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.
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.