Global Flow Meter Market to Grow at 6.2% During 2023-2028, Impelled by Escalating Demand from End Use Industries

According to the latest report by IMARC Group, titled “Flow Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global flow meter market size reached US$ 8.2 Billion in 2022. A flow meter refers to an instrument that is used for measuring the nonlinear, volumetric, linear, and mass flow rate of a gas or liquid. The main components of flowmeters include transmitters, transducers, and a primary device. The fluid passes through the primary device, which is further sensed by the transducer. After this, the transmitter generates a usable flow signal from the original transducer signal. At present, flow meters are available in several variants, which include open channel, optical, velocity, differential pressure, mass, positive displacement, and mechanical flowmeters. These variants offer distinct characteristics that are ideal for different applications across the metallurgy, home energy, pharmaceuticals, petrochemicals, paper and pulp, and building industries.

Global Flow Meter Market Trends:

The increasing product utilization across diverse industry verticals, such as the automotive, manufacturing, oil and gas, medical, and wastewater industries, is primarily driving the demand for high-quality flow meters. The rising establishment of manufacturing facilities in developing countries, including India and China, is further fueling the global flow meter market growth. Other than this, the emergence of Industry 4.0 has led to a shift toward customization and automation, which has increased the demand for intelligent controlling and monitoring tools and technologies, such as flow meters. Moreover, governments of various countries have been implementing newer regulations for industries to effectively treat the water prior to discharging it into water bodies, which, in turn, is creating a positive outlook for the market. Looking forward, the market is projected to grow at a CAGR of 6.2% during the forecast period (2023-2028).

Market Summary:

• On the basis of the product type, the market has been bifurcated into analog and smart flow meters. Amongst these, analog flow meters represent the largest segment.
• Based on the application, the market has been segregated into residential, industrial, and commercial. At present, flow meters are mostly used in the residential sector.
• On a regional basis, the market has been divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Currently, Asia Pacific accounts for the largest share in the market.
• The competitive landscape of the market has also been examined, with some of the key players being ABB Group, Emerson Electric Co., Siemens AG, Schneider Electric SE, and Saison Information Systems Co., Ltd.

Report Scope:
 

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