FELTON, Calif., Feb. 17, 2021
FELTON, Calif., Feb. 17, 2021 /PRNewswire/ -- The global flow meters market size is anticipated to value USD 12.3 billion until 2027. It is also expected to register a CAGR of 5.8% over the forecasted years, 2020 to 2027. The adoption of the flow meters to measure and control the flow of fluids like water, chemicals, and oil & gas is projected to drive the market growth in the upcoming years.
The majority of the governing bodies are taking several initiatives for proper water & wastewater management. Also, the development of technologies like IoT (Internet of Things), robotics, and automation are anticipated to drive the demand for smart metering solutions like flow meters. Moreover, technologies like accurate and reliable flow monitoring, low operational costs, and enhanced flexibility are projected to further fuel up their demand.
The product segment of magnetic flow meters dominated the market with a 24.0% share in 2019 due to their features like cost-effectiveness, accuracy, and reliability as compared to the rest of the segments. On the other hand, the segments of Coriolis and ultrasonic are anticipated to witness 7.5% CAGR from 2020 to 2027.
In 2020, the application segment of water & wastewater dominated the global market on account of the rising need for metering water flow to ensure adequate water supply. While the oil & gas segment is expected to register substantial growth over the forecasted years, 2020 to 2027 on account of the detection of shale gas reserves.
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The flow meter market includes key players such as ABB, Höntzsch GmbH, KROHNE Messtechnik, Hitachi, Ltd., Yokogawa Electric Corporation, Siemens AG, General Electric (GE), and Emerson Electric Co. They are constantly engaged in product development and innovation to gain a competitive advantage and to widen their global reach.
Further key findings from the report suggest:
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Million Insights has segmented the global flow meter market on the basis of product, application and region:
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