Flow Meters Market Size, Share, Industry, Forecast and outlook (2024-2031)

Flow Meters Market Size

The Global Flow Meters Market reached USD 8.0 billion in 2022 and is expected to reach USD 12.7 billion by 2031, growing with a CAGR of 6.0% during the forecast period 2024-2031. Ongoing efforts to tackle water stress and promote responsible water management will be a significant factor in driving the growth of the Global Flow Meters Market.

Countries such as India are implementing smart water flow meters to monitor water usage and ensure a sustainable, 24/7 water supply for all citizens. Another major factor in driving the market growth is the improved accuracy of ultrasonic flow meters due to the integration of various wireless sensors. For instance, in February 2023, Siemens, a German conglomerate specializing in various industrial technologies, launched the Sitrans FS230, a new ultrasonic flow meter consisting of clamp-on sensors and wireless data transmitters.

Market Scope

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Market Growth and Trends

Need for Process Efficiency and Cost Reduction

Energy costs constitute a significant portion of operating expenses for many industries. Industries across various sectors constantly strive to improve their operational efficiency to reduce energy costs and increase profit margins. One of the most significant ways to improve process efficiency is to reduce or eliminate energy leakage throughout the system.

Flow meters provide real-time data on flow rates, helping industries optimize their processes, identify bottlenecks and streamline operations. By monitoring flow rates accurately, companies can locate energy inefficiencies, leakage points, or deviations from optimal operating conditions, leading to significant cost savings and process improvements.

Flow meters provide essential data for process optimization and control. By accurately measuring flow rates, companies can identify process inefficiencies, optimize parameters and adjust operational conditions to achieve better product quality, consistency and throughput. Flow meters enable industries to fine-tune their processes, reduce cycle times, improve yield and enhance overall productivity, leading to cost savings and increased profitability.

Increasing Industrial Automation

Industrial automation involves using advanced control systems and technologies to monitor and control various processes. Flow meters play a vital role in this automation by providing accurate and real-time fluid or gas flow rate measurements. By integrating flow meters into automated systems, industries can optimize process control, ensure consistent product quality and minimize human error. 

Automation facilitates remote monitoring and control of industrial processes. Flow meters equipped with communication capabilities allow for remote data transmission and monitoring. It enables industries to monitor flow rates and performance parameters from a centralized location, reducing the need for on-site personnel and improving operational flexibility. Remote access to flow meter data enhances efficiency, reduces response times and enables timely interventions.

Lack of Standardization

The absence of standardized protocols, communication interfaces and measurement units across different flow meter technologies creates compatibility challenges. Integrating flow meters into existing systems may require additional effort, customization, adapters, or converters. The lack of standardization increases the complexity, time and costs associated with installation, hindering the adoption of flow meters.

Interoperability becomes crucial in industries where multiple flow meters from different manufacturers are used. However, seamless integration and data exchange between different flow meter devices can be difficult without standardized interfaces and communication protocols. The absence of standardized operating procedures and measurement units makes training personnel and transferring knowledge across different flow meter technologies more challenging.

Lack of standardization can also pose challenges in meeting regulatory compliance requirements. Different industries may have specific regulations governing flow measurements and the lack of standardized measurement methodologies can make it difficult to demonstrate compliance. It may result in additional testing, certification, or compliance burdens for end-users 

Market Segment Analysis

The Global Flow Meter Market is segmented based on type, application and region.

Water and wastewater Management is Expected to be a Leading Source of Demand for Flowmeters

Many developing countries are expanding piped water supply and sewage coverage to ensure safe drinking water for people and reduce the threat caused by contaminated water. Flow meters play a crucial role in managing water resources efficiently. By monitoring the flow rates at various stages of water treatment, distribution and collection, water authorities can optimize their processes, detect leaks or inefficiencies and conserve water resources effectively. 

Flow meters enable process optimization in water and wastewater treatment plants. By accurately measuring flow rates at different treatment stages, operators can monitor and control the efficiency of processes such as coagulation, flocculation, sedimentation, filtration, disinfection and sludge handling. It ensures optimal treatment performance, enhances water quality and reduces operational costs. 

