The petrochemicals industry and its refineries from around the world are currently under the scanner for both efficiency improvement and emissions that can harm the environment. The regulations that control these factors are strengthening and as a result, the industry is calling for advanced flow meters to perform the required tasks with greater ease and high accuracy.
Apart from that, the manufacturers of flow meters are also finding better opportunities through the introduction of advanced flow meters to the market and the increasing amount of investments made into capital projects.
However, the flow meter market is still considerably hampered by the lack of skilled labor that can efficiently operate the advanced devices. Additionally, there is a major lack of specialized equipment that is needed to calibrate meters in the industries of aerospace, water management, and agriculture.
The revenue generated in the global flow meters market is expected to progress at a CAGR of 9.5% from 2015 to 2024. By the end of 2024, its revenue is expected to reach US$9.61 bn.
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Asia Pacific Leads in Flow Meter Demand Globally
The key application industries of flow meters are the petrochemical and refining industries and the water management industry. Both industries already have a large presence in Asia Pacific and are expected to expand even further at an accelerated pace. China, Japan, and India are largely responsible for the rapid increase in flow meter demand over the recent years due to their rapid rates of industrialization. Additionally, the manufacturers of advanced flow meters are also benefitting from the large scale replacement of positive displacement flow meters with smart meters in multiple application industries. Another Asia Pacific industry expected to ramp up its demand for smart flow meters is food and beverages for food processing purposes.
By the end of 2024, Asia Pacific is expected to take up 39.4% of the total market value.
Water Management Holds Key Opportunities for Flow Meter Manufacturers
A large number of advanced and smart flow meters are getting introduced into the market currently. It is significantly improving the demand for flow meters in wastewater management facilities and even achieving an optimistic rate of investments on capital projects. By the end of 2024, the share of water management flow meters in the overall market will by 15.8%. While it is a reduction in share since its 2014 value, there is a considerable growth in the size of the market. At the same time, even with the reduction in revenue share, flow meters for water management are expected to lead the market as an application group.
Wastewater management is a high priority industry in most regions owing to the rapid consumption and depletion of potable water. Flow meters are used to perform crucial tasks in wastewater management, such as dosing during water purification and the abstraction of water. Therefore, a growing demand for wastewater management will consequently apply a higher demand for flow meters.
The key manufacturers of flow meters currently include ABB Ltd., Siemens AG, Badger Meter, Inc., and Endress + Hauser AG.
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Rising Industrialization across Various Regions to Invite Profitable Growth for the Flow Meters Market
The flow meters market is expected to capture substantial growth during the forecast period of 2015-2021. The growing use of flow meters across a large number of industries will prove to be a vital growth generator between 2015 and 2024. Accuracy is an important component for preserving the quality of industrial processes. The flow rates of the liquids and gases across diverse industries have to be controlled for seamless output. All these factors help in increasing the growth rate of the flow meters market.
- Flow meters are devices used for measuring the volumetric, linear, or nonlinear flow rate of a particular gas or liquid. Flow meters are known by various names such as liquid meters, flow gauges, flow rate sensors, flow indicators, and others depending on the type of industry in which they are used. The functionality of flow meters in measuring the flow of liquids and gases may prove to be a positive growth indicator.
- The utilization of modern technology will be a game-changer for flow meters. The overwhelming use of the Internet of Things (IoT) and other technologies will bring tremendous growth opportunities. The advent of Industrial Revolution 4.0 will also sow the seeds of growth.
- Manufacturers of flow meters are trying to increase their revenues by conducting intense research and development activities. These activities help them to upgrade the products, thus providing maximum benefit and comfort to the end-user. Investments by numerous conglomerates and firms also offer robust growth opportunities.
- The SARS-CoV-2 outbreak has completely changed the growth projections associated with the flow meters market. The imposition of stringent lockdown norms and border disruptions had a negative impact on the growth rate. Furthermore, the closing down of manufacturing facilities added to the woes. However, the ease in lockdown restrictions will help the players to revive their growth.
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