The flow meter is an electrical instrument for measuring the linear nonlinear, mass or volumetric flow rate of gas or liquid flowing in the pipe at a given time. These meters are also called flow gauge, flow indicator, liquid meter and flow rate sensor depending on the industry.
What are the major drivers helping the global flow meter market to grow?
The market size of flow meters
The global flow meter market size is set to reach US$ 7.7 billion by the end of 2025 from US$ 4.5 billion in 2019.
Analysis of the flow meters market
The flow meter industry has seen significant growth over the last few years, primarily due to innovative product advancements and expansion in application fields. The installation of flow meters helps to evaluate the costs involved, minimise energy waste and take effective energy-saving measures. The governments in several countries pursue programs to help conserve resources and implement laws to boost overall flow meters sales. The manufacturer launches innovative flow meters by using modern technology to enhance the performance of their products.
Market players have significantly increased their research and development (R&D) investment, focused on modernising flow measuring instruments and sensor devices. This has contributed to a number of technical improvements in the use of flow meters including online diagnostics and troubleshooting, remote monitoring, wireless communication, better implementation and device management, various measurement formats and digital signals in the integration.
Such advances have made flow meters highly flexible, practical and accurate. As a result, these meters are gaining traction across different end-use sectors, including the medical, automotive, HVAC and process industries.
The increased demand for greater precision, reliability and durability for measuring instruments, increasing use in oil and gas, and increased demand for flow levels measurement for water and wastewater management are some of the major drivers in the end-use industries flow metering sector. The growing emphasis on modernisation of industry processes and operations has increased flow meter demand.
For instance, the presence of IoT has led to the development of smart flow measurement solutions. Some of the different types of specialised flow meters available on the market include optical meters, magnetic flow meters, ultrasonic meters, and Coriolis meters.
Such flow meters are not compatible with modern technology and must be replaced by better and smarter new ones. However, the costs of replacing conventional flow meters are high, and the growth of the market in flow meters is significantly restricted.