The Flow Meter Market is Estimated To Witness High Growth Owing To Adoption of Advanced Flow Meter Technology



The 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.


Market Overview:
A flow meter is a device used to measure linear, nonlinear, mass, or volumetric flow rate of a liquid or gas. Flow meters are essential for monitoring flows for custody transfer of petroleum liquids, chemicals and natural gas. They are also vital for process control and diagnostics.

Market key trends:
One of the key trends driving growth of the flow meter market is adoption of advanced flow meter technology. Advanced meters such as ultrasonic flow meters, Coriolis flow meters and magnetic flow meters offer higher accuracy and reliability compared to traditional flow meters such as positive displacement and turbine flow meters. These advanced flow meters also require low maintenance. Moreover, they have multi-application capability and can cater to various process industries such as chemicals, oil & gas, power generation, food & beverages and pharmaceuticals. Growing demand from such diverse end-use industries is expected to boost adoption of advanced flow meters significantly over the forecast period.

Porter's Analysis

Threat of new entrants: New entrants face high initial costs to enter the flow meter market due to requirements for R&D, manufacturing infrastructure and distribution channels. Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of various flow meter technologies offered by different manufacturers. Bargaining power of suppliers: A few key components in flow meters such as sensors are specialized, giving suppliers moderate bargaining power. Threat of new substitutes: No major substitute technologies available for flow measurement provide low threat of substitutes. Competitive rivalry: Intense competition exists among existing players to gain market share.

SWOT Analysis

Strengths: Flow meters offer accurate measurement for process control and optimization. Wide range of flow meter types cater to diverse flow measurement applications. Weaknesses: Higher costs involved compared to traditional flow measurement methods. Require skilled personnel for installation and maintenance. Opportunities: Growth in process industries like oil & gas, chemicals boosts demand. Adoption in new areas like power generation and water & wastewater treatment presents opportunities. Threats: Economic slowdowns impact capital spending on flow meter installation across end-use industries. Competition from low-cost local players erodes margins.

Key Takeaways

The global Flow Meter Market Size is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period, due to increasing demand from various process industries for process optimization and quality control. The Asia Pacific region dominates the global flow meter market currently and is expected to remain the fastest growing region during the forecast period due to rapidly increasing manufacturing activity and process automation adoption across countries like China and India.

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 Bürkert GmbH & Co. KG, KROHNE Messtechnik GmbH, and TSI Incorporated. These players are focusing on developing innovative flow meter technologies and expanding into emerging markets through partnerships and mergers & acquisitions to strengthen their geographic footprint.

 

Read More: https://www.rapidwebwire.com/flow-meter-market-demand-growth-and-regional-outlook/

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