Due to their innumerable features, flow meters are expeditiously being used in coal-fired, fuel oil and natural gas, geothermal, hydroelectric, and nuclear power plants. The use of flow meters has increased as laws regulating the control of toxic gas emissions from power plants have become more stringent.
Flow meters are in high demand for monitoring and measuring the flow of steam, gas, water, chemicals, and mineral oil, among other things. These meters deliver much accuracy in terms of optimal and cost-effective quantity during flow measurement. In terms of processing control, they are advantageous.
The oil and gas category includes offshore and onshore oil and gas exploration, production, and refining facilities, refineries, pipelines, petrochemical units, gas pipelines, and storage terminals. In both the upstream and downstream sections of the oil and gas industry, preventive coatings are utilized to transport oil and gas to refineries. This industry uses anti-corrosion, heat-resistant, abrasion-resistant, fire-resistant, and other types of protective coatings.
The industry has been looking for ways to cut costs. This, combined with the need to adhere to strict environmental regulations, has led to a willingness for a long-lasting barrier layer that effectively preserves assets.
Moreover, major contributors to the oil and gas industry's growth include the United States, Saudi Arabia, Russia, China, and Canada, among others.
In terms of digital transformation, the sensors in the equipment have also seen rapid advancements. Several major market players are investing heavily in research and development. These operations are also anticipated to assist them in developing products that meet the needs of various industrial facilities and end-use applications.
Significant developments in flow meter technology include digital signals for flow meters, multiple measurement formats, online diagnosis and troubleshooting, remote calibration and configuration, and smart sensors with online warnings.
Because of scientific advances made possible by solid r and d, the industry has also been capable of creating adequate solutions to complex operating problems. One of the issues that the flow meter operations have to interact with on a regular basis is cleanliness. The emergence of automated cleaning is one of the market's breakthrough trends. This trend is especially advantageous to market segments such as water and wastewater management.
Furthermore, the advent of computer processing has had a positive impact on the way these flow meters function. The access to low-cost memory chips that can sequence data at high speeds and handle large amounts of data could be beneficial in a market like this. With the increased use of software programs, precise measurements and the factors controlling a wider range of gases and liquids are expected.
The recent COVID-19 pandemic accelerated industrial automation implementation, leading to more product announcements and advancements in 2020.
On the company's COVID-19 vaccine line, flow meters have seen a spike in sales for measuring purified water. They were utilized to calibrate flow measurement instruments on other production skids, such as tanks, pumps, and other machinery. In addition to measuring dynamic flow, many flow meters were utilized to double-check the precision of weighing scale measurements.
The Covid-19 pandemic has impacted flow meter manufacturers' supply chains from a manufacturing standpoint. While the sector remained vital, various vendors experienced difficulties obtaining flow meter components.
Sierra Instruments, a US-based manufacturer of flow meters and controllers, recently confirmed in January 2021 that the company would remain open during the pandemic. However, the Covid-19 virus infected many of its suppliers and employees. The company is operating at a lower capacity than usual, and standard lead times are becoming difficult to maintain. These factors also have an influence on the earnings of vendors in the market.
The flow meters market is segmented into four regions: North America, Europe, Asia-Pacific, and Middle East & Africa.
Over the forecast period, the North American flow meters market is projected to expand significantly. The United States is the region's major contributor to growth. As for the advanced oil and gas, chemicals, and power generation industries, the North American region is expected to maintain a huge market share. The renewable energy generation sector in North America is anticipated to continue investing heavily in new projects. The hydropower sector is expected to grow from 101 GW to around 150 GW by 2050, pertaining to the US Department of Energy (DOE).
Asia-Pacific is the fastest-growing flow meters market. The Asia-Pacific flow meters market is predicted to be worth USD 27,793 million by 2030, increasing at a 4% CAGR. Most Asian vendors use cost-cutting as a competitive advantage, which means they frequently sacrifice high quality. The region's prominence in global sensor production benefits them in the market under investigation.
Panasonic introduced its new Ultrasonic Gas Flow Sensor in January 2020, adding emerging innovations to its vast specialty sensor product portfolio. This new sensor is a tiny, dual-function ultrasonic gas flow sensor that can quantify gas flow and density at flow rates varying from 1 to 25 liters per minute. It was previously only available as a Panasonic direct technology product.