Intelligent Flow Meter Market to Reach US$ 9.3 Billion by 2027 - Coherent Market Insights

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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Key Trends and Analysis of the Global Intelligent Flow Meter Market:

• Asia Pacific held dominant position in the global intelligent flow meter market in 2019 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, growing industrial infrastructural activities, increasing demand for accurate devices to measure flow of the fluid or liquid, rising population, and urbanization in the region are some of the major factors that are driving growth of the intelligent flow meter market. According to the World Bank report, the population in India reached US$ 1,341.0 million in March 2020, from 1,327.0 million in March 2019.
• 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 meter in oil & gas industries is also driving the market growth. For instance, in August 2014, Honeywell International Inc., a U.S.-based multinational company that operates in four areas of businesses, which include aerospace, performance materials, and technologies, building technologies, and safety and productivity solutions, launched ultrasonic flow meter that is specially designed to monitor movement of gas through pipelines in oil & gas industries.
• Among type, magnetic flow meter segment held a dominant position in the market in 2019 and is expected to retain its dominance during the forecast period. Magnetic flow meters are used in water & wastewater industry. These flow meters are used to measure flow of liquid in various industries such as chemical, food & beverages, mining, power generation, and others. These type of flow meters are effectively used to measure fluid or gas flow in forward and backward direction of pipe and deliver high accuracy. These type of magnetic flow meters require low maintenance cost, as they do not have any moving components in them. Due to these benefits over traditional flow meters, magnetic flow meters are largely adopted in many industries and are expected to dominate the market.
• 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.