IMARC Group’s latest report, titled “Flow Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global flow meter market reached a value of US$ 6 Billion in 2017. Flow meters are electronic devices manufactured to measure the quantity and flow rate of a liquid or gas moving through a pipe. They are also popularly known as liquid meters, flow indicators and flow gauges depending on the end-use industry. Some flow meters measure the rate of the substance passing through them, whereas other flow meters measure the total amount of the substance. They find applications in several industries such as automotive, petroleum, gas, HVAC, food processing, etc.
Highlights of the global flow meter market:
- Growth in various end-use industries is boosting the demand for flow meters.
- On the basis of applications, the residential sector holds the majority of the total share.
- North America accounts for the majority of the global share, representing the leading market.
The key growth-inducing factor for the market is the increasing demand for flow meters in the oil, gas and water industries. Rising population in the emerging countries has led the governments to build new water and drainage systems, thereby fuelling the market growth. Apart from this, several mining and oil refining facilities have witnessed an expansion over the years, driven by a surging demand for petrochemicals and minerals. This has also positively influenced the demand for flow meters. Further, smart flow meters provide accurate readings which help in analysing the consumption patterns and costs for the manufacturers. Owing to these enhanced properties, the demand for smart flow meters is expected to increase in the upcoming years. According to the report, the market is anticipated to reach a value of US$ 9 Billion by 2023, registering a CAGR of 6.8% during 2018-2023.
The market has been segmented on the basis of key applications. Currently, the residential sector accounts for the majority of the total market share. It is followed by the industrial and commercial sectors. The market has further been segregated on the basis of popular types into analog flow meter and smart flow meter. Region-wise, North America represents the largest market, accounting for the majority of the global share, followed by Europe. Some of the other major markets include Asia Pacific, Latin America, and Middle East and Africa. On evaluating the competitive landscape of the market, the key players found are Emerson Electric, ABB Group, Siemens, Saison Information Systems Co., Ltd. and Schneider Electric.
The report has examined the global flow meter market on the basis of:
- Analog Flow Meter
- Smart Flow Meter
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
- ABB Group
- Emerson Electric
- Schneider Electric
- Saison Information System Co., Ltd.
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