Flow meters are industrial instruments used for measuring the flow rate of liquids and gases. They offer accurate measurement and monitoring of fluid flow in various industries such as oil & gas, chemical, water & wastewater, power generation, pulp & paper and food & beverages. Flow meters facilitate efficient operations and process optimization by providing real-time flow data. The global Flow Meter Market is estimated to be valued at US$ 8.12 Bn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for flow meters in water and wastewater treatment plants is one of the major factors driving the growth of the flow meter market. Flow meters play a vital role in monitoring flow rates across various processes in water and wastewater treatment by measuring the volume of fluid flowing into and out of treatment units. They help utilities optimize their operations and ensure stable treatment processes by detecting leaks, irregular flow variations or equipment issues. Their ability to provide continuous flow data in real-time makes flow meters ideal for process control and monitoring in water treatment facilities. This growing usage of flow meters for improved process efficiency and control in water utilities is expected to significantly augment the market expansion over the forecast period.
Segment Analysis
The global flow meter market can be segmented into positive displacement flow meter, differential pressure flow meter, ultrasonic flow meter, vortex flow meter, and Coriolis flow meter. The differential pressure flow meter segment holds the largest share in the market. Differential pressure flow meters are widely used in applications such as liquid flow measurement in chemical, petrochemical, oil & gas industries due to high accuracy, reliability and overall cost-effectiveness.
Key Takeaways
The Global Flow Meter Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is projected to reach US$ 8.12 billion.
Regional analysis: Asia Pacific region is expected dominate the flow meter market in the coming years. Rapid industrialization and infrastructure development activities in countries such as China and India are driving the demand for flow meters in various end-use industries like chemicals, petrochemicals, oil & gas in the region.
Key players operating in the flow meter market are India Systems Pvt. Ltd., Enkay Technologies, Budget Signs, Truknox Technologies, Intellicon, BH Enterprizes, BenQ Corporation, Sony Corporation, Sharp Corporation, Panasonic Corporation, LG Electronics Inc., and Samsung Electronics Co. Ltd. The major players are focusing on new product development and geographical expansion to gain higher market share.
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