Flow Meters Market Size, Share, Market Research and Industry Forecast Report, 2020-2027 (Includes Business Impact of COVID-19)

  • TBI396321
  • November 28, 2020
  • Global
  • 132 pages
  • Lucintel

Industry Insights, Market Size, CAGR, High-Level Analysis: Flow Meters Market

The global flow meters market size was valued at USD 7.8 billion in 2019 and is anticipated to register a CAGR of 5.8% from 2020 to 2027. The objective of the report is to provide in-depth analysis and detailed information about crucial influential factors propelling the growth of the market. The increasing demand for flow rate measurement in oil and gas management applications across the globe is expected to drive the growth of the global market over the forecast period. The adoption of flow measurement technologies and instruments would also gain traction in other sectors, such as water and wastewater, power generation, and pulp and paper over the forecast period. The adoption of flow meters would be particularly significant in the oil and gas, and chemical and petroleum refinery sectors owing to the recent detection of shale gas reserves in North America, Europe, and Asia Pacific. The demand for intelligent flow meters is expected to increase over the foreseeable period as the integration of IoT has led to the introduction of smart flow rate measurement solutions. The demand for Coriolis flow meters is estimated to increase on account of its enhanced smart capabilities to measure flow rate more accurately. The players in the flow meters market are mainly targeting the oil and gas sector and investing aggressively to offer innovative products and solutions to measure the flow rate of liquids, gases, and vapors. Additionally, custody transfer in the oil and gas sector is one of the key applications creating lucrative opportunities for ultrasonic and Coriolis flow meters. Advancements in technologies such as wireless monitoring and control, advanced sensors, and digital readouts are expected to drive the growth of the flow meters market over the forecast period. Manufacturers of flow meters are increasingly adopting Internet of Things (IoT) sensors for smart metering solutions. The advanced approach of IoT enables automatic meter reading, which collects data automatically and remotely. Owing to such technological developments in products, the market is expected to grow at a significant rate from 2020 to 2027. However, the calibration of flow meters is a time-consuming process, which is expected to pose a challenge for market growth. Rapid urbanization across developing countries in Asia Pacific drives the need for adequate water and wastewater management and power generation. As a result, the demand for flow meters in water and wastewater application is expected to be high in the region. However, labor skill issues regarding operational processes of smart flow meters along with high initial costs associated with these advanced products are a few factors that could hamper the growth of the market. Similarly, the lack of adequate calibration facilities in the MEA region and the political instability in the region are factors affecting the growth of the regional market.

Product Insights of Flow Meters Market

Based on product, the market has been segmented into differential pressure (DP), positive displacement (PD), magnetic, ultrasonic, Coriolis, turbine, vortex, and others (variable area, thermal, multiphase, and others). Magnetic flow meters have further been classified into wired and wireless. Magnetic flow meters accounted for a share of approximately 24.0% of the total market in 2019. The ultrasonic and Coriolis segments are anticipated to witness a high growth rate exceeding 7.5% from 2020 to 2027. These flow meters feature the integration of IoT, leading an increased adoption of smart flow rate measurement solutions. Differential pressure (DP) and positive displacement (PD) flow meters are conventional products for measuring flow rates. On the other hand, magnetic flow meters are ideal for measurement applications in sectors such as pulp and paper, petrochemicals, food and beverage, and chemicals and petroleum refinement owing to the reliability, accuracy, and cost-effectiveness of these meters. As a result, the magnetic segment is expected to gain a significant market share through 2027. Product innovations such as two-wired and clamp-up flow meters and wireless magnetic meters (also known as magmeters), have created additional opportunities for the adoption of magnetic flow meters. These flow meters are widely used in applications such as power generation, oil and gas, and water and wastewater management.

Application Insights of Flow Meters Market

Based on application, the market has been segmented into oil and gas, power generation, water and wastewater, chemical, pulp and paper, food and beverage, and others. The oil and gas segment is estimated to register a significant CAGR over the forecast period owing to the rapid growth of the industry. The development of shale gas reserves is also expected to boost the demand for flow meters in the oil and gas and chemical and petroleum refinement sectors. Flow meters are an effective solution to measure the flow rate of upstream and downstream processes, custody transfer, and liquid hydrocarbons within the oil and gas and chemical industries. Countries in the Asia Pacific region, such as China, India, and Southeast Asian countries, are witnessing rapid urbanization and industrial development. This has triggered the need for adequate power generation, water supply, and wastewater treatment. Moreover, with the increasing population, approximately 34.0 billion gallons of wastewater is processed per day in U.S. alone, according to the Environmental Protection Agency (EPA). Government investments in wastewater treatment plants are significant in the North American and European regions. As a result, the water and wastewater segment accounted for a share of around 23.0% of the total market and is anticipated to register a CAGR exceeding 6.0% from 2020 to 2027.

Regional Insights of Flow Meters Market

Based on region, the market has been segmented into North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and South America. Some of the prominent market players in the North American region include General Electric; Emerson Electric Corporation; and Honeywell International Inc.; therefore, the region holds a significant market share in terms of revenue. APAC is anticipated to witness a substantial CAGR exceeding 7.0% from 2020 to 2027. The market in India and China is expected to witness significant growth over the forecast period owing to continuous developments in the water and wastewater management sector. In Europe, the adoption of flow meters is high in the power generation segment, contributing to the regional market growth. The demand for magnetic, ultrasonic, and Coriolis flow meters for oil and gas management is expected to increase in the region. Europe is home to numerous manufacturers and providers of flow rate measurement products and solutions, such as Endress+Hausar AG, Diehl Metering Germany, KROHNE Messtechnik, and ABB. Therefore, Europe accounted for the largest market share in 2019 and this trend is expected to continue through the forecast period.

Market Share Insights of Flow Meters Market

Key industry participants are ABB, Emerson Electric Co., General Electric (GE), KROHNE Messtechnik, Hontzsch GmbH, and Siemens. A few leading industry participants are based in Asia Pacific. Players such as Yokogawa Electric Corporation, Toshiba, Tokyo Keiso Co., Ltd., and Tianjin Yihuan Automatic Instrument Technology Co., Ltd. are based in China and Japan. These companies focus on strategic geographic expansions through mergers and acquisitions. Additionally, industry players are continually investing in R&D to develop differentiated products and stay ahead of the competition. The report also includes a competitive landscape for a holistic understanding of the rivalry among the industry players.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Flow Meters Market Research Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of latest industry trends and opportunities in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global flow meters market report based on product, application, and region:

Product Outlook (Revenue, USD Million, 2019 - 2030)

  • Differential Pressure (DP)
  • Positive Displacement (PD)
  • Magnetic
  • Wired
  • Wireless
  • Ultrasonic
  • Coriolis
  • Turbine
  • Vortex
  • Others

Application Outlook (Revenue, USD Million, 2019 - 2030)

  • Water & Wastewater
  • Oil & Gas
  • Chemicals
  • Power Generation
  • Pulp & Paper
  • Food & Beverage
  • Others

Table of Contents 
Chapter 1 Methodology and Scope                    1.1 Market Segmentation                    1.2 Report Scope and Assumptions                    1.3 Research Methodology                    1.4 List of Data SourcesChapter 2 Executive Summary                    2.1 Summary                         2.1.1 Key Industry Trends                         2.1.2 Custody Transfer                    2.2 Recovery of Oil & Gas Sector and Flow Meters Market Trends                    2.3 History and Evolution of Flow Meters                    2.4 Installation Procedures and Standardization No
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