The global Flow Meter Market is estimated to be valued at US$ 8.12 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Flow meters are devices that measure the linear, nonlinear, mass or volumetric flow rate of a liquid or gas. They are ideal for monitoring gas and liquid flows, batching process, measuring filling times and carrying fugitive emissions. Flow meters provide accurate flow measurements for chemical, oil & gas, pharmaceutical, pulp & paper and food & beverage industries. They help in optimization of operations, quality control checks and complying with environmental regulations.
Market key trends:
One of the key trends in the flow meter market is the innovation of ultrasonic flow meters. Ultrasonic flow meters use ultrasound technology and transit-time measurement to determine flow rate without contacting the fluid. They are highly accurate for fluids with varying properties and require no pressure drop. Moreover, introduction of Coriolis meters is gaining traction as they can measure mass flow, volume flow, density and temperature with high accuracy. These flow meters are widely used across industries for custody transfer applications. Advances in design and reduced prices are further expected to drive their adoption over the forecast period.
Threat of new entrants: Low capital requirements and brand loyalty make entry difficult for new companies. However, large players have economies of scale advantages.
Bargaining power of buyers: Large industrial customers have significant bargaining power due to the number of suppliers and standardized products. Small buyers have little influence.
Bargaining power of suppliers: A few large suppliers like instrument manufacturers exist with differentiated products. However, availability of substitutes limits their power.
Threat of new substitutes: Constant innovation has increased substitution threat from alternative measurement technologies. Customers switch to better precision options.
Competitive rivalry: Intense competition exists among major players. Price wars and new product introductions are common. Smaller rivals collaborate to compete against industry giants.
The global Flow Meter Market Size is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period 2023 to 2030, due to increasing industrialization and automation. The market size for 2023 is estimated to be US$ 8.12 Bn.
Regional analysis: Asia Pacific dominates the market currently with a share of over 35% majorly driven by China, India, and other Southeast Asian countries. This region is witnessing highest growth attributable to rising manufacturing activities. North America and Europe are other prominent markets whereas Middle East & Africa and Central & South America are emerging regions with double-digit CAGRs.
Key players operating in the Flow Meter Market are Yokogawa Electric Corporation, ABB Ltd, Siemens AG, Bronkhorst High-Tech BV, Honeywell International Inc., Emerson Electric Co., SICK AG, Azbil Corporation, Christian BuÌˆrkert GmbH & Co. KG, KROHNE Messtechnik GmbH, and TSI Incorporated. Yokogawa, ABB and Siemens collectively hold over 45% share.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it