Flow Meter Market Estimated To Witness High Growth Owing To Increasing Adoption Of Flow Meters In Power Generation Industry
Flow meters are widely used for measuring the flow rate of liquids and gases in various industrial processes and applications. Flow meters provide measurements of volumetric or mass flow of liquids and gases. They are commonly used in the power generation, oil & gas, food & beverages, chemicals, pulp & paper and water & wastewater industries among others. Flow meters enable accurate monitoring and control of fluid flow, improve efficiency and productivity of processes. The global flow meter market is estimated to be valued at US$ 8.12 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing adoption of flow meters in the power generation industry is estimated to drive the growth of the global flow meter market over the forecast period. Flow meters are extensively used in power plants to measure flow of fluids such as water, fuel oil and cooling water. They help optimize processes and troubleshoot issues in power plants. In addition, technological advancements in flow meter technologies such as development of ultrasonic and magnetic flow meters with higher accuracy are also expected to fuel the market growth. However, high installation and maintenance costs of sophisticated flow meters may restrain the market to a certain extent.
SWOT Analysis
Strength: Flow meters are highly accurate and can measure flow rates precisely in real time. Their non-intrusive design ensures minimum disruption to fluid flow. Most flow meters now come with digital displays and connectivity options for remote monitoring and data collection.
Weakness: Some flow meters like positive displacement meters are susceptible to wear and require regular maintenance. Electromagnetic flow meters may not work properly with fluids that are not electrically conductive. Ultrasonic flow meters are limited to clean fluids without entrained air or particles.
Opportunity: Increasing automation across industries is generating demand for flow measurement solutions to enable process control and optimization. Applications in the oil & gas, chemicals, food & beverages and power industries offer significant growth opportunities. Advancements in sensor technologies are also expanding applications of flow meters.
Threats: Availability of low-cost alternatives like variable area meters and rotameters in developing markets pose pricing challenges. Changing industry standards and protocols require upgrades to ensure compatibility.
Key Takeaways
The global flow meter market scope is expected to witness high growth driven by rising infrastructure development and increasing automation across process industries. The market size for 2023 is estimated at US$ 8.12 billion and is forecast to reach over US$ 13 billion by 2030, witnessing a CAGR of 5.2% during the forecast period.
Regional analysis: Asia Pacific region currently dominates the flow meter market and is expected to continue growing at the fastest pace during the forecast period. This can be attributed to ongoing infrastructure development activities and rising investments in water & wastewater treatment facilities across China, India and other Southeast Asian countries. North America and Europe are also major regional markets driven by established process and oil & gas industries.
Key players: Key players operating in the flow meter market include Zoetis Inc., Elanco, Merck & Co., Inc., Boehringer Ingelheim GmbH, Ceva, Bayer AG, Evonik Industries AG, and Archer Daniels Midland Company. These players are focusing on new product launches, partnerships and mergers & acquisitions to strengthen their portfolio and presence across various industries and geographies.
Get more insights on this topic: https://www.newsstatix.com/flow-meter-market-industry-insights-trendsflow-meter-market-2023-2030/
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