by Flow meters help detect and measure fluid flow in various industrial applications like water and wastewater treatment plants, food & beverage production facilities, oil & gas pipelines and refineries among others. They provide accurate measurements to improve process efficiencies across industries. The global Flow Meter Market is estimated to be valued at US$ 8.12 Billion in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Adoption of flow meters is driven by growing industrialization and need for automation across industries. Flow meters facilitate automated process control through accurate fluid flow measurements and help reduce production wastage. Growing applications in water & wastewater management is another key trend. Population growth and rising fresh water demands have boosted investments to upgrade aging infrastructure and monitoring systems. Flow meters play a crucial role in maintaining efficiencies of pumping stations, distribution networks and treatment plants. Their adoption is expected to grow substantially over the forecast period as governments focus on sustainable water resource management to address supply challenges
SWOT Analysis
Strength: Flow meters provide efficient, accurate and real-time monitoring of fluid flow. This helps industrial plants optimize operations and troubleshoot issues quickly.
Weakness: Installation and maintenance of some complex flow meter technologies can be complicated and require trained personnel. This increases costs.
Opportunity: Growing water & wastewater industry in developing nations amid rising population and urbanization presents major opportunities for flow meter providers.
Threats: Alternatives like variable area flow meters offer simple designs and lower costs, posing threats to established players with sophisticated technologies.
Key Takeaways
The Global Flow Meter Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Advancing technologies are helping flow meters gain wider acceptance across industries for demanding applications involving measurement of liquids, gases and steam.
Regional analysis: Asia Pacific region currently dominates the flow meter market and is expected to maintain its lead through 2030. This can be attributed to rapid industrialization and growth of process industries like chemicals, power, oil & gas in China, India and other Asian countries. Growing population and urban centers in the region are also driving demand from water & wastewater segments.
Key players operating in the flow meter market are India Systems Pvt. Ltd., Enkay Technologies, Budget Signs, Truknox Technologies, Intellicon, BH Enterprizes, BenQ Corporation, Sony Corporation, Sharp Corporation, Panasonic Corporation, LG Electronics Inc., and Samsung Electronics Co. Ltd. Leading vendors are focused on introducing advanced flow meter technologies integrated with Industry 4.0 solutions to make process monitoring and remote management more efficient.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