Source: DataM Intelligence Analysis (2023)

Market Geographical Share

Growing Industrialization Will Propel Market Growth in Asia-Pacific

Asia-Pacific is expected to account for a third of the global flow meters market. The region is experiencing rapid industrialization, mainly on account of supply chain diversification by multinational companies. Manufacturing and industrial activity are moving from China to other countries such as Vietnam, Thailand, India, Malaysia and Indonesia. The rising industrialization is creating a sustained increase in demand for various plastics, especially those used in industrial processes. 

As a result, the Asia-Pacific petrochemical industry is rapidly increasing production capacity in anticipation of new demand. It will generate significant demand for flow meters from the petrochemical industry. For instance, in May 2023, BPCL, an Indian state-owned energy company, announced a Rs. 49,000 crore (USD 5.9 billion) investment in expanding petrochemical production capacity at the Bina refinery in Madhya Pradesh, India. 

Source: DataM Intelligence Analysis (2023)

Market Key Players

The major global players include Honeywell International Inc., Siemens, Emerson Electric Co., ABB, Yokogawa Electric Corporation , Badger Meter, Inc, Azbil Corporation, Endress+Hauser Group Services AG, KROHNE Messtechnik GmbH and Bronkhorst.

COVID-19 Impact on Flow Meters Market

COVID Impact

The COVID-19 pandemic created a major downturn in many industries, including oil and gas and petrochemicals. The decline in these industries made a drop in demand for flow meters. Pandemic restrictions such as lockdowns created a major drop in the production of flow meters. However, the pharmaceutical industry observed slightly increased demand in the wake of the pandemic.  

Many industries witnessed a strong rebound in the aftermath of the pandemic. Some critical industries such as food and beverage and petrochemicals, are expanding their production capacity in emerging nations. It has led to a renewed increase in demand for flow meters. The post-pandemic period is expected to boost the growth of the global flow meters market.

AI Impact

In the global flow meters market, AI-powered technologies can play a transformative role by enabling advanced data analytics, predictive maintenance and real-time monitoring. AI-enabled flow meters can self-calibration and self-diagnosis, reducing the need for manual intervention and calibration checks. It saves time and effort and also ensures accurate measurements over an extended period.

Integrating AI with IoT (Internet of Things) technology has further expanded the possibilities in the flow meters market. IoT-enabled flow meters can collect real-time data, transmit it to cloud platforms and leverage AI algorithms for advanced analytics and decision-making. It enables companies to monitor flow parameters remotely, optimize operations and gain insights for process improvement.   

Russia-Ukraine War Impact 

The Russia-Ukraine conflict led to sanctions against Russia. The sanctions cut off access to Western technology, thus depriving the major Russian industries such as petrochemicals and oil and gas of advanced flow meters. It has created opportunities for alternative suppliers, particularly Asian manufacturers, to fulfill the demand in the Russian market.  

Furthermore, Europe has been reorienting its energy supplies in the wake of the conflict to wean itself off from Russian energy. It is speedily setting up infrastructure, such as shipment hubs and terminals to manage shipments of liquified natural gas (LNG). It will be a major factor in increasing European demand for flow meters. 

By Type

• Differential Pressure Flow Meter
• Positive displacement Flow Meter
• Ultrasonic Flow Meter
• Turbine Flow Meter
• Magnetic Flow Meter
• Coriolis Flow Meter
• Vortex Flow Meter
• Others Flow Meter

By Application

• Water & Wastewater
• Oil & Gas
• Chemicals & Petrochemicals
• Power Generation
• Pulp & Paper
• Food & Beverages
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In June 2023, Fluid Components International (FCI), a U.S.-based manufacturer of flow meters, announced the launch of its new and improved ST51A Flow meter for biogas monitoring applications.
• On June 5th, 2023 Southwest Research Institute (SWRI), a U.S.-based research institute, entered into collaboration with NYSEARCH, a non-profit organization, to investigate the accuracy of flow meters using hydrogen and natural gas blends.
• In May 2023, PSG Dover, a U.S.-based manufacturer of pumps and metering solutions, launched the new BioProTT™ FlowSU Coriolis flow meters at the INTERPHEX Show 2023 in New York, U.S.

Why Purchase the Report?

• To visualize the Global Flow Meter Market segmentation based on type, application and region and understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous flow meter market-level data points with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Type mapping available as Excel consisting of key products of all the major players.

The Global Flow Meter Market Report Would Provide Approximately 50 Tables, 56 Figures And 195 Pages.

Target Audience 2023

• Oil and Gas Companies
• Power Companies
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies