Press release
Magnetic Flow Meters Market: Understanding the Key Product Segments and their Future
From a competitive perspective, TMR states that the flow meter makers need to focus on how they can make their products cheaper and more accurate. Key players are already introducing advanced technologies that offer more accurate results than their predecessors. As a result, innovation is an absolute necessity to stay alive in this market.
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“Flow meters are a key requirement in petrochemical industries,” states a TMR analyst. “They are needed in interwell allocations, water discharge, custody transfer, gas flaring, and other minor processes. The improvements in flow meters will help the petrochemical and refining industries in two key ways: they will firstly improve the output efficiency of the petrochemical plant, and reduce the discharge of harmful chemicals and toxins into the environment.”The integration of smart flow meters in the petrochemical and refining industries will therefore add a major benefit in terms of optimizing production efficiency.
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Further boosts are given to flow meter manufacturers in the form of growing count of capital projects meant for advancing flow meters. These investments are invaluable for flow meter players when trying to improve their technologies to be more suited for its diverse array of applications.“A major concern for any advanced systems or equipment is the equipment being used by a qualified professional,” states the TMR analyst. “These professionals can ensure the proper functioning of the rather expensive equipment and maintain their purpose of improving operations efficiency.”
Currently, however, there are not enough skilled professionals working in this market. this lack of manpower for advanced flow meter operations is severely affecting sales of flow meters across the globe.
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The global flow meters market is expected to expand at a CAGR of 9.5% within a forecast period from 2015 to 2021 in terms of revenue. By 2021, this revenue is expected to reach US$9.61 bn. The demand for flow meters is the highest in the Asia Pacific region currently. By the end of 2021, this region is expected generate a revenue of US$3.79 bn for flow meter players.
Thermal flow meters, pressure-based flow meters, and optical flow meters, along with other similar types of flow meters, are expected to take up US$2.71 bn of the revenue by 2021.The information presented in this review is based on a Transparency Market Research report, titled, “Flow Meters Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021.”
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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