A flow meter is a device used to measure the linear, nonlinear, volumetric or mass flow rate of liquid, gas or vapour. Depending upon their usage, these meters are also called flow indicators, flow gauges and liquid meters. The major applications of flow meters include measuring household utility consumption, flare management in refineries and measuring the flow of oil, water, fuel, chemicals, paint, etc. across different industrial sectors. According to the latest study by IMARC Group, titled “Flow Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global flow meter market reached a value of US$ 6 Billion in 2017.
The demand for flow meters has been primarily influenced by developments in major end-use industries. Over the last few years, several mining and oil refining facilities have witnessed an expansion worldwide, driven by enhanced demand for minerals and petrochemicals. Another major factor facilitating the market growth is the introduction of new flow meter technologies. Digital meters with improved accuracy and response rate along with self-diagnostic features and latest communication protocols have been replacing conventional flow meters, boosting the market growth. Owing to these factors, the market is further expected to reach a value of US$ 9 Billion by 2023, growing at a CAGR of 6.8% during 2018-2023.
The report has segmented the global flow meter market on the basis of key applications, covering residential, industrial and commercial sectors. Currently, the residential sector is the largest application area, accounting for the majority of the total share. Based on types, analog flow meters dominate the market, followed by smart flow meters. The market is also segmented on a regional basis, covering North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Amongst these, North America represents the largest market, followed by Europe. An analysis of the competitive landscape provides the details of the key players operative in the market. Some of the major players are ABB Group, Emerson Electric, Siemens, Schneider Electric and Saison Information Systems Co., Ltd.
This report provides a deep insight into the global flow meter market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the flow meter industry in any manner.
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