The report “Flow Meters Market by Type [Differential Pressure, Positive Displacement, Magnetic (In-line, Insertion, Low Flow), Ultrasonic (Spool piece, Clamp-on, Insertion), Coriolis, Turbine, Vortex)], End-use Industry, and Region – Global Forecast to 2026” The flow meters market is projected to reach USD 10.3 billion by 2026, at a CAGR of 6.2% from USD 7.7 billion in 2021. Flow meter is an instrument used to measure linear, nonlinear, volumetric or mass flow rate of a liquid or a gas. Increasing use of flow meters in the oil & gas and water & wastewater industries has led to demand of flow meters. Flow meters are used for the quantification of liquid and gas flowing through a pipe or system. Magnetic flow meter is the largest type segment of the flow meters market. Asia Pacific was the largest market for flow meters in 2020, in terms of value. Factors such as increasing demand from oil & gas and water & wastewater industries will drive the flow meters market.
Some of the prominent key players are:
· Honeywell International Inc. (US)
· Siemens Group (Germany)
· Emerson Electric Co. (US)
· ABB Ltd. (Switzerland)
· Yokogawa Electric Corporation (Japan)
· Azbil Corporation (Japan)
· Badger Meter, Inc. (US),
· Endress+Hauser Management AG (Switzerland)
· Krohne Messtechnik GmbH (Germany)
· Schneider Electric (France)
Recent Developments :
• In January 2021, Badger Meter, Inc. signed an agreement to acquire Analytical Technology, Inc., a privately held provider of water quality monitoring systems. The company was founded in 1992, headquartered in Pennsylvania, US and is specialized in the design, manufacture and distribution of water quality instruments based on electrochemical and optical sensors. This expansion can enhance the product portfolio of Badger Meter, Inc. in the water and wastewater industry.
• In September 2019, Krohne Messtechnik GmbH made a joint venture with Samson AG, a company dedicated to the development, production and marketing of autonomous actuators for the process industry 4.0. Along with joint venture Krohne Messtechnik GmbH announced its product innovation that unites valve and measuring technology with unique diagnostics and control functions in one device. The combination of process instrumentation and control marks is claimed to be the world's first intelligent process node exclusively developed for the process industries.
Ultrasonic flow meter is projected to be the fastest-growing type for flow meters market between 2021 and 2026.
Magnetic flow meters are also called mag meters. These flow meters follow the principle of electromagnetic induction to determine the flow of liquid in a pipe. In this type of flow meter, the magnetic field is created and directed into the liquid flowing through the pipe. Thus, the liquid flowing through the magnetic field leads to a voltage signal that is sensed by the electrodes placed at the tube walls. With the increase in speed of the flowing liquid, the voltage also increases. Thus, the speed of the flowing liquid is directly proportional to the voltage generated.
Asia Pacific is projected to be the fastest-growing region for the flow meters market during the forecast period
Asia-Pacific has dominated the global flow meters market. Asia-Pacific has dominated the global flow meters market due to the growing investments in developing countries and manufacturing capacity additions across end-use industries, especially water treatment and chemical processing. Investment in the water & wastewater, energy and power, refining, chemicals, pulp & paper, and industrial infrastructure activities is increasing in developing economies such as China and India. This drives demand for measuring instruments, which has contributed significantly to growth of the flow meters market in Asia Pacific. China is the key market for flow meters in the Asia Pacific due to its increasing industrialization and low-cost manufacturing technology. Most key players operating in the flow meters market have their production capacities in Asia Pacific since the region’s production cost is lower than that in other regions. Some major players in Asia Pacific are Yokogawa Electric Corporation and Azbil Corporation. The demand for flow meters is growing, especially in Asia-Pacific and the Middle East & Africa. Thus, the markets in these regions are expected to register higher growth in comparison to other regions.
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