Press release
Pharmaceutical Boom Fuels Growth In The Flowmeter Market: Key Factor Driving The Growth In The Flowmeter Market
Flowmeter Market Share
What Is the Expected Flowmeter Market Size During the Forecast Period?
The size of the flowmeter market has expanded at a swift pace over the recent years. The market forecast predicts an increase from $9.95 billion in 2024 to $11.05 billion in 2025, marking a compound annual growth rate (CAGR) of 11.0%. The historic growth is attributed to various factors including the industrial focus on process optimization and efficiency, the growing need for fluid measurement and monitoring, growth of process industries like oil & gas, chemical, and petrochemical, the widespread adoption of automation and instrumentation in industrial operations, and emphasis on management and conservation of water resources.
In the upcoming years, the flowmeter market is predicted to experience robust growth, reaching a value of $15.62 billion by 2029, growing with a compound annual growth rate (CAGR) of 9.0%. This forecasted expansion over the period is credited to the demand for non-invasive and clamp-on flow measurement technologies, alongside the integration of flowmeters into IoT and Industry 4.0 applications. The usage of flowmeters in the biopharmaceutical and life science industries, the surge in renewable energy sources and biofuel production, plus the investments in R&D for future flow measurement technologies also contribute to this growth. The prediction for this period sees trends like non-invasive ultrasonic flowmeters, integration with the Industrial Internet of Things (IIoT), advanced sensor technologies for better accuracy, wireless and battery-operated flowmeters, and an emphasis on smart diagnostics and predictive maintenance.
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What Are the High-Growth Segments in the Flowmeter Market?
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, Other Flow Meters
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
Subsegments:
1) By Differential Pressure Flow Meter: Orifice Plate Flow Meters, Venturi Meters, Flow Nozzles
2) By Positive Displacement Flow Meter: Gear Flow Meters, Diaphragm Flow Meters, Piston Flow Meters
3) By Ultrasonic Flow Meter: Transit-Time Ultrasonic Meters, Doppler Ultrasonic Meters
4) By Turbine Flow Meter: Inline Turbine Flow Meters, Insertion Turbine Flow Meters
5) By Magnetic Flow Meter: Electromagnetic Flow Meters, Insertion Magnetic Flow Meters
6) By Coriolis Flow Meter: Mass Coriolis Flow Meters, Density Coriolis Flow Meters
7) By Vortex Flow Meter: Karman Vortex Flow Meters, Multi-Parameter Vortex Flow Meters
8) By Others Flow Meter: Thermal Flow Meters, Variable Area Flow Meters (Rotameters)
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What Key Drivers Are Expected to Influence Future Flowmeter Market Growth?
The expansion of the flowmeter market is anticipated to be driven by the surge in pharmaceutical production. The flowmeter, an instrument designed to gauge the rate of flow-be it linear, nonlinear, mass, or volumetric-of a liquid or gas, is a key component in the manufacturing process of pharmaceuticals. It offers precise control over critical factors like pressure and temperature. For instance, BioProcess International, a US-based online platform, reported in February 2023 that AbbVie recorded total sales of $58 billion in 2022. From these, $21.2 billion were contributions from Humira (adalimumab), showcasing a 2.6% growth from the preceding year. This underscores how burgeoning pharmaceutical production is fuelling the expansion of the flowmeter market.
Which Companies Hold the Largest Share Across Different Flowmeter Market Segments?
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, 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
What Trends Are Driving Growth in The Flowmeter Market?
Trend one: The flowmeter market is increasingly prioritizing product advancements as a trend. The discovery of advanced technology to improve a device's efficiency and utility is crucial. An example of this can be seen from the Switzerland-based industrial equipment firm ABB, which launched CoriolisMaster and ProcessMaster flowmeters in September 2023. The unique ProfiNet and Power Over Ethernet features of these flowmeters enhance efficiency, reliability, and data transfer functions for process industries, thus categorizing them as vital tools for accurate flow measurements.
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What Are the Emerging Geographies for The Flowmeter Market Growth?
Asia-Pacific was the largest region in the flowmeter market in 2024. Europe is expected to be the second largest region in the forecast period. The regions covered in the flowmeter market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Flowmeter Market?
2. What is the CAGR expected in the Flowmeter Market?
3. What Are the Key Innovations Transforming the Flowmeter Industry?
4. Which Region Is Leading the Flowmeter Market?
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