According to the latest report by IMARC Group, entitled “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. A flow meter, popularly known as a flow gauge, refers to an electronic device used for measuring the quantity and flow rate of a liquid, gas or vapor. Flow meters are widely used for computing household utility consumption, flare management in refineries and measuring the flow of oil, fuel, water, paint and chemicals. Their performance relies on factors such as pressure, temperature, viscosity, density and change in the kinetic energy of the matter. Owing to their advantages, flow meters are gaining traction in several end-use industries including gas, pulp and paper, water, HVAC, automotive, food processing, and petroleum.
The installation of flow meters helps in analyzing the incurred cost, reducing energy wastes and taking effective measures for conserving energy. Apart from this, the governments across numerous regions are taking initiatives and implementing regulations which are focusing on energy conservation, thereby promoting the employment of flow meters. Further, in order to expand their consumer-base, the manufacturers are introducing innovative flow meters by using new technologies. For instance, the emergence of the Internet of Things (IoT) has led to the advent of smart flow rate measurement solutions, thereby providing a thrust to the growth of the flow meter market. On account of the aforementioned factors, the market is projected to reach a value of US$ 9 Billion by 2023, expanding at a CAGR of nearly 7% during 2018-2023.
- Based on products, the market is bifurcated as analog and smart flow meters. Amongst these, analog flow meter represents the most popular product type, holding the majority of the market share.
- The market is also segregated on the basis of application into residential, industrial and commercial. Presently, the residential segment dominates the market, representing the largest application area.
- Region-wise, the market is classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Currently, North America is the leading market, accounting for the majority of the total share.
- On assessing the import and export scenario of the market, it is found that the United States and Germany are the biggest importer and exporter of flow meters, respectively.
- The competitive landscape of the market has also been examined with some of the key players being ABB Group, Emerson Electric, Siemens, Schneider Electric and Saison Information System Co., Ltd.
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