The recent discovery of shale gas reserves coupled with resurgence in the oil & gas sector is heightening the demand for flow meters through 2029. The global flow meter market will grow 2.3X during the forecast period. On the back of increasing redundancy of conventional measuring methods and need for accuracy, & reliability of yield measurement, flow meter market is set for continuous growth from 2019 to 2029. Stringent regulations regarding water pollution around the globe are adding to the demand of flow meter products as these play an indispensable role in measuring input and output of treatment plants. Development of smart flowmeters that run on batteries, fit in tight spaces, and conduct multivariate measurements are leading to high demand growth of flow meter products.
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Key Takeaways of Flow Meter Market Study
- Europe and North America lead global sales with a collective share of over 56% of the total market value. Resurgent oil & gas exploration initiatives are central factors that drive growth of flow meters in these regions.
- Multiplying demand for electricity to empower booming digital economies position the power generation segment as the leading application of flowmeter products.
- Magnetic flow meter will grow 1.4X during the forecast. This can be attributed to beneficial properties of this variant such as negligible pressure loss, large measuring range, and utilization of non-moving parts which makes it ideal for a variety of use cases.
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- Food & Beverage applications of flowmeter products are set to offer the most lucrative growth opportunities with a robust 7% CAGR during the forecast period. The increasing need for precision in product quantities and manufacturing processes supports growth of this segment.
- South Asia & Oceania present the highest growth rate at an impressive 7.2% through 2029. Developing economies in this region are employing flow meter products in water & wastewater treatment initiatives along with oil & gas projects.
“The future of flowmeter products is automation. Integration of Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) with flowmeter products will provide sustainable revenue opportunities. Market players must focus on both, product innovation and capacity expansion in order to stay ahead of their competitors.” -Says FactMR Analyst
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Innovations in End-use Applications to Bolster Market Growth
Increasing flow meter capacity and adoption of flow meters in tight spaces are recent trends of the market. Manufacturers are focusing on innovating flow meter applications in food & beverage, and pulp & paper industries. However, the center of focus is growing number of gas exploration projects around the world. Flow meter manufacturers are identifying sustainable growth opportunities in gas measurement devices on the back of increasing demand for this renewable fuel in consumer markets. When coupled with innovative use-cases in water & wastewater treatment, the flow meter market is set for a revenue laden growth trajectory from 2019 to 2029.
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