Press release
Flowmeter Market Overview, Competitive Analysis, Key Trends And Outlook 2024 To 2033
Flowmeter Market
As per the report, the flowmeter market size has grown rapidly in recent years. It will grow from $9.02 billion in 2023 to $10.03 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The flowmeter market size is expected to see strong growth in the next few years. It will grow to $14.44 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%.
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Pharmaceutical Boom Fuels Growth In The Flowmeter Market
An increase in pharmaceutical production is expected to propel the growth of the flowmeter market. A flowmeter is a device that measures a liquid or gas's linear, nonlinear, mass, or volumetric flow rate. For the manufacturing of pharmaceuticals, flowmeters are used to control extremely sensitive conditions such as pressure and temperature. According to IBEF, the Indian pharmaceutical market grew 17.7% annually in August 2021, which is an increase from 13.7% in July 2020. Furthermore, according to India Ratings & Research, the Indian pharmaceutical market revenue is expected to be over 12% Y-o-Y in FY22. Also, in the USA, according to Pharmaceutical Commerce, it is projected that by the year 2023, Americans would spend between $635 and $655 billion on medicine. This represents a 29.6 - 33.7% increase in expenditure as compared to 2019. Therefore, the rise in pharmaceutical production is driving the growth of the flowmeter market.
Abb's Coriolismaster And Processmaster Flowmeters Set New Standards In Efficiency And Precision
Product Advancements are a key trend gaining popularity in the flowmeter market. Technological advancement is a discovery of knowledge that advances technology that may help the usage or production of a device, making it more efficient. For instance, in September 2023, ABB, a Switzerland-based industrial equipment company launched CoriolisMaster and ProcessMaster flowmeters. The ProfiNet and Power Over Ethernet features of CoriolisMaster and ProcessMaster flowmeters boost efficiency, dependability, and data transfer capabilities for process industries, making them important instruments for precise flow measurement.
The flowmeter market covered in this report is segmented -
1) By Type: Differential Pressure Flow Meter, Positive displacement Flow Meter, Ultrasonic Flow Meter, Turbine Flow Meter, Magnetic Flow Meter, Coriolis Flow Meter, Vortex Flow Meter, Others Flow Meter
2) By Application: Residential, Industrial, Commercial
3) By End User: Water and Wastewater, Oil and gas, Chemicals, Power Generation, Pulp and Paper, Food and Beverage, Other End Users
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Major companies operating in the flowmeter market include ABB Group, Emerson Electric Co., Em-Tec GmbH, Endress+Hauser Management AG, General Electric Company (GE), Hitachi Ltd., Honeywell International Inc., Höntzsch GmbH, KROHNE Messtechnik GmbH, Siemens AG, Yokogawa Electric Corporation, VSE Volumentechnik GmbH, Keyence Corporation, Schneider Electric SE, Saison Information Systems Co. Ltd., Azbil Corporation, Badger Meter, Max Machinery Inc., Omega Engineering EMEA, Scharf Automation Pvt. Ltd., Forbes Marshall, Kral AG, Electronet Equipments Pvt Ltd., SIKA Dr. Siebert & Kühn GmbH & Co., Sierra Instruments, Fluid Components International LLC, McCrometer Inc., KOBOLD Messring GmbH, ONICON Incorporated, Seametrics Inc., Vogtlin Instruments GmbH, Alicat Scientific
Contents of the report:
1. Executive Summary
2. Flowmeter Market Report Structure
3. Flowmeter Market Trends And Strategies
4. Flowmeter Market - Macro Economic Scenario
5. Flowmeter Market Size And Growth
…..
27. Flowmeter Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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