rules, reputable flow meter manufacturers are offering precision flow meters. New flow meters that integrate industry 4.0 technologies with methods for measuring gas flow will be profitable in industrialised nations.

For instance,

In 2022, Yokogawa introduced the flowmeter OpreX CA Series. The novel tool can monitor the flow of conductive fluid (without getting in touch with the fluid).

Contact:

US Sales Office
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United States
Tel: +1 (628) 251-1583, +353-1-4434-232
Email: sales@factmr.com

About Fact.MR:

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.

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