PORTLAND, Oregon, Feb. 4, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Flow Meter Market by Type (Differential Pressure, Positive Displacement, Ultrasonic, Turbine, Magnetic, Coriolis, Vortex, and Others), and End User (Water & Wastewater, Oil & Gas, Chemicals, Power Generation, Pulp & Paper, Food & Beverages, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global flow meter industry was pegged at $7.37 billion in 2018 and is projected to reach $11.9 billion by 2026, registering a CAGR of 6.3% from 2019 to 2026.
Driving factors for the market
High adoption of flow meters in industrial measuring applications and recent advancements in flow meter technology have boosted the growth of the global flow meter market. However, high cost of flow meter and requirements of skilled labor hamper the market growth. On the contrary, trend for process automation across the manufacturing and process industries is expected to create lucrative opportunities in the near future.
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The ultrasonic segment to manifest fastest CAGR through 2026
The ultrasonic segment is expected to register the fastest CAGR of 6.9% during the forecast period, owing to increased reliability, reduced pressure drop, and relatively higher accuracy. However, the differential pressure segment held the largest share in 2018, contributing to more than one-fourth of the global flow meter market. The expertise of differential gas flow meter in volumetric flow metering makes it stand out over other types, which boosts the growth of the segment.
The power generation segment held the largest share
The power generation segment dominated the market in 2018, accounting for nearly one-third of the global flow meter market. The flow meter offers several benefits including accurate flow measurement of conductive feedwater flow, ensuring the lowest level of emission, and improving energy processing capacities. Therefore, power plants largely depend on flow metering technology, which, in turn, boosted the market growth. thereby being the largest consumer in this market. However, the oil and gas segment is projected to register the fastest CAGR of 6.9% during the forecast period, as flow metering applications accounts greater importance in crude oil extraction activities.
Asia-Pacific held the largest share, followed by Europe and North America
The global flow meter market across Asia-Pacific held the largest share in 2018, contributing to nearly two-fifths of the market, owing to high manufacturing base of industries including food & beverages, chemical, textile, refining, and water & wastewater treatment. However, the market across Europe is expected to reach Europe is expected to portray the fastest CAGR of 6.6% during the forecast period, owing to sustainable measures adopted by European Union over the past few years.
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Major market players
- Honeywell International Inc.
- Emerson Electric Company
- Siemens AG
- Schneider Electric SE
- ABB Ltd
- Azbil Corporation
- Yokogawa Electric Corporation
- Hitachi, Ltd.
- Badger Meter Inc.
- KROHNE Messtechnik GmbH
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