Advancements in Flow Meter Diagnostics to Bolster Market Growth
Magnetic flow meters are extensively used across a plethora of end-use industries including paper & pulp, chemical, power, wastewater treatment, and metal & mining. The demand for magnetic flow meter continues to grow at a consistent pace, as market players involved in the current magnetic flow meter market are increasingly focusing on the volumetric flow and minimizing conductivity. Research and development is expected to play an important role in the growth of the global magnetic flow meter market during the forecast period. Some of the most common types of installation include low flow meter, in-line, and insertion type.
While magnetic flow meters are primarily designed as a volumetric flow device, they are increasingly being used to evaluate the mass flow– another factor that is projected to fuel the expansion of the global magnetic flow meter market during the forecast period. The increasing demand from the mining sector to measure the slurry flow is one of the major factors anticipated to contribute to the overall growth of the market for magnetic flow meter during the assessment period. As more number of companies operating in the current magnetic flow meter market landscape continue to invest resources in research, applications of magnetic flow meter continue to widen across various industries.
At the back of these factors, along with a steady development of technology, the global magnetic flow meter market is expected to surpass the market value of US$ 2.7 Bn by the end of 2030.
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Market Players Focus on Improving Product Quality and Current Technologies
Players operating in the current magnetic flow meter market landscape are largely focusing on improving the quality of their products and refining the existing flow meter technologies. Advancements in flow meter diagnostics and growing adoption smartphone technology to enhance communication to improve access are the key trends projected to influence the growth trajectory of the global magnetic flow meter market during the assessment period. The increasing focus on improving communication between the magnetic flow meter and the end user has paved the way for the adoption of the smart phone technology across the magnetic flow meter market landscape.
Over the past couple of decades, players operating in the current magnetic flow meter market are increasingly focusing on the production of compact, inexpensive, and easy-to-operate products to gain advantage in the current market landscape.
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Opportunities across Various Industries to Provide Impetus to Market Growth
The increasing adoption of magnetic flow meter from various end-use industries is expected to provide an impetus to the growth of the global magnetic flow meter market during the forecast period. The food & beverages industry is one of the key end-use sectors of magnetic flow meters, as the demand continues to grow particularly for volumetric filling systems within the food & beverages sector. In addition, variable area flow meters are also gaining considerable traction for a range of applications across the food & beverages industry. Magnetic flow meters are increasingly used for water and wastewater treatment to measure the flow of different sewages in open channels and pipes. Open channel flow meter and ultrasonic flow meters are gaining immense popularity across the wastewater treatment sector and the trend is expected to gain further momentum during the forecast period.
A number of companies are also anticipated to focus on expanding their product portfolio by launching new products. For instance, in June 2018, Krohne announced the launch of an electromagnetic flow meter that is integrated with a biocompatible disposable flow tube. In May 2020, Fuji Electric announced the launch of an ultrasonic flow meter that is suitable for use in the chemical, steel, paper, and electronics industries.
Demand to Remain Sluggish amid COVID-19 Pandemic
The COVID-19 pandemic is projected to have a moderate impact on the growth of the global magnetic flow meter market in 2020. The demand witnessed a drastic decline in the first two quarters of 2020, due to stringent lockdown regulations, closure of major industries in several regions of the world, and disruptions across the supply chain. Furthermore, due to the shutdown of the industries in China in the first quarter of 2020, availability of raw materials hindered the production of magnetic flow meters. However, the market is expected to show signs of recovery toward the end of 2020, as lockdown restrictions are being lifted and cross-border trade is gradually resuming in full swing.
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Magnetic Flow Meter Market: Overview
- According to Transparency Market Research’s latest research report on the global magnetic flow meter market for the historical period 2017–2018 and the forecast period 2020–2030, maintenance-free design that offers longer service life and integration of advanced technologies are factors expected to boost the global magnetic flow meter market during the forecast period
- In terms of revenue, the global magnetic flow meter market is estimated to cross the value of US$ 2.7 Bn by 2030, expanding at a CAGR of ~6% during the forecast period
Maintenance-free Design Offers Longer Service Life: A Key Driver
- Magnetic flow measuring devices offer cost-effective flow measurement with a high degree of accuracy for a wide range of process conditions. These are volumetric flow meters, which do not have any moving parts. The fixed parts in these magmeters (magnetic flow meters) makes these systems more reliable and they show consistent results.
