CHICAGO, Sept. 1, 2020
CHICAGO, Sept. 1, 2020 /PRNewswire/ -- According to the new market research report "Intelligent Flow Meter Market with COVID-19 Impact by Type (Magnetic, Coriolis, Ultrasonic, Vortex, Multiphase, Thermal, Turbine, Variable Area, & Differential Pressure), Offering, Communication Protocol, Industry, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Intelligent Flow Meter Market size was valued at USD 2.5 billion in 2020 and is projected to reach USD 3.1 billion by 2025; it is expected to grow at a CAGR of 4.4% from 2020 to 2025. The key factors fueling the growth of this market include the benefits of accuracy, stability, and reliability provided by intelligent flow meters, high demand for these flow meters in chemicals and water & wastewater industries, and the growing use of intelligent flow meters for diagnostic information along with measurement data.
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Magnetic Flow Meters are expected to hold the largest size of the intelligent flow meter market by 2025.
Magnetic flow meters are expected to contribute the largest share to the intelligent flow meter market during the forecast period. Magnetic flow meters are most significantly used in the water & wastewater industry, which is the major end user of the intelligent flow meter market. These flow meters are also used for flow measurement in industries such as chemicals, food & beverages, pulp & paper, power generation, metals & mining among others. These flow meters can effectively measure the fluid or gas flow in both the forward and reverse directions in the pipe with high accuracy. Magnetic flow meters require low maintenance costs as they do not have any moving components in them. Owing to these benefits over other types, magnetic flow meters are largely adopted in industries and are expected to dominate the market during the forecast period.
Oil & gas industry accounted for the largest size of the intelligent flow meter market in 2019.
Oil & gas industry contributed the largest share of the intelligent flow meter market in 2019. This growth can be attributed to the increasing demand for accurate and precise measurement of oil and gases in extraction plants as well as refineries. There has been a major demand for intelligent flow meters from the oil & gas industry compared to other industries however, there is a sharp decline in oil prices as a consequence of the COVID-19 pandemic. This may adversely affect the adoption of intelligent flow meters in the industry in the near future as the industry would be on its verge of recovery and the deployment of intelligent flow meters would cause increasing expenses.
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APAC projected to be the largest market for a intelligent flow meter from 2020 to 2025.
APAC is expected to lead the intelligent flow meter market by contributing the largest share in 2020. This growth can be attributed to a number of factors such as the rising demand for efficient and accurate measurement devices, increasing industrial infrastructural activities, and high demand for intelligent flow meters in chemicals and water & wastewater industries. The presence of prominent players in the intelligent flow meter market such as Yokogawa Electric (Japan), Azbil (Japan), and Fuji Electric (Japan) support the growth of the market in the region to a large extent.
The key players operating in the intelligent flow meter market include ABB (Switzerland), Emerson Electric (US), Siemens (Germany), Endress+Houser (Switzerland), Honeywell International (US), Yokogawa Electric (Japan), Baker Hughes (US), and Azbil (Japan) among others.
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