The Global Intelligent Flow Meter Market was valued at US$ 2,677.6 Mn in 2022 and is expected to surpass US$ 4,005.2 Mn by 2030, registering a CAGR of 5.16% during the forecast period (2023-2030). Intelligent flow meter is an electronic device that is used to measure the linear and non-linear volumetric flow of liquid. Intelligent flow meters are used in many industries such as food & beverages, oil & gas, chemical, and pharmaceuticals. The demand for intelligent flow meters is increasing, as they are more reliable, accurate, and stable for calibration. For instance, in August 2020, KROHNE Group, a processes instrumentation company, launched DK32 flow meter for continuous monitoring and control of low flow applications of liquid and gases. Furthermore, intelligent flow meters help plant manufacturers to monitor the flow trend of liquid and gases, improve operational efficiency, and enhance visibility.
Global Intelligent Flow Meter Market: Drivers
Growing Demand for Water
Humans consume vast quantities of water and create an increasing amount of wastewater. This places greater emphasis on environmentally responsible water treatment and leveraging reclaimed resources. Flow measurement is a basic and important control parameter for ensuring that clean, high-quality water is available. Applications ranging from water storage and transmission to wastewater treatment, leak detection and pump management cannot be done without flow meter technology. This demand for fresh drinking water is going to drive the flow meter in water & wastewater sector.
Global Intelligent Flow Meter Market: Opportunities
The projection period is anticipated to see the opening of new manufacturing facilities. To cut lead times, waste, and unscheduled downtime, manufacturing facilities are putting more of an emphasis on automation which will increase demand for flow meters. Asia Pacific's rapid industrialization, rising standards of life, sizable population, and cheap labor have encouraged businesses to locate there to meet demand.
Global Intelligent Flow Meter Market: Restraints
Flow Meters are made of expensive materials such as polymers, metals and alloys. The fluctuation in the prices of these materials makes it hard to produce quality raw materials to produce these flow meters and manage their delivery from the suppliers. Due to COVID 19 pandemic, the supply chain across the globe was disrupted which in turn affected the prices of raw materials. This restraints the Market completely.
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 had imposed lockdowns to contain the coronavirus, and consequently, the oil industry has been heavily impacted. Many oil production companies suspended their operations temporarily. Countries were facing huge challenges as the price of oil had fallen in the international market and countries across the globe reduced the import of crude oil. As intelligent flow meters are used in the oil industry, and currently, the whole oil industry is suffering a lot due to COVID-19, the demand for intelligent flow meters in the oil industries reduced.
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The global intelligent flow meter market was valued at US$ 2,677.6 Mn in 2022 and is forecast to reach a value of US$ 4,005.2 Mn by 2030, exhibiting a CAGR of 5.16% between 2023 and 2030.
Global Intelligent Flow Meter Market Trends:
Asia Pacific held 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. Moreover, the introduction of new type flow meters has been growing in the market which is versatile and cost effective. These flow meters can be installed without interrupting the flow process, which is indeed ideal for the applications where any interruption or downtime is not an option. For instance, in February, 2023 ATO Flow meter a flow meter manufacturer company in china launched two new Insertion Electromagnetic Flow Meter and Thermal Mass Flow Meter. These new products are to provide even greater accuracy and reliability for a wide range of industrial applications.
North America is expected to show significant growth over the forecast period, owing to increasing adoption of new technologies such as IoT-based advanced sensor-based flow meters in the region. Moreover, increasing demand for ultrasonic flow meters in the oil & gas industries is also driving the market growth. For instance, in April 2020, Fuji Electric Corporation, a company involved in energy and environment technology launched new Ultrasonic Flow meter for Steam flow. This indeed made it easier to install without the need of stopping the process of cutting the pipe.
Global Intelligent Flow Meter Market: Competitive Landscape
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.
Global Intelligent Flow Meter Market: Recent Developments
In September, 2021 ENVEA a manufacturer of on-line monitoring solutions for industry, laboratory and local & government institutions launched the AirFlow P, the new sensor for volume flow measurement even in dust laden applications.
In September 2019, Siemens Digital Industries introduced the SITRANS FS230 clamp-on flow meter with hazardous area approvals this clamp is suitable for vast array of industries requiring high-quality liquid flow measurement without disturbing the pipe, such as liquid hydrocarbons, chemical, water and wastewater, HVAC, power, food and beverage, pharmaceutical, mining, and pulp and paper, among others.