The global intelligent flow meter market was valued at US$ 2.6 Billion in 2019 and is expected to surpass US$ 9.3 Billion by 2027, registering a CAGR of 5.1% during the forecast period (2019-2027), according to the Global Intelligent Flow Meter Market Report, By Type (Magnetic, Coriolis, Ultrasonic, Vortex, Multiphase, Thermal, Turbine, Variable Area & Differential Pressure), By End-use Industries (Automotive, Aerospace & Defense, BFSI, Healthcare, Manufacturing, Retail, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
The increasing emphasis on real-time data analysis is expected to drive the market growth during the forecast period. This is attributed to rapid development in the manufacturing industry and that give rise to severe competition in the manufacturing sector. 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. Intelligent flow meters enable plant operators to access flow measurement in real-time data analysis and helps them to centralize all plant data of multi-plant operations. For instance, in August 2020, KROHNE Group, a Germany-based company who offers products and services to various industries such as oil & gas, chemical, food & beverages, and others, 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, and help in improving operational efficiency and enhanced 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.
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.
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