Flow Meters Market

Market Overview

The global flow meters market size was worth USD 6875 million in 2021 and is estimated to reach an expected value of USD 11,700 million by 2030 at a CAGR of 6% during the forecast period (2022–2030). 

Flow meters, also known as flow sensors, are electrical circuits used to quantify or enforce the flow velocity of fluids and gases through tubes and pipes. The sensors are typically attached to gauges in order to render measured data, but they can also be connected to computers and other digital interfaces. Common applications include HVAC structures, chemical production, septic facilities, and medical equipment. Spills, clogging, pipe bursts, and modifications in fluid concentration due to impurities or contamination can all be detected with these meters. 

There are two types of flow meters: contact flow meters and non-contact flow meters. Non-contact flow meters are frequently used when the fluid or gas being monitored (most often a food item) could be polluted or physically reformed if it came into interaction with the components involved. 

Users and distributors are also forming new partnerships due to advancements such as the Industrial Internet of Things, resource maintenance, and enhanced diagnostics. Furthermore, breakthroughs in collaboration and cloud operating systems, as well as customer service that includes data-driven insights, have benefited end-user and supplier strategies.

The Flow Meters market is segmented based on product, technology, end-use, and regions. 

Market Dynamics

Market Drivers

• Penetration of IoT and Automation in Flow Rate Measurement Applications

As per the latest survey of 200 executives from various end-user enterprises operated by Plataine, a leading supplier of Industrial IoT and AI-based automation systems, 84 percent of respondents indicated that they are presently enacting or evaluating alternatives for digital manufacturing in 2020. From 27% in 2018, this percentage has risen significantly.

Around 69 percent of respondents said they are instituting Industry 4.0 solutions in 2020, and about 25% said they are working to introduce Industry 4.0 solutions. The requirement for automation in flow measurement equipment is growing as the industry moves toward Industry 4.0 solutions.

Smart flow meters or IoT flow measurement meters bring high accuracy to fluid, liquid, and gas control activities. These devices provide real-time evaluation data as well as continuous feedback and diagnostic alternatives, boosting efficiency and lowering costs.

When compared to conventional flow meters, smart flow meters provide a higher level of flow measurement accuracy. Furthermore, such meters can function in a variety of weather conditions without being influenced by factors such as concentration, temperature, or viscosity.

The rise of IoT-based flow measurement devices is also being aided by smart city projects around the world. Aside from energy management through digitization, water management has become critical in order to avoid wastewater.

• Growing Industrial Demand Regarding Safety and Efficiency Concerns

Oil and gas, chemical and petrochemical sectors, and other factories all require a high level of protection. Flow meters help ensure safety by operating at distinct temperature and pressure intervals in accordance with best practice.

SIL certification, IEC 61058/61511, and other standards are used to develop flow meters that ensure functional safety in a variety of conditions. Flow meters like this also aid in the reduction of industrial accidents.

According to IndustriALL, a global workers' union, 30 industrial incidents occurred in India since May 2020, killing at least 75 people. A large percentage of the accidents happened while moving equipment, with accidents in general industry placing second.

According to Honeywell's survey results released in January 2021, nearly a quarter of workers are considering quitting before returning to a hazardous workplace. Approximately 68 percent of the global workforce does not feel perfectly comfortable in their workplaces. Workers surveyed are most concerned that building management will not continuously enforce health and safety regulations (42 percent), followed by concerns that they will not always spend on modern technologies to make in-person work safer (42 percent) (30 percent ). As a result, using devices like flow meters that provide safety in various aspects of operation is becoming increasingly important..

Market Restraints

• Rising Cost With Product Advancement

Manufacturers are concentrating on launching new technologies to expand applications as demand for flow meters grows among various end-users. The only major challenge to the market's growth is the rise in transformation practices, which is raising the upfront costs of flow meters.

Improved accuracy meters are more costly, and depending on the type of meter, and the flow rate, even a small increase in precision can be costly. The initial costs of Coriolis and magnetic flowmeters are typically high, especially for large pipe sizes. Coriolis flowmeters cost about USD 4,000-6,000, while laminar flowmeters cost around USD 1,000, according to Alicat Scientific, a flow controller company.

There has been a lot of money put into establishing more precise flow meters with less turndown for more precision, especially for industries where reduced accuracy isn't enough. The new meters, on the other hand, were proposed to minimize optimum maintenance costs by eliminating moving parts, thus offsetting the high initial costs.

Market Opportunities  

• Growing Potential for Electromagnetic Flow Meters

The demand for flow measurement equipment has increased as a result of industrial automation, contributing to the emergence of innovative products with automation implementations.

Krohne, for example, initiated an electromagnetic flow meter for utility services and industrial automation in April 2021. The flow meter is made to fit in tight spaces, such as cooling systems, bending machines, robots, or chemical dosing skids.

The AF-E 400 meets the needs of process industries in the areas of heating and cooling temperature control, machine building of washing or dosing equipment, HVAC, utilities, and industrial automation.

Kobold Instruments Inc. introduced electromagnetic flow meters (MIM) in November 2020, which are useful for a wide variety of uses, including batching.

IO-Link is used in the electromagnetic meters to meet Industry 4.0 requirements. The meters are made to withstand harsh conditions. During the forecast period, such market trends are anticipated to fuel the growth of electromagnetic flow meters.

Regional Analysis

The flow meters market is segmented into four regions: North America, Europe, Asia-Pacific, and Middle East & Africa. In 2021, North America accounted for the largest share of the Flow Meters market.

