Global Intelligent Flow Meter Market Size Grows Steadily at a CAGR of 5.39%

Introduction

An intelligent flow meter is a device used to measure the fluid level in a specific device. The function of the device is to calculate the fluid's volume by measuring its velocity. The intelligent flow meter utilizes contactless measurement and is typically employed to determine the fluid content of pipes. Intelligent flow meters are impervious to viscosity, temperature, density, and suspended particles. In contrast to mechanical flow meters, these electronic meters have no moving parts.

Market Dynamics

Growing Penetration of Advanced Flow Meters in the Oil and Gas Sector and Water and Wastewater Management Drives the Global Market

Oil and gas, chemical and petrochemical, and other industries require high safety. According to IndustriALL, a global labor union, at least 75 workers have been killed in 30 industrial accidents in India since May 2020. Most accidents occurred while operating machinery, followed by accidents in general industry. Therefore, it is essential to utilize devices, such as flowmeters, that provide safety in various operational aspects.

Downtime at the manufacturing sites of various end-users hurts the plant or site's efficiency and the total costs. Flow meters have a longer lifespan than conventional sensors with critical failure points, reducing damage or downtime caused by mechanical wear and tear. Various end-user industries have utilized flow meters to improve plant efficiency, resulting in market expansion.

Research in the Development of Digital and Battery-Free Smart Flowmeter Creates Tremendous Opportunities

The superior advantages associated with smart digital flowmeters, such as simple operation due to the availability of a numeric display and more accurate and dependable results compared to conventional flowmeters, have made them the preferred choice among several end-users, especially those who are not cost-conscious. Manufacturers have been compelled to adopt new technologies and expand their product lines with increased demand.

Similar to the digital flowmeter, significant research is being conducted on battery-free flowmeters to address the issues associated with flowmeters that require constant charging or replacement batteries. These market developments are anticipated to generate lucrative growth opportunities for existing market participants and new entrants in the coming years.

Regional Analysis

North America is the most significant global intelligent flow meter market shareholder and is anticipated to exhibit a CAGR of 4.39% during the forecast period. The proliferation of flow meters in this geographical area is predominantly propelled by the principal industries of food and beverage processing and crude oil extraction. According to the Canadian government, the food and beverage processing sector accounts for 17% of total manufacturing sales and 2% of the country's GDP. In order to get a competitive edge in the industry, various organizations have created new product lines in response to the increasing demand for innovative technology in the region. According to Landis+Gyr's Annual Report 2021, the company began the development of its first smart ultrasonic gas meter for the North American market by leveraging its leading position and capabilities in the Europe, Middle East, and Africa markets, along with utility customer feedback and customer engagement on product requirements and support for Narrowband Internet of Things (NB-IoT) implementation. The company intended to introduce prototypes in the first quarter of 2022 and commence customer testing in the second quarter of the same year. The first quarter of 2023 is anticipated for the product's full market introduction.

Europe is estimated to exhibit a CAGR of 5.89% over the forecast period. Future market development is anticipated to be boosted by the high demand for intelligent flow meters in metering processes in countries such as Germany, the United Kingdom, and others. The European intelligent flow meter market is anticipated to expand at a moderate pace because of various government initiatives involving the development of energy policies that promote the trend toward alternative and sustainable energy sources. The chemical, power generation, oil and gas, and wastewater management industries will likely expand, creating new opportunities for the regional market for intelligent flowmeters. In addition, product launches and business expansion are two of the most important strategies market leaders use to strengthen their position in the flowmeter market. In 2020, 2019, and 2018, respectively, Endress+Hauser AG, Emerson, and Siemens will release new ultrasonic flowmeter models. The products are designed to be more precise, reliable, and low-maintenance.

Key Highlights

• The global intelligent flow meter market size was valued at USD 2.97 billion in 2022. It is estimated to reach 4.76 billion by 2031, growing at a CAGR of 5.39% during the forecast period (2023–2031).
• Based on type, the global intelligent flow meter market is divided into Coriolis, magnetic, ultrasonic, multiphase, vortex, variable area, differential pressure, thermal, and turbine. The Coriolis segment is the largest revenue contributor to the market and is expected to exhibit a CAGR of 5.69% throughout the forecast period.
• Based on communication protocol, the global intelligent flow meter market is bifurcated into PROFIBUS, Modbus, HART, and others. The PROFIBUS segment dominates the global market.
• Based on the end-user industry, the global intelligent flow meter market is segmented into oil and gas, pharmaceuticals, water and wastewater, paper and pulp, power generation, food and beverages, and others. The oil and gas segment owns the highest market share and is estimated to exhibit a CAGR of 5.14% during the forecast period.
• North America is the most significant global intelligent flow meter market shareholder and is anticipated to exhibit a CAGR of 4.39% during the forecast period.

Competitive Players

1. Siemens AG
2. Sierra Instruments, Inc.
3. Honeywell International, Inc.
4. Yokogawa Electric Corporation
5. Azbil Corporation
6. Fuji Electric Co., Ltd.
7. ABB Ltd.
8. Emerson Electric
9. Sensirion

Recent Developments

• February 2023: Olea Edge AnalyticsTM, a supplier of intelligent solutions and services for the water utility industry, announced a pilot program to diagnose the health of large industrial and commercial water meters in Sugar Land, Texas.
• August 2023: Emerson agreed to acquire a German manufacturer of flow metering devices, Flexim Flexible Industriemesstechnik GmbH, to expand its portfolio of intelligent devices.

Segmentation

1. By Type
   1. Coriolis
   2. Magnetic
   3. Ultrasonic
   4. Multiphase
   5. Vortex
   6. Variable Area
   7. Differential pressure
   8. Thermal
   9. Turbine
2. By Communication Protocol
   1. Profibus
   2. Modbus
   3. Hart
   4. Others
3. By End-User Industry
   1. Oil and Gas
   2. Pharmaceuticals
   3. Water and Wastewater
   4. Paper and Pulp
   5. Power Generation
   6. Food and Beverages
   7. Other End-User Industries