- As there are no moving parts in magnetic flow meters, the sensors are not directly immersed in the liquid, eliminating wear and tear concerns. This makes these systems reliable, and easy to operate with limited maintenance.
- The expected service life of a magnetic flow meter is approximately 30 years, which is beneficial to the user as a onetime investment, although electrodes may need to be periodically cleaned
- Volumetric flow of conductive liquids, including slurries and corrosive or abrasive materials can also be detected through magmeters. These end uses of magnetic flow meters prove them to be ideal for wastewater end-use industries or to measure dirty liquid flow rate, which is conductive or water-based.
- For instance, ABB (U.S.) is providing a magnetic flow meter for the oil & gas industry, which consists of long lasting sensor lining materials. It ensures longer sensor service life, resulting in low maintenance costs. This driver is expected to have a high impact on the global magnetic flow meter market during the forecast period.
Integration of Advanced Technologies: A Key Driver
- The past few years have seen various advancements in magnetic flow meters such as the introduction of wireless connectivity and compatibility with smart devices. Electromagnetic induction technology is a good fit for liquid flow measurement despite some limitations related to non-conductive fluids. Once the magnetic flow meter is calibrated with water, it can be used to measure other types of conductive fluid with no additional correction.
- In order to make the flow rate measurement easier and reliable, some manufacturers have already introduced new advanced technologies in the flow meters for customer benefits. Some series of product range offered are battery powered and with local & remote display of flow rates in locations where equipment is exposed to different environmental elements. For instance, in May 2019, AW-Lake Company, a U.S. manufacturer and flow measurement technology providing company introduced “RT-50 flow rate transmitter,” a product range, which is Bluetooth compatible. This is now part of a series of products that support remote monitoring and programming of AW-Lake flow meters from a smartphone.
- Another important development in magnetic flow meters is continuous instrument miniaturization. This can be attributed to the size of the flow element barely needs to be bigger than the pipe or tube carrying the conductive liquid.
Lack of Compatibility with Non-conductive Liquids Hindering Growth of Magnetic Flow Meter Market
- An important point to be noted is that magnetic flow meters generally do not work with hydrocarbons, distilled water, and many non-aqueous solutions. Magnetic flow meters cannot be used when flow of compressible fluids (gases) has to be found.
- Results of magmeters are also affected by the fluid temperature and operating pressure. Readings are found to be different if the same instrument is used to measure the flow of fluids with different pressure and temperature.
- Various factors can influence and affect the results of magnetic flow meters. These include the type of fluid being measured, is the measured fluid corrosive or not, or is it wastewater or clean water.
- Another factor hampering the performance of magnetic flow meters is if the flow meter is placed very close to pumps, valve elbows, and other obstructions, unstable or irregular flows can impact performance. This restraint is projected to have a moderate impact on the market over the next few years.
Magnetic Flow Meter Market: Competition Landscape
- Detailed profiles of providers of magnetic flow meters have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global magnetic flow meter market are
- Badger Meter, Inc.
- Emerson Electric Co.
- Endress+Hauser AG
- General Electric Co.
- Honeywell International Inc.
- KROHNE Messtechnik GmbH
- McCrometer, Inc.
- Omega Engineering Inc.
- Siemens AG
- Toshiba Corporation
- Yokogawa Electric Corp
Magnetic Flow Meter Market: Key Developments
- Key providers of magnetic flow meters, such as Siemens AG, Yokogawa Electric Corporation, Toshiba Corporation, and ABB Limited are focusing on the construction of cost effective magnetic flow meters so as to attract more customers. Some other key developments in the global magnetic flow meter market are highlighted below:
- In November 2018, ABB’s AquaMaster magnetic flow meter was designed to improve the management of potable water distribution networks. The product is aimed to meet the industry’s specific requirements ranging from water management to water distribution and district metering, to irrigation and leakage management.
- In March 2018, Emerson Electric Co. introduced wall mounted magnetic flow meter embedded with powerful diagnostic capabilities, additional protocols, and other usability features. The product is designed to serve industries such as metal & mining, water & wastewater management, and other process industries.
- In the global magnetic flow meter market report, we have discussed individual strategies, followed by company profiles of providers of magnetic flow meter systems. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global magnetic flow meter market.
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