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 used to measure the flow of liquids and gases in various industries such as oil and gas, chemicals, power generation, pulp and paper, food and beverage, and pharmaceutical among others. They offer advantages such as accuracy, improved efficiency and reliability. Need for continuous monitoring of flow rates for quality control and inventory management in process industries drives the growth of flow meter market.
Market key trends:
The integration of flow meters with Internet of Things (IoT) is one of the key trends witnessed in the flow meter market. IoT enabled flow meters provide remote monitoring and data analytics capabilities which help end users to gain valuable insights for productivity improvements, process optimization and predictive maintenance. They send flow data to cloud platforms over internet enabling access from any location. This has increased adoption of smart flow meters across various industries. Wireless communication protocols allow installation even in hazardous and remote areas without wiring hassles. IoT is revolutionizing the flow measurement landscape and fueling revenues in the flow meter market.
The global flow meter market is segmented by type, fluid, application, and region. Based on type, the coriolis segment dominated the market, accounting for over 25% share of the global market in 2023. Coriolis flow meters provide highly accurate measurements for liquids as well as gases. Their growing adoption across industries such as oil & gas and chemicals is driving the growth of this segment.
The global Flow Meter Market Size is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period, due to increasing industrial automation and growing investments in water & wastewater management infrastructure.
Asia Pacific region is expected to grow the fastest, exhibiting a CAGR of around 4.5% during 2023-2030. Rapid industrialization in countries such as China and India is driving the adoption of flow meters. North America dominated the market with over 25% share in 2023 due to strong presence of key players and demand from oil & gas industry.
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. The market is concentrated in nature with top 5 players accounting for over 35% share.