The North American flow meters market is expected to generate a value of USD 3,492 million by 2030, with a CAGR of 5%. 

After European nations, the United States is among the most well-governed. The flow meter market has been overtaken by shale gas, wastewater treatment plants, and sustainable energy industries. According to the US Renewable Energy Factsheet (2020) from the University of Michigan's Center for Sustainable Systems, around 80percent of the nation's electricity comes from non-renewable energy fuels, 8.4% from nuclear power, and 11.4 percent from clean energy sources. Despite being the fastest-growing renewable energy source, wind and solar power only account for 3.8 percent of total energy consumption in the country.

Competing technologies like ultrasonic flow meters and multipoint averaging pitot pipes are being investigated in the United States in comparison to thermal centers.

With the continued intrusion of stringent regulations over waste management and climate regulation, the European flow meter market is expected to grow steadily. To meet rising demand, In-Situ Inc. purchased Partech (Electronics) Ltd, a UK-based manufacturer of wastewater and drinking water measurement equipment, in October 2020. The acquisition was intended to boost both companies' ability to develop high-quality monitoring equipment as well as their ability to provide excellent service to a global customer base.

The Asia-Pacific flow meters market is expecting lucrative growth in the coming future. Asia-Pacific flow meters market is expected to generate a value of USD 2,940 million by 2030, with the highest CAGR of 7% during the forecast period. The demand for flow meters in China has been growing, with increasingly complex requirements like customized high-accuracy flow meters, modulation schemes, and sizes being demanded (including mini flow meters and large-size flow meters). Furthermore, there are numerous protocols premised on networking scenarios on the market. Devicenet, Modbus, HART, and DP/PA are a few examples. Although some analog inputs are still accessible, growing market competition has compelled companies to adopt advanced versions.

Saudi Arabia, the United Arab Emirates, Israel, South Africa, and Egypt are among the important countries in the Middle East and Africa region. Flow meter demand is expected to rise during the forecast period as more technologies, such as IoT, are integrated, resulting in the integration of innovative flow rate measurement solutions.

Segmental Analysis

The flow meters market share is classified into technology and end-user.

Based on technology, the flow meters market is segmented into coriolis, electromagnetic, differential pressure, ultrasonic, and others. The coriolis segment is dominant over other product types of flow meters and is expected to generate USD 4,090 million by 2030. It is expected to grow at a CAGR of 7% during the forecast period. 

The coriolis measuring principle is used in coriolis flowmeters. A tube is energized by constant vibration. The mass flow momentum induces a change in tube vibration due to inertia when a liquid flows through it.

When the tube twists, it causes a phase difference that can be assessed, and a linear result corresponding to flow can be calculated. If there is no flow, the measurement tube oscillates continuously. As the principle of operation quantifies mass flow, which is independent of what is inside the tube, it can be directly applied to any fluid flowing through it.

By end-user, the flow meters market is classified into power generation, oil and gas, food & beverage, water and wastewater, pulp and paper, chemical and petrochemical, and other end-user industries. The chemicals and petrochemicals segment is dominant over other product types of Flow Meters and is expected to generate USD 3,122 million by 2030. It is expected to grow at a CAGR of 7% during the forecast period.

Due to the error-prone volume to mass conversion, conventional volume measurement via tank gauging can be attributed to a considerable measure of uncertainty. As a result, electromagnetic flow meters for the chemicals and petrochemicals market are forecast to expand in popularity.

Moreover, chemical plant construction is rapidly expanding in China, opening up a slew of emerging opportunities for companies that make electromagnetic flowmeters for the chemical and petrochemical industries.

For example, Royal Dutch Shell and CNOOC Oil & Petrochemicals Co Ltd (CNOOC) signed a Memorandum of Understanding in 2020 to investigate the feasibility of building a commercial-scale polycarbonate (PC) production unit. This was a CNOOC-Shell Petrochemical Company joint-venture chemicals complex in Huizhou, China (CSPC).

Impact of covid-19

The global spread of COVID-19 has wreaked havoc on supply chains and manufacturing in a variety of industrial manufacturing systems. This had an effect on the market under consideration, particularly in the first half of 2020. The pandemic, on the other hand, broadened the scope of industrial automation and advanced measurement alternatives, both to increase performance and to address growing safety concerns.

K2, a major player in industrial automation, announced the findings of its research study on industrial automation in the pandemic in June 2020. As per the results of the survey, 92 percent of businesses consented that enabling process automation in the worksite is necessary for businesses to adapt and flourish. As a result of the Covid-19 pandemic, various IoT-based flow meters were launched.

Plant closures disproportionately impacted industrial sectors such as oil and gas, chemicals, pulp and paper, and metals and mining, resulting in a drop in the supply of these industries' products. On the other hand, many industrial industries that serve pharmaceutical, utility, and energy, uses saw a significant increase in demand.

Recent Developments

• June 2020 - ABB introduced the Sensyflow FMT700-P Compact thermal mass flow meter.The P-Compact is used to test hydrogen fuel cells, as well as typical turbochargers and components like throttle valves, air filters, and intake fans,
• February 2020 - Siemens Digital Industries introduced the SITRANS FS230 clamp-on ultrasonic flow meter, which has enhanced gas flow measurement capacities. The FS230 can handle natural, specialized, and system gas and fluid flow implementations with best-in-class performance and user-friendly operation.