The global flow meter market reached a value of US$ 6.4 Billion in 2018. A flow meter is defined as an instrument used for measuring the linear, nonlinear, mass and volumetric flow rate of a gas or liquid. The applications of this device are varied, owing to which it is designed according to the specific engineering requirements of end users. Presently, flow meters are majorly categorized as mass, velocity and positive displacement meters. Mass meters include Coriolis and thermal mass flow meters. Velocity flow meters consist of ultrasonic, paddle wheel, target, orifice plate, turbine, vortex, variable area, and venturi tube flow meters. Whereas, positive displacement meters mainly include oscillating piston, gear flow, piston, reciprocating piston, and oval-gear meters. The demand for improved flow meters has been escalating across the globe on account of rapid urbanization and the rising need for better water and wastewater management systems.
Over the last few years, the flow meter industry has been witnessing significant growth, primarily on account of innovative product developments and expansion in application areas. Market players have substantially increased their spending on research and development (R&D) focused on the modernization of flow measurement instruments and sensor devices. Owing to this, there have been several technical improvements in the functioning of flow meters. Some of these advancements include online diagnosis and troubleshooting, remote calibration and configuration, wireless communication, improved installation management and application effects, multiple measurement formats, and embedded digital signals. These developments have made flow meters highly versatile, functional and reliable, owing to which they find applications across various end use sectors including the medical, automotive, HVAC, and process industries. Looking forward, IMARC Group expects the market value to reach US$ 9.6 Billion by 2024, registering a CAGR of around 6.8% during 2019-2024.
Breakup by Product Type:
Currently, analog flow meters represent the most popular product type. However, with the emergence of the Internet of Things (IoT), end users are shifting toward smart flow meters.
Breakup by Application:
Amongst the above-listed applications, flow meters are mostly used in the residential sector.
On the geographical front, North America represents the biggest market for flow meters, accounting for the largest market share. The growth can be accredited to the large-scale deployment of these meters in the power generation sector.
The competitive landscape of the market has also been examined with some of the key players being:
Key Questions Answered in This Report:
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