Intelligent Flowmeter Market

Market Overview

Some of the prominent factors favoring this healthy growth in demand for the intelligent flowmeter across the globe are the growing demand for accurate and more reliable flow measurement technologies from various end-use industries, rising investments in industrial infrastructure activities, and increasing shale gas operations in the western markets.

The U.S. Intelligent flowmeters play a crucial role in effectively managing and saving energy by accurately monitoring the flow rate and providing real-time data that enables operators to plan and schedule maintenance and repair of the system. As a result, improving the processing/manufacturing plants efficiency rate. However, the high cost associated with the intelligent flowmeter in comparison to the traditional flowmeter is expected to hinder the market growth during the years to follow.

The intelligent flowmeter market is estimated to register robust growth during the forecast period. In 2019, the global market was valued at USD 6,615.8 million and is estimated to reach USD 10,226.6 million by the end of 2029.

A flowmeter is a device used to measure the linear, nonlinear, mass, or volumetric flow rate of a liquid or gas. Flow indicator, flow rate sensor, and flow gauge are some of the other names used to refer to a flowmeter in different industries. Rapid industrialization, coupled with increasing automation in the industrial sector, has resulted in the development of systems in which the flow rate of gases and liquids works in control loops to achieve the desired output. As a result, the accurate and precise measurement of the flow rate is important.

And since flow meters help monitor and control the flow rate of systems, the use of these devices has become essential in maintaining the quality of the system and the overall plant. With the trend toward automation and greater precision gaining traction in manufacturing and industrial processing, manufacturers are focusing on integrating technologies such as IoT in flowmeters to improve their precision and ability to interfere with computers for instantaneous flow-out results. These flowmeters integrated with smart technologies and sensors are referred to as intelligent flowmeters or smart flowmeters.

Market Dynamics

Rising Demand for Accurate and Reliable Flow Measurement Instruments

The advent of automation technologies has reformed various manufacturing and processing industries, and the flowmeter industry is no exception. The adoption of industry 4.0 technologies in flow measurement instruments has made them smarter and more accurate than traditional flowmeters, which is anticipated to be the key demand driver for the market. Apart from measuring the flow rate, these instruments also help provide real-time data, enabling the plant to plan and schedule maintenance and repair, further saving time and effort. This ability of flowmeters to provide reliable support to operators also augments the market growth.

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

Flow meters play an important role in effectively managing and saving energy and natural resources by accurately measuring and monitoring the gas/fluid flow. The superior benefits associated with smart digital flowmeters, such as easy operability due to the availability of numeric display and more accurate and reliable results compared to traditional flowmeters, have made them the preferred choice among various end-users, especially those that are not cost-sensitive. The demand growth has compelled manufacturers to expand their product portfolios by adopting novel technologies.

Like the digital flowmeter, the battery-free flowmeter is another category in which significant research is underway to resolve the issues associated with battery flowmeters that continuously demand regular charging or replacement. Such developments across the market are further anticipated to create lucrative growth opportunities for existing players and new entrants in the years to come.

High Cost of Intelligent Flowmeters

The cost of intelligent flowmeters is significantly higher than that of traditional flowmeters, owing to the advanced sensors integrated into them, which help provide feedback for the precise control of flow rate. The cost of these flowmeters can be as high as two or three times the cost of traditional flowmeters, which is the primary factor for the low adoption of these flowmeters the low-budget industries, such as paper and pulp and wastewater treatment.

Intelligent flowmeters need to be proactively maintained to obtain better visibility of the processing plant, enhance its efficiency, and provide accurate real-time data analysis over a long period. Thus, additional features and regular maintenance add to the overall cost of these flowmeters, which further deters adoption and leads to strong competition from traditional flowmeters in terms of economical prices.

Segmental Analysis

Magnetic Segment to Grow with the Fastest CAGR of 6 %

The magnetic segment is expected to grow with the fastest CAGR of 6 % during the forecast period. Magnetic flowmeters are finding increased applications as they are generally non-invasive and have no moving parts, reducing the risk of breakdowns and the frequency of repairs. The market is dominated by pressure type of flowmeters since they are the oldest industrial measurement technology that is still in use today. But these are likely to be replaced with other types of flow meters with improved technology capabilities, such as wireless monitoring and control, advanced sensors, and digital readouts.

Pressure Type Flowmeters Segment to Dominate the Market

Differential pressure flowmeters are the oldest and the most widely used flow technology in industrial process measurement and control, natural gas custody transfer measurement, and several other applications. As the name suggests, these instruments work by measuring the pressure drop in the fluid medium and enable operators to compensate for flow, pressure, and temperature readings from a single flowmeter solution.

Advantages such as the ability to operate in extreme pressure and temperature conditions and application in a wide range of pipe sizes are among the key drivers for the segment's growth. However, high capital and maintenance costs in the installation of these differential pressure lines, sensors, and fittings hinder the segment's growth.

Regional Analysis

North America to hold the largest share for the intelligent flowmeters market

Increasing shale gas operations across the regional market, particularly the U.S., drive the growth of the oil and gas sector. In 2018, as per the Energy Information Administration (EIA), annual natural gas production in the U.S. was about 30.6 trillion cubic feet (Tcf), the highest ever recorded. In the coming years, increasing energy demand is expected to surge shale gas operations and lead to the addition of new power plants, which are projected to foster the growth of the intelligent flowmeter market.

Additionally, increasing concerns about water scarcity in the regional market have created a need for wastewater treatment facilities in various end-use industries. Thus, regional governments and environmental organizations such as the EPA have set up stringent regulations regarding the release of effluents from industries. These guidelines are compelling manufacturers to install wastewater treatment systems in their operating facilities.

Intelligent Flowmeter Market Segmentation

By Type

• Pressure Type
• Magnetic Type
• Thermal Type
• Ultrasonic Type

By Application

• Oil and Gas
• Chemicals
• Power Generation
• Food and Beverages
• Metals and Mining
• Water and Wastewater Treatment

By Sales Channel

• Direct Channel
• Indirect Channel

By Region

North America

• The U.S.
• Canada
• Mexico

Europe

• Germany
• France
• Italy
• The U.K.
• Spain
• Russia
• Poland
• The Rest of Europe

Asia-Pacific

• China
• India
• Japan
• South Korea
• Australia
• Vietnam
• Indonesia
• Malaysia
• Singapore
• The Rest of APAC

Central and South America and the Caribbean

• Brazil
• Argentina
• Colombia
• The Rest of Central and South America and the Caribbean

The Middle East and Africa

• Saudi Arabia
• The UAE
• Iran
• Kuwait
• Tanzania
• South Africa
• The Rest of MEA