The global market for flow meters is fairly consolidated, finds Transparency Market Research (TMR) in a new study. About a quarter of the market was taken up by regional players in 2014. Badger Meter, Inc., Siemens AG, and ABB Ltd. were the top three manufacturers of flow meters in 2014. Their collective share in the market’s total valuation was 63.7% in 2014. Most flow meters manufacturers are being pulled towards the lucrative opportunities available in wastewater management. This applies especially to the regions of Europe and Asia Pacific.
From a competitive perspective, TMR states that the flow meter makers need to focus on how they can make their products cheaper and more accurate. Key players are already introducing advanced technologies that offer more accurate results than their predecessors. As a result, innovation is an absolute necessity to stay alive in this market.
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Key players are also looking to expand their regions of operations by forming mergers and acquiring regional players from the fragmented section of the market.
Water Management, Petrochemical Industries Look for Smart Flow Meters for Improving Process Efficiencies
“Flow meters are a key requirement in petrochemical industries,” states a TMR analyst. “They are needed in interwell allocations, water discharge, custody transfer, gas flaring, and other minor processes. The improvements in flow meters will help the petrochemical and refining industries in two key ways: they will firstly improve the output efficiency of the petrochemical plant, and reduce the discharge of harmful chemicals and toxins into the environment.”
The integration of smart flow meters in the petrochemical and refining industries will therefore add a major benefit in terms of optimizing production efficiency.
Further boosts are given to flow meter manufacturers in the form of growing count of capital projects meant for advancing flow meters. These investments are invaluable for flow meter players when trying to improve their technologies to be more suited for its diverse array of applications.
Flow Meter Sales Disturbed by Lack of Skilled Operators
“A major concern for any advanced systems or equipment is the equipment being used by a qualified professional,” states the TMR analyst. “These professionals can ensure the proper functioning of the rather expensive equipment and maintain their purpose of improving operations efficiency.”
Currently, however, there are not enough skilled professionals working in this market. this lack of manpower for advanced flow meter operations is severely affecting sales of flow meters across the globe.
APAC Leads in Demand for Flow Meters
The global flow meters market is expected to expand at a CAGR of 9.5% within a forecast period from 2015 to 2024 in terms of revenue. By 2024, this revenue is expected to reach US$9.61 bn. The demand for flow meters is the highest in the Asia Pacific region currently. By the end of 2024, this region is expected generate a revenue of US$3.79 bn for flow meter players.
Thermal flow meters, pressure-based flow meters, and optical flow meters, along with other similar types of flow meters, are expected to take up US$2.71 bn of the revenue by 2024.
The information presented in this review is based on a Transparency Market Research report, titled, “Flow Meters Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2024.”
Key Takeaways:
- Global flow meters market expected to reach US$9.61 bn by 2024.
- Application of flow meters in water management expected to generate a revenue of US$1.52 bn by 2024.
- Magnetic flow meters to accrue a revenue of US$1.88 bn by 2024.
Key segments of the Global Flow Meters Market
Global Flow Meters Market, by Product type
- Magnetic flow meter
- Coriolis flow meter
- Ultrasonic flow meter
- Vortex flow meter
- Others
Global Flow Meters Market, by Applications
- Energy management
- Water management
- Food processing
- Oil and gas
- Others
Global Flow Meters Market, by Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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