The global flow meter market is poised for steady growth at approximately 5.5% CAGR over the projection period (2019-2029). The market is receiving tailwinds from versatile applications such as renewable energy sector and oil & gas industry. Fact.MR projects the global flow meter market to expand 2.3X through 2029.
“Heightening demand for coriolis, ultrasonic and magnetic flow meters is bolstering the market growth. Further, rising living standards of consumers is complementing the growth of global flow meter market. Soaring demand for fuel and electricity is driving the usage of flow meter. Waste & wastewater treatment will generate prolific demand for flow meters through 2029,” finds Fact.MR.
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Flow Meter Market – Key Findings
- Power Generation holds 29% share in the global flow meter market.
- Widespread digitization is the major growth promoting factor in the flow meter market.
- Europe and North America continue to be frontrunners in the global flow meter market.
- South Asia & Oceania ill offer profitable possibilities to manufacturers through the forecast period.
Flow Meter Market – Key Driving Factors
- Industry 4.0 revolution is fuelling the growth of global flow meter market.
- Technological advancements, mainly material innovation is spurring the demand for flow meter.
- Integration of technologies such as machine learning, artificial intelligence, and Internet of Things (IoT) is promoting the growth of flow meter market.
- Escalating shale gas exploration is strengthening market growth in both developed and developing countries.
Flow Meter Market – Key Restraints
- Flow meters are sensitive to contamination which is restraining the market growth.
- The choice of material is quite limited which is hampering market growth.
Impact of COVID-19 on Flow Meter Market
Various industries are being crippled by COVID-19 pandemic, industrial goods being one of them. The production activities continue to be hampered by widespread lockdown amid Coronavirus crisis. Scarcity of materials and subcontractors, supply chain disruption are major challenges being faced by the industry.
The global flow meter market is thus experiencing a downtime in the wake of global pandemic. The industry may take another year to recover completely from the outbreak. Business cannot sustain solely government support. Therefore, top players in the global flow meter market must figure out a plan for the survival of the industry for the next two years at the minimum.
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Some of the key players profiled in this Fact.MR study include, but are not limited to, Honeywell International, Inc., General Electric, Endress+Hauser Management AG, Emerson Electric Co., Hitachi Ltd., em-tec GmbH, and ABB. These players define the competitive landscape of the global flow meter market. Broader flow ranges, enhanced accuracy, product portfolio expansion and material innovation are amongst the key priorities of prominent manufacturers. Industry leaders continue to focus on developing regions such as Africa, Indonesia, and China for realizing their capacity expansion goals. Gainful opportunities in gas exploration projects are attracting manufacturers from across the globe.
About the Report
This 170-page study offers in-depth commentary on the global flow meter market. The study provides compelling insights on the flow meter market on the basis of product (differential pressure, positive displacement, magnetic, wired, wireless, ultrasonic, coriolis, turbine, vortex), application (water & wastewater, oil & gas, chemicals, power generation, pulp & paper, food & beverage) across six regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, Middle East & Africa).