INTELLIGENT FLOW METER MARKET ANALYSIS

The global intelligent flow meter market is estimated to account for US$ 4,005.2 Mn in terms of value by the end of 2030.

The main feature of intelligent flow meters is that they are not affected by weather conditions and factors such as density, viscosity, and temperature, due to which they provide accurate measurement readings. These meters send an ultrasonic beam or laser beam to the moving fluid, which gets reflected back from the moving fluid and the movement of moving fluid is displaced on the screen. These types of flow meters are used in various industries such as oil & gas to detect the flow of fluid inside the pipe as well as maintain the speed of flowing liquid in pipes. These factors are expected to drive the market growth during the forecast period.

Global Intelligent Flow Meter Market: Regional Insights

Asia Pacific is expected to account for the largest market share during the forecast period 2023-2030, owing to rapid development of intelligent flow meter and increasing demand for intelligent flow meters from the oil & gas industry. Increasing demand for efficient and accurate measurement devices, increasing industrial infrastructure activities, and rising demand for intelligent flow meters from the chemical and wastewater industries are driving the market growth. For instance, in April 2020, Fuji Electric Co., Ltd., a Japan-based electrical equipment company, launched ultrasonic flow meters with high sensitivity, and it can measure accurate flow rate without pressure loss.

The North America region is expected to exhibit the highest growth during the forecast period, owing to the presence of major players such as Emerson Electric Co., Azbil Corporation, and others. These players are majorly focusing on research and development activities, For instance, in February, 2021 Emerson introduced a new software to boost process automation and the application of the Roxar 2600 Multiphase Flow Meter (MPFM) for the oil and gas industry. This kinds of developments from the leading companies is expected to boost the market growth in the region during the forecast period.

Figure 1. Global Intelligent Flow Meter Market (%), By Region

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Global Intelligent Flow Meter Market - Impact of Coronavirus (Covid-19) Pandemic

Due to the Covid-19 pandemic, many industries witnessed a significant shift in their business. Many countries have imposed lockdown to contain the coronavirus and due to this, oil industry has been heavily impacted. Many oil production companies have suspended their operations temporarily. Countries are facing huge challenges as the price of oil has fallen in the international market and countries across the globe have reduced the import of crude oil. As intelligent flow meters are used in the oil industry and currently whole oil industry is suffering a lot due to Covid-19, the demand for intelligent flow meters in the oil industries have reduced.

Global Intelligent Flow Meter Market Drivers:

Growing demand for Flow Meters in Oil & gas segment

Among end-use industries, the oil & gas segment is expected to hold a dominant position in the global intelligent flow meter market during the forecast period. This is attributed to the rapid growth of the industry. The development of shale gas reserves is also propelling the demand for intelligent flow meters in the oil & gas industry. For instance, In January 2023, report published Statista forecasted that Shale gas and tight oil production in the United States is forecast to increase to nearly 34 trillion cubic feet by 2050, up from 24.91 trillion cubic feet in 2021. Intelligent flow meters are an effective solution to measure the flow rate of upstream and downstream processes, liquid hydrocarbons, and custody transfer within the oil & gas industries.

Global Intelligent Flow Meter Market Opportunities:

Opportunity to grow into the regions such as Middle East and Africa

Manufacturers in end-use industries such as oil & gas, chemical, food & beverages, and water & wastewater are looking for solutions that help in providing real-time data analysis and help them to get better visibility of the manufacturing plant in order to enhance the efficiency of the plant for that demand for intelligent flow meter software is growing. The flow meter market has better opportunity to grow into the regions such as Middle East and Africa as they have most of the oil production in the rest of the world.

Global Intelligent Flow Meter Market Trends:

Growing industrial infrastructural activities and increasing demand for accurate devices to measure the flow of fluid or liquid

Asia Pacific held a dominant position in the global intelligent flow meter market in 2022 and is expected to retain its dominance throughout the forecast period. This is attributed to continuous development in many industries such as oil & gas, chemical, and water & wastewater sectors in the region. Moreover, growing industrial infrastructural activities, increasing demand for accurate devices to measure the flow of fluid or liquid, and urbanization in the region are some of the major factors that are driving the growth of the intelligent flow meter market.

Global Intelligent Flow Meter Market Restraints:

High initial cost of intelligent flow meters

Intelligent flow meters help plant manufacturers to monitor the flow trend of liquid and gases, improve operational efficiency, and enhance visibility. Thus, intelligent flow meters are expected to provide lucrative growth opportunities in the market. However, the initial cost of intelligent flow meters is high and is expected to hinder the market growth during the forecast period.       

Figure 2. Global Intelligent Flow Meter Market (%), By End-use

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Global Intelligent Flow Meter Market Segmentation:

The global intelligent flow meter market report is segmented into Type and End-User.

Based on Type, the market is segmented into Magnetic, Coriolis, Ultrasonic, Vortex, Multiphase, Thermal, Turbine, Variable Area, and Differential Pressure. Of which, Thermal segment is expected to dominate the global market over the forecast period.

Based on End-User, the market is segmented into Chemicals, Power generation, Food and beverages, Metals & mining, Oil & gas, Paper & pulp, Pharmaceuticals, Water & Wastewater, and Others. Of which, Oil & Gas segment is expected to dominate the global market over the forecast period and this is attributed to the increasing emphasis on real-time data analysis in the oil and gas industries in MEA.

Global Intelligent Flow Meter Market: Key Developments

In May 2022, SONOTEC, a measuring technology solutions company, launched a new generation of its high-accuracy clamp-on flow meter SONOFLOW CO.55 non-contact flow meter to increase the efficiency throughout PAT (Process Analytical Technology)-related upstream and downstream processes in biotechnology applications which indeed solved the data inaccuracy problems in the market.

In August 2021, Sierra, a provider of flow measurement solution, launched a new flow meter selection app, which is designed to help end users select the right flow meter or flow controller for their application. This flow meter made it easier for the non-professionals to use in the market.

In August 2021, Guangzhou Aosong Electronics Co., Ltd., an intelligent sensor industry chain enterprise integrating R&D, design, manufacturing, packaging and testing, and terminal applications in the MEMS (Micro-electromechanical Systems) field, launched a new intelligent digital gas mass flow meter based on its advanced semiconductor technology. This can now be used to measure high pressure gas flows.

Global Intelligent Flow Meter Market: Key Companies Insights

The global intelligent flow meter market is highly competitive. This is attributed to the continuous launch of new technologies due to ongoing R&D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence in regional as well as global markets. Some of the key players in the global intelligent flow meter market are ABB, Emerson Electric Co., Siemens, Honeywell International Inc., Yokogawa Electric Corporation, Azbil Corporation, BrooksInstrument, Sierra Instruments, Inc., KROHNE Messtechnik GmbH, General Electric, RIELS INSTRUMENTS S.r.l., KOBOLD Messring GmbH, DISTRIBUIDORA INTERNACIONAL CARMEN, S.A.U, Baker Hughes, and Fuji Electric Co., Ltd.

*Definition: An intelligent or smart flow meter is an electronic instrument that is used to measure the volumetric flow of liquid in the pipes. Intelligent flow meters are also used to measure the velocity of a fluid with ultrasound or other techniques to calculate liquid flow accurately as compared to the other flow meters.