IMARC Group, a leading market research company, has recently released a report titled "Flow Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". The study provides a detailed analysis of the industry, including the global flow meter market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What Are The Growth Prospects Of The Flow Meter Industry?
According to the report, The global flow meter market size reached US$ 8.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.0 Billion by 2028, exhibiting a growth rate (CAGR) of 6.2% during 2023-2028.
What is Flow Meter?
Flow meters are instruments utilized for measuring the nonlinear, linear, mass, or volumetric flow rate of a liquid or gas. They are designed to cater to the specific engineering requirements of users. They are commonly classified into velocity, mass, and positive displacement meters. Mass meters include thermal and Coriolis flow meters, while velocity flow meters include the paddle wheel, target, ultrasonic, orifice plate, turbine, vortex, variable area, and venturi tube flow meters. Positive displacement meters mainly comprise pistons, reciprocating pistons, oscillating pistons, gear flow, and oval-gear meters. Nowadays, flow meters are gaining immense traction across the globe and are widely adopted in residential, industrial, and commercial sectors.
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What are the growth prospects and trends in the flow meter industry?
The market is primarily driven by the rising demand for flow meters across various industrial verticals, such as automotive, manufacturing, oil and gas, pharmaceutical, paper, and pulp. In addition, rapid urbanization and the surging need for efficient water and wastewater management systems have resulted in the rising demand for high-quality flow meters, thereby contributing to the market growth. Moreover, several technological advancements, such as the incorporation of the internet of things (IoT) sensors, led to the introduction of smart measurement solutions that collect data automatically and remotely and allow automatic meter readings, which represents another major growth-inducing factor. Besides this, various governments are taking the initiative to implement newer policies for industries to effectively treat water before discharging it into water bodies. Along with this, the introduction of differential pressure (DP), positive displacement (PD), and magnetic flowmeters for measurement applications in petrochemicals, food and beverages (FB), and chemicals and petroleum refinement are accelerating the product adoption rate due to their accuracy, cost-effectiveness, and reliability.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product Type:
- Analog Flow Meter
- Smart Flow Meter
Breakup by Application:
- Residential
- Industrial
- Commercial
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- ABB Group
- Emerson Electric Co.
- Siemens AG
- Schneider Electric SE
- Saison Information Systems Co., Ltd.
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