Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
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. 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 reading. These meters send ultrasonic beam or laser beam to the moving fluid, which gets reflected back from 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.
The global intelligent flow meter market is expected to witness significant growth during the forecast period (2020–2027). This is attributed to many features offered by intelligent flow meters such as stability, high-accuracy, and reliability. For instance, in June 2017, Honeywell International Inc., a U.S.-based multinational company, launched Q.Sonicmax, an ultrasonic flow meter that provides a high level of accuracy for custody transfer processes in industries. Intelligent flow meters are more accurate, smarter, and have a better diagnostic approach as compared to the traditional flow meters. Moreover, intelligent flow meters not only measure the flow rate of liquid in real-time but also provide feedback for the precise control of the flow rate of the liquid. This has resulted in demand for intelligent flow meters in the market. The increasing demand for intelligent flow meters from various industries is fulfilled by the installation of flow meters. To improve the accuracy of intelligent flow meters, various methods are taken into considerations such as the type of fluid to be measured, the kind of technologies that are used, and applications for which measurement is done. This helps in maintaining the stability of the flow of gas according to the velocity and offer reports in case accuracy & stability is not up to the mark. Thus, in turn, increases the demand for intelligent flow meters in the market.
Deteriorating oil prices is expected to hamper the intelligent flow meter market growth during the forecast period. Globally, oil prices have shown a declining trend since 2014. The implementation of various automation systems is a part of infrastructure projects such as the development of refineries, new pipeline construction, and exploration of hydrocarbons. Thus, a decline in capital investments by investors is affecting growth of the intelligent flow meters market. Countries such as Dubai, Kuwait, and Qatar have reduced the pricing of oil from new wells. This will negatively impact the adoption of intelligent flow meters in the oil & gas industry. These factors are expected to hamper the market growth during the forecast period.
Global Intelligent Flow Meter Market - Impact of Coronavirus (Covid-19) Pandemic
Due to Covid-19 pandemic, many industries witnessed significant shift in their business. There is significant negative impact on the intelligent flow meter market, as these intelligent flow meters are used in oil & gas industry to measure liquid flow in the pipes. Due to lockdown imposed by countries, the demand and price of crude oil has fallen. For instance, in March 2020, in the U.S., the price of crude oil decreased from US$ 61.06 to US$ 23.36. Moreover, every country has banned international and domestic travel. Due to this, there is huge drop in the consumption of aviation turbine fuel (ATF) across the globe. All these activities have huge impact on the intelligent flow meter market and there is huge drop in the demand for intelligent flow meter in the market.
Intelligent Flow Meter Market Report Coverage
||Market Size in 2019:
||US$ 2.6 Bn
|Historical Data for:
||2017 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 9.3 Bn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East and Africa: GCC Countries, South Africa, and Rest of Middle East and Africa
- By Type: Magnetic, Coriolis, Ultrasonic, Vortex, Multiphase, Thermal, Turbine, Variable Area and Differential Pressure
- By End-use Industries: Chemicals, Power generation, Food and beverages, Metals & mining, Oil & gas, Paper & pulp, Pharmaceuticals, Water & Wastewater, and Others
By End-use Industries: Chemicals, Power generation, Food and beverages, Metals & mining, Oil & gas, Paper & pulp, Pharmaceuticals, Water & Wastewater, and Others
- High accuracy, stability, and reliability offered by intelligent flow meters
- Increasing emphasis on real-time data analysis and enhanced visibility
|Restraints & Challenges:
- Deteriorating oil prices
- High cost of intelligent flow meters
Asia Pacific held dominant position in the global intelligent flow meter market during the forecast period
Asia Pacific held dominant position in the global intelligent flow meter market in 2019, accounting for 41.7% share in terms of value, followed by North America and Europe.
Figure 1: Global Intelligent Flow Meter Market Share (%), By Region, 2019
Asia Pacific is expected to account for the largest market share during the forecast period, owing to rapid development and increasing demand for intelligent flow meters from the oil & gas industry. The increasing demand for efficient and accurate measurement devices, increasing industrial infrastructure activities, and rising demand for intelligent flow meters from chemical and wastewater industries is driving the market growth. For instance, in April 2020, Fuji Electric Co., Ltd., a Japanese electrical equipment company, launched ultrasonic flow meters with high sensitivity and it can measure accurate flow rate without pressure loss.
North America region is expected to exhibit highest growth during the forecast period, owing to the presence of major players such as Emerson Electric Co., Azbil Corporation,
and Baker Hughes. For instance, in March 2020, Emerson, a U.S.-based multinational company who manufactures products and offer services to industrial and commercial markets, launched Daniel T-200, a titanium-housed transducer for its gas ultrasonic flow meter product line. This product takes into account metal 3D printing to upgrade the performance of ultrasonic flow meters that are used in the oil & gas industry.
Oil & gas segment is expected to drive the market growth during the forecast period
Among end-use industries, the oil & gas segment is expected to hold 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 meter in the oil & gas industry. 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.
Figure 2: Global Intelligent Flow Meter Market Value (US$ Bn) Analysis and Forecast and Y-o-Y Growth (%), 2017 - 2027
The global intelligent flow meter market was valued at US$ 2.6 Bn in 2019 and is expected to reach US$ 9.3 Bn by 2027 at a CAGR of 5.1% between 2020 and 2027.
Major players operating in the global intelligent flow meter market include 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.